ICE US Trust Receives Regulatory Approval from Fed, Interdealer Brokers Get Annoyed, Eurex Declares Out of US
Following the announcement of its European ambitions in February, IntercontinentalExchange (ICE) has indicated that it has finally received regulatory approval from the board of governors of the Federal Reserve for ICE US Trust to act as a clearing house and central counterparty (CCP) for credit default swap (CDS) transactions in the US. The exchange operator...
Actuate and ClusterSeven Partner for Marketing of Spreadsheet Solutions
Actuate Corporation and ClusterSeven have signed a joint marketing agreement, under which the vendors will work together to tout their spreadsheet management solutions to the market as compliance and risk management enablers. The vendors have therefore combined their respective offerings, Actuate’s eSpreadsheet and ClusterSeven’s Enterprise Spreadsheet Manager, to gain extra clout in the tough economic...
Turquoise Joins MTF Symbology Initiative
Turquoise has joined the industry working group set up by fellow multilateral trading facilities (MTFs) to develop and maintain a uniform symbology framework for European equities. The group was formed last October by Bats Europe, Chi-X Europe and Nasdaq OMX Europe to address the challenges posed by conflicting stock symbols used in European equities trading....
UK FSA Extends AII Deadline for Derivative Transaction Reporting to September
The UK’s Financial Services Authority (FSA) is giving approved reporting mechanisms (ARMs) more time before they have to start providing derivative transaction reports using the Alternative Instrument Identifier (AII). The go live date is now 21 September as opposed to end of the first quarter. The FSA is also setting up a number of support...
US and European Regulators Pledge to Work Together for CDS CCP Oversight
Last week potentially saw the beginning of the end of the row concerning the regulation of the credit default swap (CDS) central clearing counterparty (CCP) market with an announcement from the regulatory community that it is discussing cooperation and information sharing arrangements. During a meeting hosted by the Federal Reserve Bank of New York, regulators...
Nine Interdealer Brokers Indicate Commitment to European CDS CCP
Following the announcement by the regulatory community that it will be working together to oversee the credit default swap (CDS) central counterparty clearing (CCP) market, the interdealer broker community has also indicated its commitment to the European initiatives. According to an announcement by the International Swaps and Derivatives Association (ISDA), nine of the largest players...
France to Create Own CDS CCP, Says Banque de France Report
According to a recently leaked Banque de France report, the French central bank is attempting to unite the countries in the EU to set up their own clearing counterparty (CCP) for the credit default swap (CDS) market. It is thought that the proposals are in reaction to the announcement earlier this week by London-based LCH.Clearnet...
OCC is Selected as New Options Symbology System Operator
Following the furore surrounding the establishment of an alternative standard to the Options Price Reporting Authority (Opra) code last year, industry participants have finally selected a suitable candidate to operate the new symbology allocation system. There were ongoing discussions throughout 2008 about the lack of agreement on the basics surrounding the introduction of a new...
ICE Joins Eurex and LCH.Clearnet in Bid for European CDS CCP Supremacy
Following the announcement by LCH.Clearnet last week of its bid to enter the European credit default swap (CDS) clearing counterparty (CCP) market, IntercontinentalExchange (ICE) has indicated its own intentions to establish a transatlantic model for the market. The ongoing furore surrounding splitting CDS clearing between Europe and the US would therefore become a non-issue, according...
LCH.Clearnet Plans to Launch European CDS Clearing by December
Following repeated calls by European Commissioner for Internal Market and Services, Charlie McCreevy, for a European clearing service for credit default swaps (CDS), LCH.Clearnet has decided to step up to the plate. The service would be based in Paris and will be launched by December, pending regulatory approval, says the firm. Christophe Hémon, CEO of...