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‘Tis the Season to be Wary

It would be a vast understatement to say it has been a challenging year; for many 2008 has been wrought with redundancies, pay cuts and a significant increase in workload. ‘More for less’ seems to have been adopted out of necessity as the latest industry catchphrase. However, it has not all been doom and gloom:…

Valuations Vendor Consolidation is on the Cards as a Result of Introduction CDS CCP, Say RDR Readers

Most Reference Data Review readers believe the introduction of a clearing counterparty (CCP) in the credit default swap (CDS) market will result in a period of consolidation within the valuations vendor community. According to the results of our recent poll, 56% of readers believe consolidation is on the cards, whereas an optimistic 11% think there…

Tullett Prebon and GFI Heads Call for Competition in CDS CCP Market, WMBA Says CCPs Not Desirable for Every OTC Market

As the end of November draws near and the competition intensifies between the candidates in the credit default swap (CDS) clearing counterparty (CCP) race, it seems that everyone in the market has an opinion on the matter. This week it is the turn of two CEOs from the interdealer-broker camp and the Wholesale Market Brokers’…

American Bankers Association and SEC Discuss Fair Value Accounting

The American Bankers Association (ABA) is currently engaged in discussions with the Securities and Exchange Commission (SEC) regarding fair value accounting under the current market conditions. The two bodies are conducting the talks during two scheduled roundtable discussions this week. Aubrey Patterson and Randy Ferrell, both representatives from the ABA, have voiced concerns over the…

McCreevy Adds His Voice to Debate on CDS Clearing Counterparty

Originally appeared in MiFID Monitor European Union internal markets commissioner Charlie McCreevy has added his two pennies worth to the debate on the introduction of a clearing counterparty for the credit default swap (CDS) market by urging European players to get involved. McCreevy is concerned that Europe may be left behind in the race to…

Financial Information Forum Highlights the US$250m Cost of New Options Symbology, Finds Industry Dissatisfaction with Lack of Agreed Standards

The majority of industry participants are disappointed and frustrated that an agreement has not been reached on an alternative standard to the Options Price Reporting Authority (Opra) code, according to a recent study by the Financial Information Forum (FIF). Mary Lou Von Kaenel, managing director, management consulting at New York-based consultancy Jordan & Jordan, which…

ISDA Approves BGC Partners’ Swaps Pages as Pricing References

The International Swaps and Derivative Association (ISDA) has formally recognised interdealer broker BGC Partners’ euro interest rate swap (EUR) and US dollar (USD) interest rate swap pages as price references. The pages will be snapshots of real-time BGC screens taken at a predetermined time daily. ISDA documentation governs the terms to confirm, mark, assign and…

NewRiver Joins XBRL US as Part of Plan to Simplify Financial Disclosure

NewRiver, a US provider of a central repository of mutual fund documents and data for financial services firms, has joined XBRL US, the national consortium for XML business reporting standards. The firm has joined the consortium in order to help the industry simplify financial disclosure, according to Russ Planitzer, president and CEO of NewRiver. The…

A-Team Analysis: Can S&P Solve the Problem of Entity Identification Where the ISO Process Has Failed?

Another month, another twist in the tail of the International Business Entity Identifier (IBEI) story. In fact, there could be two twists this month if the Swift CIVIC initiative does turn out to be on the skids. As reported extensively in Reference Data Review last year (in the October 2007 issue among others), the ISO-led…

Who’s Ready for SEPA? By Andrew Foulds, head of client services, CB.Net

As the Single Euro Payments Area (SEPA) deadline looms, there is a sense of panic growing among organisations, many of which are not prepared for the significant changes that will be required for payment processes. While corporates may be aware of the EU Directive and SEPA’s impending 2008 deadline, many have yet to devise a…