Tag Archives: Reform

TABB Says 90% of Top-Tier Swap Dealers See Their Profits Down or Flat after Dodd-Frank Implementation

PR on my recent study: New Annual Fixed Income Industry Benchmark Study Shows 60% of Current Dealers Expect Increased Barriers-to-Entry; Basel III to have Greater Business Impact than Dodd-Frank NEW YORK & LONDON, Oct 19, 2011 (BUSINESS WIRE) — Despite the risks to liquidity posed by CFTC-proposed regulation, over the long term nearly 75% of… Read More »

Liquidity expected to return in swaps market (Financial Times)

My summer’s work was speaking to every major swaps dealer to try and understand what they’re thinking, how they’ll take their business forward and what pending regulation will do to the swaps market. The executive summary of the report that resulted from these conversations can be found here. Today the FT wrote a story to… Read More »

Reforms Have Swap Dealers And Brokers Considering Agency Model (Wall Street Journal)

TABB Group Fixed Income recently published two new research pieces.  One for which we spoke with 23 swaps dealers about everything and anything (link here), and the other in which we took a deep dive into what an agency desk for swaps trading might look like and why it matters (link here).  The short story,… Read More »

Participation Request: TABB Group Swap Execution Facility Study

TABB Group is conducting a study to gauge the industry’s views on several swap execution facility issues. The study is a follow-on to research we conducting this past spring entitled Swap Execution Facilities: An Industry Barometer, which was utilized by regulators and industry participants to make key strategic decisions and to understand market perception of… Read More »

My conversation with TriOptima about their plans after central clearing

TriOptima – now owned by ICAP – has been at the center of trade compression and portfolio reconciliation for nearly a decade. Derivatives reform rules certainly change things – trading will become more automated and clearing will bring a lot of compression into the clearinghouse. But as I’ve learned, TriOptima still is poised to sit… Read More »

A New CDS Loophole Compliments of the CFTC

Maybe I’ve spent too many months of reading regulatory proposals and legislation, or maybe I’ve just grown pessimistic, but it seems a CDS loophole exists in the otherwise mundane definition of “swap” released by the CFTC on April 27th. The CFTC fact sheet on the proposal tells us that consumer and commercial transactions, loan participations,… Read More »