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Kathleen's blog archive

2012 (8)
Kathleen Tyson-Quah

Kathleen Tyson-Quah

Chief Executive at Granularity Ltd
Message Message me Posts: 8 Comments: 8
Bio Strategy and design of financial markets infrastructure for trading, clearing, payments, settlements and margin. Career History Absalon Project, Managing Director UK / Granularity Ltd, Chief Executive and Principal Consultant / Clearstream, Corporate Affairs Officer & Senior Corporate Counsel / Securities & Investments Board, Assistant Director International Securities Markets and Settlements / Federal Reserve Bank o

Blogs

Post-Trade Forum

The ESMA OTC Derivatives End User Carve Out

30 Jun 2012

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 contracts that protect non-financial counterparties against risks "directly related to their commercial activities and treasury financing activities&qu...

Post-Trade Forum

Hurtling Towards Harmonisation

19 Jun 2012

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 installment of regulatory waffle on harmonisation of global regulation and infrastructure for derivatives. What struck me most powerfully about this re...

Post-Trade Forum

Repo and OTC Derivatives as Financial Crisis Accelerators

16 May 2012

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 collateral transfers in advance of bankruptcy skews incentives to make the financial system much more leveraged and more risky than it would be otherwise. Th...

1

Post-Trade Forum

Initial Margin: Theory and Practice

14 May 2012

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. Managements of shareholder owned clearing houses are keen to compete for market share and volume to increase revenues, bonuses and profits (not necessarily ...

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