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.… Read More »
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… Read More »
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.
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 »
Certainty of clearing is turning into one of the hottest derivative reform debates. The crux of the issue is how can swaps traders be sure that when they execute on a SEF the trade will be accepted for clearing. In most other exchange-like markets the vertical integration makes this a moot point. If you trade… Read More »
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 »
Do people listen to podcasts about financial reform? I hope so. I’m a regular listener of Planet Money’s podcast, so hopefully that means at least someone might listen to me talking derivatives on their iPod (not that I put myself in the league with Planet Money, but know you know what I mean). In June 2011 at… Read More »
(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 »
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 »