The SwapClear clearinghouse is using a netting synchronization service for cleared, over-the-counter (OTC) derivatives just launched by financial information services vendor Markit. Markit is introducing the service in a bid to help banks “automatically update their risk systems after netting and compression activity at their clearing houses,” say vendor officials. “Netting exposures within a clearing… Read More >>
CLS, TriOptima Team Up for FX Compression Service
CLS Group (CLS), a specialist settlement bank for the global foreign exchange (FX) market, and TriOptima, a vendor focusing on over-the-counter (OTC) derivatives post-trade services, are behind the launch of the triReduce CLS Forward FX Compression Service that combines the CLS infrastructure with TriOptima’s compression offering, officials say. Compression is the practice of canceling out… Read More >>
SmartStream Launches Adaptor for Margining
London-based financial transaction management software specialist SmartStream is launching the TLM Collateral Management Adaptor to help firms manage initial and variation margining for non-cleared, over-the-counter (OTC) derivatives, say vendor officials. The new adaptor integrates SmartStream’s TLM Collateral Management with the MarginSphere clearing services of margining platform vendor AcadiaSoft, officials say. The adaptor is delivered as… Read More >>
ISDA and ICE Take On Margining for Non-Cleared Derivatives
A key subsidiary of the Intercontinental Exchange (ICE), the owner of NYSE and other exchanges, has been tapped by the International Swaps and Derivatives Association (ISDA) to help market participants meet new margining rules for non-cleared derivatives through the usage of a crowdsourcing utility. By reaching out in this way, the ICE Benchmark Administration (IBA)… Read More >>
LSEG, DTCC Join Forces for MiFIR Reporting
The DTCC and the London Stock Exchange Group (LSEG) are partnering to provide clients with a connection to regulatory reporting technology vendor UnaVista’s Approved Reporting Mechanism (ARM), a service that enables DTCC clients to comply with the Markets in Financial Instruments Regulation (MiFIR) reporting requirements, officials say. UnaVista is the LSEG’s hosted platform for matching,… Read More >>
Europe Moves to Clarify OTC Derivatives Regulations
(Editor’s note: This is the first in a two-part series on the changing regulatory environment for derivatives trading and processing in Europe. Click Here for Part II – European Regulator Pushes for More OTC Margin and Collateral Requirements While the U.S. is looking toward the next phase of regulatory reform for over-the-counter (OTC) derivatives markets,… Read More >>
The First Conviction in the LIBOR Scandal
The situation sounds almost like a bad, high-concept synopsis for a Hollywood movie — maybe “Rain Man” meets “Wall Street” — but the reality is far less glamorous. In the U.K., Tom Hayes, described by the Serious Fraud Office (SFO) as “the first individual to be charged and stand trial” in an ongoing criminal investigation… Read More >>
Bank of America Vet Joins Holley Holland
Bank of America (BofA) veteran Marty Rose has joined Holley Holland, the self-described “business transformation experts” to build the change management consultancy’s U.S. business, including opportunities in Charlotte, North Carolina, and throughout the region, officials say. Rose, who will be based in Charlotte, has left her post as chief operating office (COO) of the EST… Read More >>
Five Years On, Dodd-Frank’s Ops Changes Are Here to Stay
The U.S. financial services industry — including its collective back- and middle-offices in particular — has undergone sweeping changes since the Great Recession, the vast majority of which are directly attributable to the 2010 Dodd-Frank Wall Street Reform Act. The law was contentious from the very beginning, so it’s perhaps unsurprising that opinion on its… Read More >>
ISDA: Regulatory Harmony Needed After Five Years of Dodd-Frank
Despite greater transparency and the reduction in counterparty risk via the Dodd-Frank Act, the next stage of reform for derivatives trading should be focused on regulatory regimes that “are consistent and harmonized across borders, and to ensure they support risk management that enables economic activity and growth,” say officials at the International Swaps and Derivatives… Read More >>
