Dual registration combined with cooperation is likely to be the ongoing theme as European and U.S. regulators address the cross-border harmonization problems for global clearing of over-the-counter derivatives, said Timothy Massad, chairman of the CFTC, said in his speech at a Futures Industry Association (FIA) conference last week. “We are continuing to work with the… Read More >>
FTF Panelists Applaud SEF Package Trade Rule Relief
Operations teams supporting derivatives trading at financial services firms across the nation breathed a collective sigh of relief Wednesday night, when CFTC Chairman Timothy Massad announced his agency will postpone rules that would force market participants to conduct package trades electronically via swap execution facilities (SEFs). Meanwhile, panelists at FTF’s DerivOps New York event on… Read More >>
Ex-Deriv/SERV CEO Joins Clarus Board
Clarus Financial Technology reports that Sandy Broderick, the former CEO of DTCC’s Deriv/SERV, has been named to its advisory board. Deriv/SERV is the DTCC subsidiary that provides automated repository and asset servicing for over-the-counter (OTC) credit derivatives trades. Broderick, a capital markets veteran, headed DTCC Deriv/SERV “through the rollout of its Global Trade Repository in… Read More >>
Q&A: Most Want Relief from Packaged Trades
A senior analyst with Aite Group, David Weiss will be hosting a panel on packaged trading, “Taking the Whole Package,” for the DerivOps NY conference, sponsored by Financial Technologies Forum (FTF), and taking place Nov. 6. He took time from his schedule to answer FTF News’ questions about package trades and the pending changes to… Read More >>
FTF Premier Special Report: Alice Corp. v. CLS Bank
The Alice Corp. v. CLS Bank battle went all the way to the U.S. Supreme Court and had major ramifications for financial services firms that rely heavily on third-party software, services and infrastructure technologies. In this in-depth report, FTF News focuses on twists and turns of a legal action that caught the attention of heavy… Read More >>
Derivatives Markets Fear Fragmentation as Regulators Clash
Financial services firms that participate in derivatives markets on both sides of the Atlantic have found themselves treading difficult water for the past year or so, as regulators have struggled to harmonize cross-border market structure rules and regulations. Industry observers say European and U.S. regulators are on the same page as to the importance of… Read More >>
18 Top Firms Sign ISDA Stay Protocol
A long-debated measure to curb systemic risk and avoid messy defaults like the one that befell Lehman Brothers in September 2008 went into effect last week, when 18 major banks agreed to sign the International Swaps and Derivatives Association’s (ISDA) Resolution Stay Protocol. The ISDA Stay Protocol allows regulators to force firms with active derivatives… Read More >>
O’Malia Sets the Agenda for ISDA
Scott O’Malia, the relatively new CEO for the International Swaps and Derivatives Association (ISDA), has been on the job for “some five weeks,” and he has been busy. FTF News readers will remember that O’Malia was until recently a rather vocal and active CFTC commissioner who among other accomplishments brought attention to many of the… Read More >>
JPMorgan Targets ‘Too Big To Fail’ CCPs
Do central counterparty clearing houses (CCPs) take seriously enough the suggestion — made by many analysts and market participants — that they might become “too big to fail?” That question has hung in the air for years now, ever since post-crisis regulatory reforms assigned CCPs a key role in derivatives markets. Attempts to provide an… Read More >>
Will OTC Reforms Bring Back Data Silos?
Oddly enough, regulations meant to bring clarity to voice-based over-the-counter derivatives could inadvertently create new data silos for many firms, says Marc Carletti, executive vice president, global banking and financial markets, BT Global Services. I spoke to Carletti for a magazine story that will be featured in the Fall 2014 edition of FTF News magazine… Read More >>
