On October 2 swap execution facilities (SEF) became official and started reporting trading volumes. While this new level of transparency is exciting, today’s reported volumes don’t really matter. In addition to the lack of reporting standards which complicate doing an apples to apples comparison (i.e. voice vs. electronic, D2D vs. D2C, FRAs vs. IRS), the […]
Today (Sep 17, 2013) I’m moderating a swap futures panel at the Institutional Investor Fixed Income Forum event in Westchester County. For those of you keeping score at home that’s two swap futures panels in two days. We have a great lineup (Citi, Vanguard and CME) but will be one less than expected. Our CFTC […]
The FT published a great special section this past Monday on the state of OTC derivatives reform. Coverage ranged from the impact of MF Global on margin and segregation rules to technology innovation driven by the new rules. What these stories all reaffirm is how much the details of the final rules will impact liquidity, […]
I officially launched Kevin on the Street in the spring of 2010, so 2011 was its first full year of operation. Not like the world (or the web) needs another top ten list, but in digging through my Google Analytics account I thought it was pretty interesting to see what stories garnered the most interest. […]
It seemed like the CFTC’s meeting yesterday (Dec 12th) would be a big one; we’d find out the size of a block trade and in doing so get some insight into how truly electronic the swaps market would become. Â Unfortunately, the can has been kicked down the road again. Â Instead we have a […]
With so much focus on execution methods and block trade rules, little talk has been had about another SEF requirement: surveillance. Keeping your market participants in line is no small task. Here is what Javelin is doing to tackle the surveillance requirements.
On Tuesday, December 13th I presented to the CFTC Technology Advisory Committee. Chairman Gensler and Commissioners O’Malia and Wetjan were all there. Each panelist, myself included, gave a 15 minute opening and then we participated in an open Q&A with the Chairman, Commissioners and the members of the TAC. Maybe I’m just optimistic, but it […]
Jamie and I discuss Javelin’s latest press release and Javelin’s prospects ahead of final SEF rules expected sometime in 2012.
This is the PR for my latest SEF report, for which the executive summary can be found here. PRESS RELEASE Dec. 8, 2011, 9:33 a.m. EST Skepticism Grows across the Swaps Markets about Benefits of SEFs Due to Overly Prescriptive Rules, Says TABB Over 200 Swaps Market Professionals Rate the Top Firms They Believe Will […]
MF Global and the Euro crisis have made people think about counterparty risk again. Counterparty risk concerns are good for clearing, and Swapclear US is all over it. Here are I talk to its US head Dan Maguire about their enhanced functionality, success to date and the “fun” Dan had living through Lehman.