Tag: Regulation

A Year Later, Dodd Frank Causes Banks to Shrink (Bloomberg)

Wow – it really has been a year. Even more amazing is that Bear, Lehman and the rest were almost three years ago. Things have changed. I’d argue even as early as 2009 the swaps markets were more transparent than ever before. The bottom line today is the rules are coming and everyone knows it […]

OTC Derivatives and the Question of When: Twitterview

Tony Scianna from Sungard and I discuss when derivatives reform will finally be implemented and what people must thing about when preparing for that fateful day. (Also posted at blogs.sungard.com and available via Twitter under hashtag #DerivChat.) Alyssa4AR: Welcome to #derivchat! Today we’ll be talking with @kmcpartland of @TabbFORUM and @tonyscianna of@SGBrokerage at SunGard. Alyssa4AR: Follow the #derivchat […]

SEF-a-Palooza: Commenting on the Comments

Also posted at TabbFORUM.com Washington and Wall Street get to tick off another box on their march toward creation of Swap Execution Facilities (SEF). Dodd-Frank passed on July 21, 2010, the Commodity Futures Trading Commission proposed its SEF rules on Jan. 7, 2011, and on March 8, 2011 the comment period closed. For those of […]

SEF or OTF: A comparison of swaps trading reform in the US and Europe

Also published at TabbFORUM.com Is the sport called soccer or football? Should swaps be traded on Swap Execution Facilities (SEF) or Organized Trading Facilities (OTF)? For that matter, should organized be spelled with a ‘z’ or an ‘s’? While some of these debates are as old as the U.S. Declaration of Independence and others brand […]

Flash crash may push through US trade-at rule (The Trade)

More on the SEC-CFTC flash crash recommendations.  In short, they’ll force platforms that do not publicly display price quotes to execute orders better than the midpoint, or otherwise route them out.  This would kill the business model for many registered ATS’s.  The goal of greater transparency is good – but the unintended consequences are huge. […]

CFTC trade rules will create 'winner's curse' (Risk.net)

Dissent for the block trade rule is still rampant.  As the thinking goes, if large swap trades, those that occur in illiquid products that occur weekly or less, are reported within 15 minutes as CFTC proposed rule suggests than the resulting information leakage would cause liquidity (and potentially the market) to dry up completely.  There […]

Barclays Capital Rolls Out Electronic Credit Default Swaps Trading (Wall Street Journal)

Execution and clearing mandates for OTC derivative trades are still nearly a year a way by my estimates, but the Street is already getting ready.  While Deutsche Bank and Bluemountain Capital executed CDS trades through Tradeweb and cleared via the CME and ICE, Barclays was busy rolling out its new electronic CDS trading product for […]