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Industry outlook


  • 11 Feb 2014 ISDA's SwapsInfo.org website - the transformation of OTC derivatives data
    • ISDA SwapsInfo pulls together in one place a wealth of publicly available data from various DTCC- operated repositories on interest rate derivatives (IRD) and credit default swaps (CDS).
  • 16 Sep 2013 European Commodity Market Regulations | Implementation, Impacts and Solutions
    • This research, conducted jointly by industry leading analysts and experts, Commodity Technology Advisory and ETR Advisory, aims to help to clarify the issues and to examine the impact of regulation on software requirements in the trading and risk management business function.
  • 05 Aug 2013 ESMA Q&A on implementation of OTC derivative central clearing and transaction reporting rules and technical standards under EMIR
    • As the implementation date of September 15th draws closer, ESMA has published a series of Q&As to help clarify the regulation on OTC derivatives, central counterparties and trade repositories. Continually updated as new questions arise, the document serves as a helpful tool to understanding the regulation.
  • 19 Jul 2013 ISDA 2013 EMIR Port Rec, Dispute Res and Disclosure Protocol
    • This Protocol enables parties to amend the terms of their Protocol Covered Agreements to reflect the portfolio reconciliation and dispute resolution requirements imposed by EMIR as well as to include a disclosure waiver to help ensure parties can meet the various reporting and record keeping requirements under EMIR without breaching confidentiality restrictions.
  • 11 Jul 2013 CFTC No-Action Letter No. 13-45
    • Swap Dealers and Major Swap Participants are granted No-Action Relief from certain Requirements under Subpart I of Part 23 of Commission Regulations in Connection with Uncleared Swaps Subject to Risk Mitigation Techniques under EMIR
  • 25 Apr 2013 IECA webinar: Risk Mitigation through Proactive Portfolio Reconciliation under Dodd-Frank and EMIR
    • Listen to this complimentary webinar to learn how the process can reduce Operational Risk and Credit Risk, discover the wider benefits an institution can enjoy and the direct and indirect implications of the regulation that are likely to affect the wider market going forward.
  • 22 Mar 2013 ISDA March 2013 DF Protocol
    • This Protocol is part of ISDA’s Dodd-Frank Documentation Initiative aimed at assisting the industry in implementing and complying with the regulatory requirements imposed under Title VII of the Dodd–Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”).
  • 18 Mar 2013 CFTC No-Action Letter No. 13-01
    • A relief has been issued from the required clearing of swaps that are generated as part of multilateral portfolio compression exercises, including both partially terminated swaps and new replacement swaps.
  • 21 Dec 2012 CFTC No-Action Letter No. 12-62
    • Compression exercise swap transactions – full and partial unwinds, as well as replacement trades resulting from multilateral portfolio compression exercises, will not count towards the Swap Dealer $8 Billion de minimis amount. The No-Action Relief provided is not time-limited.
  • 21 Dec 2012 CFTC No-Action Letter No. 12-66
    • Swap Dealers warranted temporary relief from the Part 45 reporting requirement that a report for subsequent post-trade allocations, compressions, or novations must be linked to the USI of the previously reported initial swap trade (section III). These No Action Reliefs are time-limited until April 30, 2013.
  • 20 Dec 2012 OTC Derivatives Market Analysis Mid-Year 2012
    • ISDA's report aims to integrate market data to show the impact of clearing, netting, compression and collateral on notional amounts and risk exposures in the OTC derivatives markets.
  • 13 Nov 2012 Portfolio Reconciliation | How to Adjust Processes to Comply with New Financial Regulation
    • In a Q&A, TriOptima’s David White explores the impact new financial regulation will have on portfolio reconciliation and dispute resolution processing and how firms can adjust operations to comply with new rules.
  • 13 Nov 2012 DerivSource webinar: OTC Regulation & Portfolio Reconciliation: Adjusting Processes for Compliance & Efficiency
    • In a complimentary webinar, a panel of experts will review the impact both Dodd-Frank and EMIR will have on portfolio reconciliation and dispute management processes and how financial institutions can adjust existing procedures to ensure compliance and long-term operational efficiency.
  • 27 Sep 2012 Final Report - European Securities and Markets Authority
    • ESMA's technical standards on the Regulation on OTC derivatives, central counterparties and trade repositories (EMIR), which set out the specific details of how EMIR’s requirements are to be implemented.
  • 11 Sep 2012 Federal Register - Commodity Futures Trading Commission
    • Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants
  • 26 Jul 2012 Charting New Territory: Buy-Side Readiness for Swaps Reform
    • TABB Group conducted a State Street-sponsored survey of buy-side firms to assess how buy-side investors are adapting to the new regulatory standards and how ready they are to meet the challenges of the future.
  • 01 Jun 2012 OTC Derivatives Market Analysis (Year-end 2011)
    • The reporting from this analysis aims to integrate market data to show the impact of clearing, netting, compression and collateral on notional amounts and risk exposures in the over-the-counter (OTC) derivatives markets. Counterparty credit losses from the Office of the Comptroller of the Currency (OCC) report are also presented.
  • 23 Feb 2012 Interest Rate Swaps Compression: A Progress Report
    • The paper describes portfolio compression, a risk reduction technique that was introduced to the interest rate swap (IRS) market by TriOptima in 2003. It also highlights how compression could be optimized via the “one-book” approach to achieve even larger reductions in IRS notionals for cleared and uncleared swaps.
  • 04 Oct 2011 Exposure management in a cleared world
    • Raf Pritchard, CEO of triResolve, speaks to Tabb’s Kevin McPartland about how TriOptima is tailoring its services in response to changes within the OTC derivatives world as new regulations are implemented and clearing gains traction. [video]
  • 23 May 2011 The Economics of Central Clearing: Theory and Practice
    • In this article published by ISDA, Prof. Craig Pirrong examines central clearing of OTC derivatives. While recognizing the benefits of central clearing facilities (CCPs), he also identifies the potential for increased systemic risk and other issues around governance, margin requirements and risk management that need to be addressed when structuring these CCPs.
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