You can't really blame Deutsche Bank for getting out of the swaps clearing business . It has been 7 years since Dodd-Frank was passed, and four years since clearing mandates took effect in the US, and clearing swaps for customers still falls...
The market has been talking about this since at least 2009: swaps clearing will reduce systemic risk and take most of the counterparty risk out of the swaps market. Yet despite this risk reduction, regulators still seem determined...
Early in November I chaired the FTF DerivOps conference in NY. The conversation in 2014 was a lot more about the market than it was at my first DerivOps in October 2008, when all we spoke about was what was wrong with the OTC derivatives...
High costs can be a barrier to success for any swap execution facility (SEF), but there’s more to it than that. Based on our conversations with the buy side, simple fee models are preferable. Thankfully most major SEFs have taken a transparent...
A reduction in systemic risk is one great benefit of global financial reform; another is the increasing volume of data made available to market participants and observers. Even still, finding and deciphering that public data is often easier...
On October 2 market participants requesting price quotes for an order via a SEF will have to ask a minimum of three dealers to respond rather than the current minimum of two (although in neither case are those dealers required to respond to the...
Last week I did an interview with the guys at DerivAlert about where we've come and where we're going. The result was a pretty concise overview of our thoughts on SEFs, US Treasury's, corporate bonds and European regulatory reform, so we...
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