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EuropeanIssuers’ Fransens Calls for EU-wide Framework for Shareholder Communication
Issuers and shareholders have been disintermediated from each other and this has resulted in a requirement for the introduction of a framework for shareholder communication and cross border voting, according to Dorien Fransens, secretary general of EuropeanIssuers. Speaking at last week’s gathering of the European issuer community, organised by Aktienforum and EuropeanIssuers, Fransens elaborated on…
ICE Trust Claims Clearance of US$71 Billion in First Four Weeks
Following its launch on 9 March, IntercontinentalExchange’s clearing counterparty (CCP) for the credit default swap (CDS) market, ICE Trust, has cleared US$71 billion of CDS index contracts, says Dirk Pruis, president and chief operating officer of the CCP. ICE Trust was the first CCP to clear CDS transactions in the US market, as it gained…
CMA to Integrate CDS Price Data from DataVision with Pricing Partners’ Price-it Excel
CME Group-owned Credit Market Analysis (CMA) has signed a partnership agreement with valuation analytics vendor Pricing Partners, under which CMA will integrate its credit default swap (CDS) price data from DataVision with Pricing Partners’ multi-asset class pricing platform, Price-it Excel. The vendors claim this will provide OTC credit market participants with greater accuracy and transparency…
NumeriX Launches Educational Courses for Financial Engineers on Derivatives Pricing
Numerix, an analytics provider for structuring, pricing and valuation of derivatives and structured products, is launching a series of courses aimed at financial engineers to educate them on the finer points of pricing and managing complex derivatives within the vendor’s solution. The vendor has dubbed the endeavour NumeriX University and it will be offered free…
ISDA’s CDS Big Bang Protocol Goes into Effect for US Market
Following months of preparation by the banking and vendor communities, the US market has today seen the go live date for the overhaul of the International Swaps and Derivatives Association (ISDA) credit default swap (CDS) standard protocols. The changes are aimed at reducing systemic risk by introducing a standardised pricing system for CDSs and making…
Calypso Introduces Software Update for North American CDS Big Bang
In line with the rest of the vendor community, derivatives and risk management solution provider Calypso Technology has updated its solutions to accommodate the credit default swap (CDS) ‘big bang’ being led by the International Swaps and Derivatives Association (ISDA). Tomorrow, the new Standard North American Corporate (SNAC) CDS contract convention comes into force, which…
Consistent Firm-wide Approach Required for Pricing Functions to Increase Transparency, Says Celent
In the post-credit crisis world, firms must develop a joint approach to OTC derivatives pricing functions across their internal departmental silos, according to a recent report by consultancy firm Celent. In order to increase the transparency of valuations and meet regulatory requirements to this end, financial institutions must adopt coherent and consistent pricing strategies, says…
Broadridge Launches Virtual Shareholder Meeting Service, Including Online Voting
Broadridge Financial Solutions has launched its new Virtual Shareholder Meeting (VSM) service, which allows corporate issuers to conduct their annual shareholder meeting electronically. The online meeting format, which can be streamed as audio or video feed, is aimed at increasing participation in annual general meetings and may drive up the volumes of corporate actions events…
European Union Ministers Call for Convergence with US on Accounting Standards
Following the move in the US to relax mark to market accounting rules, representatives from the European Union have called for greater convergence between Europe and the US in order to level the playing field. EU politicians including Italy’s Finance Minister Giulio Tremonti and French Finance Minister Christine Lagarde are concerned that the region’s banks…
Omgeo Appoints Coughlan, Higgins and Meenaghan for European Product Support Roles
Post-trade specialist Omgeo has appointed three new executives its European product team: State Street’s Bill Meenaghan and Janet Coughlan and Steve Higgins, both from UBS. Coughlan is now in charge of strategic initiatives for the vendor’s web-based global database for the maintenance and communication of standing settlement and account instructions (SSIs), Omgeo Alert. Higgins and…