Today (Sep 17, 2013) I’m moderating a swap futures panel at the Institutional Investor Fixed Income Forum event in Westchester County. For those of you keeping score at home that’s two swap futures panels in two days. We have a great lineup (Citi, Vanguard and CME) but will be one less than expected. Our CFTC […]
Managing Liquidity Post Derivatives Reform (TabbFORUM)
In my conversation with Zohar Hod, head of SuperDerivatives US office, we discuss complications market participants will have understanding margin requirements across clearinghouses and dealers.
Pssst, looking to trade a swap without margin? (Reuters)
Another article looking at the new proposed margin rules from the FDIC and CFTC. The debate here is if end-users, say Exxon, could start marketing swaps to hedgers and compete with the banks as they won’t have to comply with the new margin rules as an end-user. I argue that as soon as they start […]
CFTC Proposal to Change Futures Margin Payments May ‘Kill’ Brokerage Model (Bloomberg)
The CFTC is thinking about extending some of its proposed margin rules for OTC derivatives clearing to the futures market. The part that matters here is if they require FCM’s to segregate margin for each client rather than pooling into one big account. If FCM’s can no longer get (and pass on to their clients) […]