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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...
Like the old Abbott and Costello routine, [when Lou Costello is considering becoming a ballplayer and Bud Abbott wants to make sure he knows what he's getting into] there can be huge confusion and mis...
The pace of change in European financial markets is enormously fast if measured against a barometer of historical change. As we all know laws and regulations as a result of political agendas is the po...
Years ago when the UK markets moved from T+5 to T+3 there was plenty of research about the benefits gained in risk reduction. There was doubt about the actual risk benefits because although th...