The GOP-led Congress will not repeal Dodd-Frank, nor should they

The GOP-led Congress will not repeal Dodd-Frank, nor should they

Early in November I chaired the FTF DerivOps conference in NY.  The conversation in 2014 was a lot more about the market than it was…

The SEF RFQ Minimum is Moving to 3.  Does it matter?  Nope.

The SEF RFQ Minimum is Moving to 3. Does it matter? Nope.

On October 2 market participants requesting price quotes for an order via a SEF will have to ask a minimum of three dealers to respond rather than…

Roll Out the Welcome MAT

Roll Out the Welcome MAT

On Friday afternoon Javelin SEF filed the first made available-to-trade application with the CFTC (thanks Jamie for making us all scramble around on a Friday…

SEF Day: A boring October 2 is official, but in 10 seconds or less

Quite a lot of hoop-la on Friday (September 27, 2013) around the October 2 SEF implementation deadline. On that point, the response to my post…

October 2nd Should Be Boring (Unless the CFTC Kills Electronic Trading)

October 2nd Should Be Boring (Unless the CFTC Kills Electronic Trading)

On October 2 the CFTC’s swap execution facility (SEF) rules are scheduled to finally take effect. It’s amazing that we’ve finally gotten to this point,…

Determining if SEF Aggregation Really Matters

Determining if SEF Aggregation Really Matters

This post also published at TabbFORUM.com Regulations will have a significant impact on how SEF aggregators function and how widely these aggregators will be adopted…

A Year Later, Dodd Frank Causes Banks to Shrink (Bloomberg)

Wow – it really has been a year. Even more amazing is that Bear, Lehman and the rest were almost three years ago. Things have…

US rules exemption on forex swaps near (Financial Times)

Dodd-Frank talks about the swaps market as a whole – meaning all swaps. Sure, it breaks out securities based swaps and a few others, but…

How to Create a New Bank Capital Crisis

Also published at TabbFORUM.com Credit Default Swaps (CDS) are so 2005. My new favorite derivative is the contingent convertible bond – better known as the…

Wall Street Bets on Debt That Doesn't Exist (Wall Street Journal)

Many still seem skeptical of credit default swaps (CDS), but the reality is (and always has been) that they play an important benchmarking function for…