On Friday afternoon Javelin SEF filed the first made available-to-trade application with the CFTC (thanks Jamie for making us all scramble around on a Friday afternoon!). This is great news. The ball is rolling that will make SEF trading volumes finally matter. But of course, as with everything derivatives reform, things are not yet cut and dry. […]
Now its official – both major market data providers are in the SEF game. Bloomberg showed as “most likely to succeed” in TABB’s SEF Industry Barometer in the spring. But admittedly that study was focused on credit and rates trading whereas Thomson Reuters is in the FX game. Regardless, both of these firms have a lot behind […]
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 […]
Back from vacation… This is a new twist on an old story. We’ve all been wondering since 2008 how the smartest people on Wall Street didn’t see the credit crisis coming (well, some did but most obviously did not). This story highlights a dispute between MS and GS regarding an OTC derivatives transaction back pre-crisis […]
The SEC is set to release its SEF rules tomorrow, Feb 2, 2011, and only a small few details are floating around. Since they will be overseeing the less liquid single name CDS market I’d suspect they’ll focus more on the RFQ model than order book trading. My comments in the article, saying essentially, we […]
The SEF debate is certainly heating up. These questions and more will all be discussed at the WMBAA’s “SEFCON 1” event in DC on October 4th (details to follow). My comments in the Reuters piece: “The law calls it “a trading system or platform in which multiple participants have the ability to execute or trade […]
The recent proposal by Senator Lincoln isn’t bad because it will cost banks, but because it is ignores how the OTCderivative markets function. Its pretty obvious from my comments I’m against most of what she’s proposed here. It feels as if she’s ignoring everything Congress has learned since early 2009, most of which came through […]