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May 21, 2014

Weekly Roundup | Trading & Risk Management | 21 May 2014

Trading

Tail-Wagging-the-Dog | Structured Products Edition | The OTC Space

A recent article in Risk Magazine (subs required) reports that banks traders are allegedly taking large positions in derivatives markets in order to move underlying spot markets just before structured products pay out to clients.
 
 

Optimism for SEF Volumes | The Trade News

Volume on swap execution facilities (SEFs) may be depressed, but the market is optimistically looking towards the next 18 months. This week, it was announced that James Cawley, CEO of Javelin, was stepping down from his role at the helm of the SEF.
 

SEFs: A Tale of Two Protocols | Markets Media

Three months into the post-MAT [Made Available to Trade] era, derivatives users are becoming acclimated to trading on swap execution facilities and are looking to broaden the types of SEFs in which they participate
 
 

​Bloomberg SDR and SEF: What Can We Now See? | ClarusFT

Following on from yesterday's article, Bloomberg SDR is now Live, I will look at what we can learn from the first trading days data. Using both our SEFView and SDRView products. First a quick re-cap on these. SEFView SEFView sources data from each of the 20+ SEF websites.
 
 

​No Demand for EU MTFs to Seek US Approval, says GFI | Risk

Platform says FCA encouraged UK interdealer brokers to seek QMTF designation. 
 

​LSE Extends Control of LCH.Clearnet | FT.com

The London Stock Exchange Group is extending its control of LCH.Clearnet by cutting more costs and renegotiating a key profit-sharing agreement with other stakeholders in the clearing house. The exchanges operator said reported full-year revenues to March 31 rose 50 per cent to nearly £1.1bn while adjusted operating profit rose 20 per cent to £514.7m. 
I bumped into an old industry friend last week. We got talking about the state of the industry generally and agreed that everyone is having to take the whole concept of best execution a bit more seriously these days. Certainly in the UK the FCA has kicked off its “thematic review” and a number of fines are being doled out too.
 
 

ICAP's London Platform Gets SEF Approval | The Trade News

The Commodity Futures Trading Commission (CFTC) has approved a European multilateral trading facility (MTF) to operate as a swap execution facility (SEF), the first non-US domiciled platform to be approved. ICAP Global Derivatives Limited is based in the UK and will support European clients looking to trade interest rate swaps with US persons.
 

Derivatives Markets Growing Again, With Few New Protections | NY Times

Mayra Rodríguez Valladares is managing principal at MRV Associates, a capital markets and financial regulatory consulting and training firm in New York. She is also a faculty member at Financial Markets World and the New York Institute of Finance.
 

​Dark Pool Operators Face Up to New Regulatory Attention | Risk

Even dark pools have not escaped the regulatory spotlight – and financial supervisors in the EU and elsewhere are now facing up to the question of whether they provide value to the market as a whole, and how (or if) their activities should be limited,Regulation ,Dark pools,Markets in Financial Instruments Directive (MiFID),Mifid II,Securities and Exchange Commission (SEC)
 

BaFin-FAQ zum Algorithmushandel | VÖB

Am 6. Mai 2014 hat die Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) auf ihrer Webseite eine aktuelle Zusammenstellung der häufig gestellten Fragen sowie Antworten zum im Dezember 2013 veröffentlichten Rundschreiben 06/2013 (BA) zu den bankaufsichtlichen und wertpapieraufsichtlichen Anforderungen an Systeme und Kontrollen für den Algorithmushandel veröffentlicht.
 

Tradeweb to Provide In-house Fixed-income Pricing on BlackRock System | Reuters

A BlackRock building is seen in New York June 12, 2009. Through the partnership, users of BlackRock's Aladdin investment management platform will be able to use the system's dashboard to see pricing from more than 40 liquidity providers on Tradeweb's network, rather than go outside to get quotes from dealers, as was previously the case.

 

 

Risk Management

Trafigura Paper Reignites Debate on Systemic Risk | Risk

Commodity trading houses are not too big to fail argues white paper published by Trafigura, attracting mixed views from market observers.
 

FCM Models for CDS Portfolio Margin | Risk

Finra says year-long approvals process revealed notable outliers.
 
 

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