Originally posted on TabbForum Last week the Senate finally agreed to allow S.3217, the “Restoring American Financial Stability Act of 2010,” to be debated openly on the floor of the Senate. Since overcoming that procedural hurdle, progress has been relatively swift and the bill is expected to be passed by the Senate before Memorial Day. […]
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OTC Derivatives in the Land of the Rising Sun
Originally posted on TabbForum.com Only the United States and Europe matter – at least that has been the view surrounding OTC derivatives reform. With CFTC Chairman Gary Gensler reiterating in a recent speech that a “significant majority” of OTC derivative trading is happening in the US and Europe, it is easy to see why Americans […]
Impact of Proposed Senate Ag Bill (Video)
Also available on TabbForum.com
Shining Light on the Clouds (TabbForum)
Originally posted on TabbForum.com Cloud computing has a long way to go before it is widely adopted on Wall Street, but people on Wall Street certainly want to talk about it. In the last month, I have spoken at two conferences focused on adoption of cloud computing by financial services firms, one hosted by the […]
OTC Derivative Reform – Coming up to the Majors?
On March 14, 2010 Senator Dodd and the Senate Banking Committee released their latest Financial Reform Bill. Broadly speaking, the few hundred pages of this bill dedicated to reforming the OTC derivatives market showed few major changes from either the previous Senate bill release in November 2009 or the House Bill passed in December 2009. This does not come as much of a surprise as the major tenets of OTC derivative reform appear to be decided – standardized products will be traded through a registered platform and centrally cleared, dealers will register with the SEC and/or CFTC based on the products they trade and all OTC derivatives trades not cleared will be reported to a trade repository and subject to margin requirements. The devil however, continues to be in the details.
OTC Derivative Reform – What to expect from the Senate Bill
The Senate via Sen. Dodd is expected to make public its latest financial reform bill. Although overshadowed in recent weeks but talk of consumer protection an “to big to fail”, the bill will include details of OTC derivative reform. In this video I discuss what we expect, and hope, to see in the Senate’s version […]
OTC Derivative Reform Brings Huge Opportunities
OTC derivatives reform has become synonymous with shrinking dealer profits. Automation will shrink spreads, clearing will raise costs and central clearing will erode this control of the market. But there is another side to the reform story, one of wide-eyed entrepreneurs who see huge opportunities in the expected market revamp. In addition to the more […]
The Evolving FX Market – A discussion with the CEO of FXAll
In my conversation with the CEO of FXAll, we discuss their acquisition of LavaFX, regulatory changes impacting the FX market and the adoption of TCA on the FX trading desk.
CDS Clearing: How do we know it works?
Come March, CDS clearing will have been available for a full year. After months of political pressure and industry commitments, open interest for cleared CDS is well into the billions, volumes are well into the trillions, three clearinghouses are officially live and industry estimates (including those of TABB Group) show that CDS clearing will generate […]
GeithnerGate: Love Him or Leave Him?
An investigation into the government rescue of AIG unearthed emails showing that the NY Federal Reserve, at that time under the control of now Treasury Secretary Timothy Geithner, strongly encouraged AIG to hold back public announcement of parts of its derivatives portfolio and the billions in collateral payments it made to its dealer counterparties. Many […]