Tag Archives: Reform

SEF Surveillance

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.

Presenting to the CFTC on Swaps Liquidity Fragmentation (and Aggregation)

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… Read More »

ICE, DTCC to vie for swap data repository supremacy (SNL Financial)

I’m not surprised that multiple firms are competing to be the swap data repository of choice.  This is America after all, so if an opportunity exists (especially one created by government mandate) than several firms will go after it.  However, I’m not sure I get the business model for running an SDR.  Having control over… Read More »

Trading reform still 'years from completion' (Financial Times)

Despite frequent new promises from Washington that rules will be done by a certain date (“Q4 2011 – oh wait, we meant Q1 2012!”) and major market participants stating their readiness it seams like the OTC derivatives reform process will never end.  Who’s fault is it?  Everyone’s really.  Politicians are trying to get reelected (or reappointed)… Read More »

Greece Won’t Kill CDS, Dodd-Frank Will

(also posted on TabbFORUM.com) Greece is defaulting on its loans. OK, technically, that’s not true. The official version is that Greece’s creditors have agreed to a “voluntary” haircut of 50 percent on the outstanding debt. The word voluntary is key. Because the haircut is technically voluntary, a credit event will not be triggered, which means… Read More »

Old Trading Strategies brought to the New Swaps Market

When automated market-making meets an already liquid market backed by real money trades, arbitrage opportunities quickly follow, which is the direction most liquid portions of the swaps market are moving.  Even in this pre-regulation implementation time that continues to linger, adoption of electronic trading is finally starting to gain momentum.  Data from Bloomberg, CreditEx and… Read More »