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Money laundering continues to be a scourge on financial services. Recent cases of some of biggest and most respected banks clearly demonstrate that as time goes by the risk of money laundering keeps i...
The payments industry has been a sticking point in financial services for quite some time. Vested interests and a concentration of far too much business between too few banks have created development ...
Historically banks have built business and operations in silos, and over decades, despite numerous mergers and purchases creating the proverbial one stop shop, the typical bank still maintains a verti...
ESMA has released a Consultation Paper on the draft technical standards for trade repositories, OTC clearing and CCPs. Discussion of non-financial counterparty exclusions begins on page 14. OTC contra...
I spent most of yesterday reading the Financial Stability Board's OTC Derivatives Markets Reforms Third Progress Report on Implementation. Thrilling stuff if you were desperately awaiting your next i...
Some people have doubted the importance and value of T2S and have rightly questioned the cost of building the system against the value it will provide. Indeed the UK is still not joining despite a gro...
Following links a few days ago led me to a fascinating journal article by Professor Mark Roe of Harvard Law School. He suggests that the preferential treatment of OTC derivatives and repo collatera...
The markets are struggling today with collateral management as never before. The fragmentation of market infrastructures, volatility in markets, increased margining requirements and counterparty risk ...
The news that the CME CCP will be accepting corporate bonds and that LCH-Clearnet will accept RMBS for initial margin has me thinking about the dangers of demutualisation of clearing houses. Managem...
T+2 is due in 2015 in Europe, and the USA are already investigating T+1, so it looks inevitable that shortening the settlement cycle is well and truly on the development map. Regular readers w...
The Post Trade Forum debate on Are CCPs Increasing Risk? was held at the London Stock Exchange [a couple weeks ago]. Cheers, Gary, for letting me take part in such a fun event! My slides are availa...
Ah! I can hear you all crying that title as T2S draws ever closer and it creeps on to the development agenda. What is the business benefit? For once it’s not a regulatory driven change (Although it’s...