TheTradeNews.com

EMIR extraterritoriality deadline ‘unrealistic’

Fri, 17 May 2013 15:18:10 GMT

Experts have warned a September deadline the European Commission has set for the European Securities and Markets Authority to draft technical standards covering the extraterritorial aspects of new clearing regulation will not be met.

CFTC gives SEFs green light

Fri, 17 May 2013 13:36:41 GMT

Swap execution facilities have been given the go-ahead after the US Commodity Futures Trading Commission passed final rules on OTC derivatives trading, including dropping the number of bids buyers must request to three.

Buy-side clearing issues grow as swaps face liquidity dip

Thu, 16 May 2013 15:32:21 GMT

Many buy-side firms will not be ready for the 10 June swaps clearing deadline under the Dodd-Frank Act, which will contribute to an estimated US$55 trillion notional shortfall, research has shown.

Traiana's management tool for swaps to goes live

Thu, 16 May 2013 13:31:48 GMT

Traiana's risk management service for swap clearing is set to go live with users after the post-trade solutions provider completed testing with its first futures commission merchant.

Cleared US dollar IRSs increase ahead of buy-side deadline

Thu, 16 May 2013 13:21:44 GMT

The number of US dollar-denominated interest rate swaps being cleared has gone up by six percentage points since US rules kicked in two months ago, according to a new tool using data from the Depository Trust and Clearing Corporation.

ISDA publishes protocol for swap reporting compliance

Tue, 14 May 2013 16:55:22 GMT

The International Swaps and Derivatives Association has launched a reporting protocol aimed at helping market participants comply with mandatory trade reporting rules.

Euroclear expands collateral offering to US with DTCC

Mon, 13 May 2013 18:19:34 GMT

Post-trade services providers Euroclear and the Depository Trust and Clearing Corporation are joining forces to allow firms to manage holdings at both depositories across the Atlantic as a "single collateral pool".

Is the waiting over for SEF rules?

Fri, 10 May 2013 14:46:05 GMT

Final rules on how OTC derivatives will be traded under Dodd-Frank could be revealed next week, with the US Commodity Futures Trading Commission scheduled to discuss key reforms.

Nasdaq OMX Nordic launches low-latency risk checks

Fri, 10 May 2013 14:03:57 GMT

A new pre-trade risk management tool for listed derivatives trading will shift risk checking to the exchange level and reduce latency for market participants, according to Nasdaq OMX Nordic.

Volumes drift ahead of OTC derivatives reform deadlines

Thu, 09 May 2013 15:59:57 GMT

Global OTC derivatives trading volumes have slipped as market participants adjust to impending regulation and the emergence of swap futures, new data has shown.

Half of buy-side firms still not ready for swap rules

Thu, 09 May 2013 15:58:24 GMT

Nearly 50% of buy-side firms have yet to make operational adjustments for collateral requirements under new OTC derivatives rules – an investment that will cost the finance industry US$53 billion in infrastructure and technology, according to a new report.

HFT helps stabilise the market during shocks - Eurex

Thu, 09 May 2013 10:52:12 GMT

High-frequency trading provides stability to the market during crashes, according to Eurex data aimed at disproving buy-side "misconceptions".

Kas Bank to report European trades to REGIS-TR ‘exclusively’

Tue, 07 May 2013 17:04:10 GMT

European trade repository REGIS-TR has signed up Kas Bank as its first client to report derivatives trades on behalf of market participants.

CFTC faces second lawsuit over ‘anti-competitive’ rules

Fri, 03 May 2013 11:54:29 GMT

Progress on derivatives rules under Dodd-Frank has been dragged down further with the US Commodity Futures Trading Commission facing a second lawsuit and accusations of being anti-competitive.

FIX bond adoption set to open up cross-asset efficiencies

Fri, 03 May 2013 11:26:59 GMT

Major execution venues active in electronic bond trading are committing to adopting open standardised protocols, said Sassan Danesh, managing partner, Etrading Software, and co-chair of message standards body FIX Protocol Limited (FPL) global fixed income committee.

Electronic trading set to mushroom for US corporate bonds?

Fri, 03 May 2013 11:06:51 GMT

Research firm Aite Group has issued a report that concludes electronic institutional trading models are set to increase their participation in the US corporate bond trading markets.

ICE sets date for US credit futures

Fri, 03 May 2013 10:47:21 GMT

The InterContinental Exchange (ICE) will launch its first US credit futures contracts next month, which will offer an alternative to credit default swaps that are due to migrate to new electronic trading facilities, subject to rules being finalised.

