277 Results
Gary Wright Analyst at BISS Research
News that NYSE Euronext is planning to build their own Clearing House for derivatives and is very interesting and a possible indictment of the quality of choice of alternative Clearing Houses in the market. It was obvious that there would be some moves by NYSE Euronext away from LCH.Clearnet as soon as the London Stock Exchange Group increased the...
30 March 2012 Post-Trade Forum
The Editorial Intelligence breakfast debate encompassed a varied panel and a very eclectic audience that produced a fascinating couple of hours and at the end, an almost uplifting feeling. Not to be trifled, in today’s world of gloom upon more gloom. In a nutshell Xavier Rolet CEO of the London Stock Exchange Group outlined several initiatives they...
29 March 2012
In Europe we are blessed (If that’s the right word) with many Clearing Houses. We are told that this provides competition and drives down prices while producing an environment for innovation. Can anyone point out where any of these benefits are accruing? Where is the proof that investors are getting a better economic deal and what was the most rec...
20 March 2012 Post-Trade Forum
As the instigation of Legal Entity identifiers (LEIs) gathers pace and designs are becoming cemented, the question of ownership and implementation is still to be answered. What has already been accepted is that LEI has to be a 'not for profit utility and be open with global access that has no latency in supplying new LEIs. One perceived problem is...
16 March 2012
The Rt. Hon Lord Lamont, ex-Chancellor of the Exchequer in his keynote address, at the excellent FIX Protocol conference earlier this week, gave not only a rounded evaluation of current economic troubles affecting the UK and Europe, but included the most intriguing analysis that China looks like running out of steam. This was the first time I have...
The Goldman Sachs employee resignation letter has vindicated what society has been saying about Banks. Who knows if what he says is an accurate representation of events in Goldman. Disaffected employees are not averse in leaving a wake of destruction when they leave a firm. However, the difference with this resignation is the publication of the le...
15 March 2012
Clearing Houses are becoming even more important in the markets as regulatory and political change forces OTC into their systems and onto their balance sheets. Who knows if the balance sheets of Clearing Houses will be able to cope? We hope and expect that the regulators and the Treasury will make sure there is enough capital in place or at least ...
14 March 2012 /regulation Post-Trade Forum
One of the major problems in the stabilisation of securities markets is to find a recognised and standard mechanism to rate the quality of collateral. Clearing Houses have their own methods of assessing the quality of the collateral pledged by financial services firms but this has to be more transparent. With global markets intertwined it is imper...
09 March 2012 /regulation Post-Trade Forum
Today the chances that a Clearing House will default in the future have never been more likely. Political pressure and regulatory resolve is creating a risk concentrator within the clearing houses so that it’s not if a Clearing House goes bust but when. The introduction of OTC derivatives into clearing will be the trigger to a thermal time bomb in ...
07 March 2012 /regulation Post-Trade Forum
The announcement of the ESMA industry consultation relating to this year’s implementation of new regulations for the revision of the markets for short selling, including stock borrowing and lending can only be welcomed. However, it’s really ironic that the thrust of the concerns around stock borrowing and lending appear to me to be an admission t...
30 January 2012 /sibos Post-Trade Forum
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