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Any shortening of the settlement cycle is clearly going to tax operations to complete all the tasks necessary to settle only two days after trade date. I remember being head of operations when the mov...
As the world struggles for economic growth there is a weird onus on restructuring the markets and wrapping massive amounts of legislation and regulation around managing risks. It’s a knee jerk reactio...
The world like Premiership footballers, we are told, is getting faster. Speed today appears to be the essential element in providing services and executions. For years the race in front office dealing...
As far as we know, today, the European Markets will be moving to a T+2 settlement cycle by the 4th quarter in 2013. This is a precursor harmonisation, necessary for the implementation of T2S in 20...
I've let the ball drop on blogging for the past few weeks, but have been thinking a lot about the issues. The Post Trade Forum debate on Are Clearing Houses Increasing Risk? will take place on Tuesd...
Way back in 2006 the idea of T2S became a reality. In the years since the creation of the Euro, the European securities markets have continued to lag badly behind the European project to create a sing...
News that NYSE Euronext is planning to build their own Clearing House for derivatives and is very interesting and a possible indictment of the quality of choice of alternative Clearing Houses in the m...
In Europe we are blessed (If that’s the right word) with many Clearing Houses. We are told that this provides competition and drives down prices while producing an environment for innovation. Can anyo...
Yesterday's post looked at the big risks in the CCP landscape from simultaneous requirements for mandatory margin, novated contract terms, complex portfolio and collateral valuations, reference data r...
Clearing Houses are becoming even more important in the markets as regulatory and political change forces OTC into their systems and onto their balance sheets. Who knows if the balance sheets of Clear...
One of the major problems in the stabilisation of securities markets is to find a recognised and standard mechanism to rate the quality of collateral. Clearing Houses have their own methods of assessi...
Today the chances that a Clearing House will default in the future have never been more likely. Political pressure and regulatory resolve is creating a risk concentrator within the clearing houses so ...