CFTC Grants Eurex Clearing Approval to Clear US OTC Derivatives
The Commodity Futures Trading Commission (CFTC) has issued an order with respect to the multilateral clearing activities that Eurex Clearing intends to undertake in the United States for OTC derivative instruments. Eurex is a central counterparty licensed by the Bundesanstalt für Finanzdienstleistungaufsicht (BaFin) of the Federal Republic of Germany. In the order, the CFTC determined...
The Sibos Vendor Agenda: Fiserv’s Harries on All Things Swift and Securities
Ahead of next month’s Sibos conference in Hong Kong, A-Team Group speaks to exhibitors and attendees about what they’re expecting from Swift this year. Geoff Harries, vice president of product strategy at Fiserv, discusses the hot topics for the conference and how they relate to the vendor’s own agenda. As previously noted by Reference Data...
DTCC Values Additional CDS Contracts in Trade Information Warehouse at US$5.7 Trillion
The Depository Trust & Clearing Corporation (DTCC) reported today that 216,765 credit default swaps (CDS) contracts valued at approximately US$5.7 trillion in gross notional value were entered into its Trade Information Warehouse (Warehouse) by market participants in the global OTC derivatives market. These trade submissions met in part industry commitments made to the Federal Reserve...
WMBA Welcomes Launch of ICE Clear and Eurex Clearing
The Wholesale Market Brokers’ Association (WMBA), an independent industry body representing the world’s largest interdealer brokers, welcomes the clearing of the first European CDS contracts today by ICE Clear and Eurex Clearing. These first contracts are based on Europe’s iTraxx index and also 17 ‘single name’ constituents from the utility sector. David Clark, chairman of...
ISITC, AMF and ISDA Publish FpML-based Standards for OTC Derivatives Communications
A global OTC derivatives committee led by the International Securities Association for Institutional Trade Communication (ISITC) has this week published a set of recommendations designed to set messaging standards for communications within the OTC derivatives market. The FpML-based standards, which will be administered by ISITC US, are focused on the contract notifications message flow between...
ICE Clear Europe and Eurex Credit Clear Ready for the Off
This week marks the end of the deadline for the launch of Europe’s credit default swap (CDS) clearing counterparties (CCPs) and both IntercontinentalExchange’s (ICE) ICE Clear Europe and Eurex’s Eurex Credit Clear are due to go live today. Both parties have declared they have already begun operations and will soon be ready to clear European...
Reval Aims to Serve as Trade Repository for OTC Derivatives
In an effort to aid its corporate clients as well as the Obama administration’s plans to bring transparency to the US$592 trillion OTC derivatives market, Reval, a global provider of derivative risk management and hedge accounting solutions, has announced its intent to serve as a trade repository for OTC derivatives used by corporate end users....
FCAG Says Mark to Market Rules Not to Blame for Procyclical Nature of Market
The Financial Crisis Advisory Group (FCAG) has released its final report indicating that mark to market accounting standards did not fuel the procyclicality of the market. The group, which is the joint effort between the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB), established to tackle accounting standards in the...
The ECB’s Reference Data Utility: Evidently a Controversial Topic…
The European Central Bank’s (ECB) proposed reference data utility seems to have caught the attention of a lot of Reference Data Review readers out there. While most are in support of standardisation in the reference data space in general, many are confused and, frankly, concerned about what the ECB is planning. On reader in particular,...
Pricing Partners’ Stochastic Volatility Model to be Discussed at Scientific Conference
Pricing Partners’ latest research about the acceleration by a factor 100, calculating the price of financial options with a stochastic volatility model, has caught the attention of the scientific committee, the 33rd edition of the Stochastic Processes and Their Applications (SPA 2009) Conference, and will be presented during the week of this conference in Berlin...