Post-trade services provider DTCC has taken another step toward its goal of establishing an industry-wide repository for over-the-counter (OTC) derivatives via the launch of its Global Trade Repository (GTR) in Canada, which will target buy-side firms when they begin reporting next year. The Ontario Securities Commission, the Autorité des Marchés Financiers in Québec and the… Read More >>
CFTC Orders Rule Reviews for DCMs
The CFTC’s Division of Market Oversight (DMO) has issued three separate rule enforcement reviews impacting major Designated Contract Markets (DCM) serving as trading venues, officials say. The DMO’s rule enforcement reviews will impact the Chicago Board of Trade (CBOT) and Chicago Mercantile Exchange’s (CME) audit trail program, the New York Mercantile Exchange (NYMEX) and Commodity… Read More >>
GFI SEF to Support USD MAC Swaps
Interdealer broker GFI Group reports that it has launched US dollar (USD) market agreed coupon (MAC) swaps on its swap execution facility (SEF). Live tradable prices for these contracts are available in a central limit order book (CLOB) on RatesMatch, GFI’s electronic trading platform for interest rates, according to the company, which adds that the… Read More >>
Q&A: Post-Trade Integration Key to SEF Success
James Cawley was a co-founder of Javelin Capital Markets, the parent company of the pioneering Javelin SEF (swap execution facility). As regulators and the industry laid the groundwork for SEFs, Cawley took on a very public role in helping shape the rules and regulations of over-the-counter derivatives trading reform. Most recently, he led a key… Read More >>
FINRA Survey Finds Big Support for ‘Cop on the Beat’
The Financial Industry Regulatory Authority (FINRA) has unveiled a survey of 1,000 investing adults, finding that fully 92 percent of investors queried agreed to some degree that “it is important to have a regulatory ‘cop on the beat’ to protect investors and police the markets.” Specifically, 62 percent of survey respondents strongly agreed with that… Read More >>
Genpact, Lombard Risk Target Collateral Management Woes
Genpact, a specialist in business processes, operations and technology, and Lombard Risk Management, a collateral management services vendor, are joining forces to help firms optimize increasingly expensive collateral management operations, officials say. A new collaboration between the two will integrate Genpact’s Collateral Agreement and Reference Data Services (CARDS) and Lombard Risk’s COLLINE collateral, clearing, inventory… Read More >>
Wynyard Hires from British Intelligence Agency
Cyber-security vendor Wynyard Group has hired Andrew France OBE, the former deputy director of cyber-defense operations at British intelligence agency Government Communications Headquarters (GCHQ) as its new strategic advisor of intelligence, officials say. France spent the last years of his GCHQ career developing a national cyber-defense strategy for the U.K., and his hiring reflects a… Read More >>
SEF Market Fears Regulators Missed Cross-Border Harmony
Regulators tasked with overseeing swaps markets in the U.S. and the U.K. struck a hopeful and conciliatory tone in comments at the SEFCON V conference last week, but market participants were skeptical, with one panelist noting that “hope is not a strategy.” Representatives from the CFTC and the Financial Conduct Authority (FCA) signaled at the… Read More >>
Survey: Asset Managers Make Peace with Regulators
RIMES, a provider of managed data services for the buy side, reports recent survey results showing an “increase in the readiness of asset management firms to deal with incoming and proposed regulation,” and a growth in positive attitudes toward the necessary changes required to meet regulatory demands. The survey, conducted in conjunction with RIMES’ recent… Read More >>
CFTC: Cooperation Key to Cross-Border Clearing Talks
Dual registration combined with cooperation is likely to be the ongoing theme as European and U.S. regulators address the cross-border harmonization problems for global clearing of over-the-counter derivatives, said Timothy Massad, chairman of the CFTC, said in his speech at a Futures Industry Association (FIA) conference last week. “We are continuing to work with the… Read More >>
