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Regulators need to resist the temptation to alter a clearinghouse system that has worked well until now, said panelists discussing the challenges for the clearing world at the Swiss Futures and Options Association’s 31st Bürgenstock meeting in Interlaken, Switzerland.
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The City of London, which accounts for 43% of the value of over-the-counter derivatives traded globally, is losing out on attracting financial services startups due to industry fears over the outcome of regulation aimed at derivatives and short selling.
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The gross outstanding notional of over-the-counter interest rate derivatives jumped from USD449.202 trillion as of June 30 to USD465.163 trillion as of July 31.
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International Swaps and Derivatives Association officials have commissioned a Vietnamese-language version of the Master Agreement to facilitate the growing market.
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Tradeweb is planning to launch an electronic equity trading platform for European equity options—a first for that market.
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Forward rate agreements grew by 132% to USD601 billion over the past three years, driving the growth in OTC interest rate derivatives during the period.
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Derivative users and industry groups in Europe have voiced their opposition for the so-called systemic internalizer regime to be adapted and applied to the trading of over-the-counter derivatives.
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A Commodity Futures Trading Commission plan to have derivatives clearing organizations and designated contract markets come back online the same day as a major disaster may be too rigid, according to R. Trabue Bland, v.p. of regulatory affairs and assistant general counsel for the IntercontinentalExchange.
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The streamlining of the novation process by the International Swaps and Derivatives Association will shorten trade processing time and reduce the risk of unconfirmed trades.
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New York Portfolio Clearing has appointed Laura Klimpel as chief compliance officer and counsel.