Wednesday, February 16th, 2015 by GEORGE BOLLENBACHER If you have read my previous articles on Tabb Forum, you will know that I believe the all-important swaps reporting requirement has been badly mishandled by the regulators worldwide, missing a golden opportunity to shed some light on this otherwise opaque market. In the US, one of the nagging problems has been that the SEC hadn’t put out its reporting rules, so there… Read More »
Wednesday, February 11th, 2015 by GEORGE BOLLENBACHER Recently I wrote about the debate in the US over risk management programs at CCPs, and how “skin in the game” was not a very comforting approach. A recent report by the European Commission on the use of CCPs by pension funds brings another aspect of this to light. First the report points out that, “Under EMIR, OTC derivatives that are standardised… Read More »
Friday, February 6th, 2015 by GEORGE BOLLENBACHER Given all the debate and discussion on the evolution of the swaps markets, including some negative comments by one of the new CFTC Commissioners, one group we have been waiting to hear from on this subject is the futures industry, where exchange trading and clearing have been working successfully for decades. Granted, swaps aren’t futures, but the Futures Industry Association’s (FIA’s) input is… Read More »
Wednesday, February 4th, 2015 by GEORGE BOLLENBACHER Last July marked the fourth anniversary of the passage and signing of the Dodd-Frank Act, so it is appropriate to reflect on the two sections of the DFA most of interest to OTC Space readers, Title VII on derivatives, and Section 619, the Volcker Rule. Title VII The first question we might ask about Title VII is whether swaps were really at the… Read More »
Friday, January 23rd, 2015 by GEORGE BOLLENBACHER A recent white paper by the CME entitled Clearing – Balancing CCP and Member Contributions with Exposures brings into sharper focus a debate that has been raging under the surface of the markets, about whether the introduction of mandatory clearing for swaps has concentrated risk in the CCPs and made them too big to fail. As with any document published by a participant… Read More »
OCREUS Group and Capital Markets Advisors LLC (CMA) are pleased to announce a new partnership arrangement As both of these exciting expanding businesses continue to grow and extend their geographic reach across the financial services sector, the announcement of the partnership of these two sister businesses, formalises the offering structure leveraging the resources, skills, knowledge and local expertise to form a truly global offering to our clients across the global… Read More »
Wednesday, January 7th, 2015 by GEORGE BOLLENBACHER Although the regulators recently postponed some aspects of the covered fund requirements under the Volcker Rule (VR), there was no change in the proprietary trading requirements. As of now they still kick in on July 21, 2015. Meanwhile, some of the regulators have already begun examining banks on their preparations for compliance. Based on those exams, and some instructions issued by one of… Read More »
Monday, December 22nd, 2014 by GEORGE BOLLENBACHER As we move from Thanksgiving to Christmas, it is traditional to reflect back on the year that is coming to a close, and to begin planning for the new year. For the capital markets, reflecting on 2014 may result in mixed emotions, so does 2015 look to be any better? Looking Back Actually, taking the retrospective view it would be easy to say… Read More »
Monday, December 1st, 2014 by GEORGE BOLLENBACHER Capital markets participants are nearly unanimous in the belief that almost every aspect of the markets is changing: international regulation, capital requirements, liquidity, and instrument structures , just to name a few. With that much change blowing things around, it can be hard to make out forms in the murk, but gradually the shape of the capital markets of the future is beginning… Read More »
Tuesday, September 9th, 2014 by GEORGE BOLLENBACHER It doesn’t actually matter whether a bank is solvent – what matters is whether the economy as a whole thinks it is solvent. Once a critical mass of market participants begin to doubt the quality of a bank’s promise to pay, the rush is on to get out of that institution, and its living will is of little use. The news this summer… Read More »
The transition from LIBOR to the Fed-published Secured Overnight Financing Rate (SOFR) or possible alternatives is motivated in large part by the mandated cessation of… Read More »
Building on the success of our first FRTB roundtable discussion held on December 9, 2020, we are offering a very select group of bank dealers… Read More »
FRTB will be far more challenging than traditional risk capital regulations due to the lack of regulatory clarity over the boundaries between banking and trading… Read More »
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