ASX to launch client clearing service for OTC derivatives

Thu, 02 May 2013 17:17:24 GMT

ASX, the owner of the Australian Securities Exchange, has announced plans to launch by the end of 2013 both a clearing service for OTC derivatives and a collateral management service.

Derivatives interest building across Asia, reckons NYSE Liffe

Thu, 02 May 2013 16:59:52 GMT

Demand among Asian customers for sophisticated derivatives products is building steadily, as reflected by growing membership of NYSE Liffe.

Buy-side needs automated systems for swap clearing – TABB

Thu, 02 May 2013 16:24:07 GMT

Institutional investors risk higher margin requirements if they cannot eliminate errors when communicating swap transaction data to clearing houses, according to a new report from TABB Group.

SEC plans ‘robust and workable’ roadmap for cross-border swaps

Thu, 02 May 2013 8:48:56 GMT

The US Securities and Exchange Commission yesterday unveiled its new framework for cross-border swaps, with chairman Mary Jo White claiming that its ‘substituted compliance’ approach would reduce the regulatory complexity faced by global market participants.

CFTC to address systemic risks, moots ‘guidebook’ on swaps data

Wed, 01 May 2013 15:02:44 GMT

The Commodity Futures Trading Commission (CFTC) is to lay out its plans to bolster the stability of US derivatives markets with the publication of a concept release before the end of June.

Europe brokerage positions BNY Mellon as front-to-back player

Mon, 29 Apr 2013 14:16:17 GMT

BNY Mellon's new European equities and fixed income brokerage further positions the custodian and institutional services firm as a full-service provider to institutional clients, according to managing director Ian Gass.

HKEx squares up to SGX on OTC derivatives

Fri, 26 Apr 2013 16:48:40 GMT

Hong Kong is gearing up to challenge Singapore's regional dominance in OTC derivatives clearing.

Collateral being wasted – IMF’s Singh

Fri, 26 Apr 2013 14:06:48 GMT

OTC derivatives reforms may risk "wasting" a scarce commodity by causing collateral to be posted across multiple central counterparties, according to Manmohan Singh, senior economist, International Monetary Fund.

BNP-SWIFT collaborate on collateral protection

Fri, 26 Apr 2013 12:50:06 GMT

BNP Paribas Securities Services has adopted automated, standardised messaging for its collateral protection programme to reduce operational risk for buy- and sell-side OTC derivatives market participants.

FTSE takes on RMB indices in bond index push

Thu, 25 Apr 2013 17:08:06 GMT

The FTSE Group will take over the calculations for offshore RMB fixed income indices created by the Bank of China (Hong Kong) as part of an agreement to develop a series of new benchmarks.

Investors support call for Dodd-Frank extraterritoriality changes

Thu, 25 Apr 2013 14:59:57 GMT

Buy-side associations have backed the substance of a letter from nine governments warning of damage to derivatives markets unless the US abandons its plan to subject overseas subsidiaries of US entities to Dodd-Frank.

Derivatives tax proposal ‘would punish risk management’

Thu, 25 Apr 2013 14:34:28 GMT

A US budget proposal that would change how derivatives are taxed could, if agreed, increase portfolio risk and damage both the derivatives and underlying markets, investor bodies and analysts claim.

ISDA standardises IRSs with new contract

Thu, 25 Apr 2013 13:40:55 GMT

Interest rate swaps are set to become more standardised following the release of the Market Agreed Coupon contract by the International Swaps and Derivatives Association.

Euroclear adds Standard Chartered to collateral initiative

Thu, 25 Apr 2013 13:29:09 GMT

Euroclear has added Hong Kong-focused bank Standard Chartered to global initiative to streamline collateral provisions for tri-party repo transactions, ahead of regulation expected to create a strain on collateral demand.

StanChart-Clearstream deal to support collateral needs in Asia

Wed, 24 Apr 2013 16:58:09 GMT

Asia-focused bank Standard Chartered is partnering with Clearstream to allow mutual clients to place holdings into a single collateral pool, ahead of OTC derivatives rule changes.

Major derivatives brokers could exit Asia over clearing

Wed, 24 Apr 2013 14:55:24 GMT

The overseas banks that dominate Asian OTC derivatives markets could be forced to rein in their activities by the cost of complying with diverse new regulatory regimes, according to a report commissioned by the International Swaps and Derivatives Association published this week.

