I was lucky enough to get a demo of this platform a few weeks ago. Its very impressive, and a sign of things to come in fixed income. Not just for cash markets, but for automated market making in the swaps market as well. I suspect we’ll see similiar product announcements from competing forms in […]
Category: In the News
MF Global, Innovation and Swaps Reform in the Financial Times
The FT published a great special section this past Monday on the state of OTC derivatives reform. Coverage ranged from the impact of MF Global on margin and segregation rules to technology innovation driven by the new rules. What these stories all reaffirm is how much the details of the final rules will impact liquidity, […]
Investors Loading Up on Corporates, Banks in 2012 (International Business Times)
January was a good month for corporate bonds. Investors are desperate for yield and the issuers want to be sure to take advantage of historically low rates. Even though half the world is scared of banks, it seems even they can borrow money pretty cheaply these days. My favorite bond issue of January is SABMiller, […]
Regulators Approve a New Window Into 'Swaps' (Wall Street Journal)
It seemed like the CFTC’s meeting yesterday (Dec 12th) would be a big one; we’d find out the size of a block trade and in doing so get some insight into how truly electronic the swaps market would become. Â Unfortunately, the can has been kicked down the road again. Â Instead we have a […]
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 […]
OTC clearing moves to real-time (Financial Times)
A few months back we put out a research piece on clearing technology, and how despite a lot of work over the past few years, a big investment is still needed to bring OTC clearing to where it needs to be. And thankfully for those that sell clearing technology, regulations and continued fear of counterparty […]
Funds battle banks over $300 trillion derivatives market (Reuters)
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 […]
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) […]
Podcast Day at Kevin on the Street
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 […]
Swap Execution Facilities and Transparency in the FT
The FT today has a great special section on derivatives reform to which TABB Group contributed quite a bit. Along with my comments, my colleague Henry Chien was also quoted discussing the ETF market. The articles speak for themselves, so I won’t reiterate what they’ve already said. But in short, the industry is continuing to […]