New models beckon as reforms drive broker revenues down

Tue, 23 Apr 2013 17:41:47 GMT

New rules on OTC derivatives will accelerate the shift of investment banks' fixed income, currencies and commodities business to electronic trading over the next three years, a new report has found.

LIBOR’s days numbered as market moots replacements

Tue, 23 Apr 2013 13:46:13 GMT

The former London Stock Exchange head of post-trade services has criticised proposals to anchor LIBOR's replacement in proxy data that could prove unreliable in a stressed market.

MTS Credit ‘in no rush’ after first bank commits to buy-side access

Mon, 22 Apr 2013 10:35:55 GMT

Crédit Agricole has become the first bank to provide sponsored access to its buy-side clients on London Stock Exchange-owed non-government bonds platform MTS Credit – but the bourse says it is in no hurry to add others immediately.

Bloomberg lawsuit will not stem swap futures

Fri, 19 Apr 2013 17:46:04 GMT

Bloomberg's legal action against the Commodity Futures Trading Commission this week will not constrain the growth of swap futures, experts have warned.

CME applies for European trade repository licence

Fri, 19 Apr 2013 15:53:53 GMT

US-based derivatives exchange CME Group is set to submit an application to the European Securities and Markets Authority in a bid to become a trade repository in Europe.

Buy-side targets FX benchmarking, within relationship framework

Fri, 19 Apr 2013 13:27:18 GMT

Institutional investors are pressing for greater visibility on FX prices from brokers via equity-like transaction cost analysis, but still accept that the best service is based on an in-depth relationship with sell-side partners.

Buy-side ‘not ready for US swaps clearing deadline’

Fri, 19 Apr 2013 11:34:48 GMT

US regulators are pushing the buy-side to comply by 10 June with regulations covering the central clearing of swaps but neither the buy-side nor the rest of the industry are even close to ready, experts agreed at the TradeTech-London 2013 conference yesterday.

Nomura joins S&P to create bond indices

Tue, 16 Apr 2013 10:10:26 GMT

Nomura will develop new fixed income indices as part of new collaboration with S&P Dow Jones Indices, based on the Japanese investment bank's Bond Performance Index.

New tool improves buy-side collateral efficiency

Mon, 15 Apr 2013 17:04:43 GMT

Post-trade solutions provider Omgeo has launched a new tool that lets firms maximise their existing asset inventory for collateral when trading, ahead of new OTC derivatives rules.

LX framework targets toxic trading

Mon, 15 Apr 2013 16:23:38 GMT

Barclays has introduced a 'toxicity framework' to its LX dark pool that it claims makes predatory trading easier to identify.

Bloomberg futures exchange ‘one of several options’

Fri, 12 Apr 2013 16:45:19 GMT

Bloomberg today qualified its earlier announcement that it would set up a futures exchange if the Commodity Futures Trading Commission failed to amend an "arbitrary and capricious" rule it says penalises OTC swaps at the expense of futures trades.

Buy-side swaps reporting thwarted by vendor reliance

Fri, 12 Apr 2013 14:44:47 GMT

Asset managers' reliance on advice from third-party vendors and clearing brokers as they prepare for new swaps reporting and trading regimes could lead to significant compliance delays, an expert has warned.

Block trading up on stabilising Europe

Thu, 11 Apr 2013 17:30:55 GMT

First-quarter figures for block trading venue Liquidnet have shown institutional investors in Europe again trading equities in size. The firm's Europe chief attributed the resurgence to regional stabilisation.

FEX, LCH.Clearnet receive approval for Australian operations

Thu, 11 Apr 2013 17:24:25 GMT

Australia's new listed derivatives venue FEX Futures Exchange is set to launch mid-year, after receiving regulatory approval to trade by the Government.

SGX swaps competition for collaboration

Wed, 10 Apr 2013 14:57:58 GMT

The Singapore Exchange on Thursday signed an agreement with the China Financial Futures Exchange (CFFEX) to collaborate on the development of the two countries' derivatives markets.

BNY upgrades collateral management service

Wed, 10 Apr 2013 10:51:15 GMT

BNY Mellon has upgraded its collateral management portal to include a link to Pirum's tri-party automation service in a move it says will minimise post-trade and operational risks.

New rules may force buy-side to reduce hedging activity

Tue, 09 Apr 2013 15:02:56 GMT

The buy-side may reduce its risk hedging activities as a result of clearing requirements for OTC derivatives under the Dodd-Frank Act, which will capture asset managers for the first time in June, an expert has warned.