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Fintech / Regtech
Ageing Infrastructure Creating Derivatives Market Inefficiencies: ISDA Chief
By Editors | 10/11/2019
Firms still take more than a day on average to resolve reconciliations and disputes caused by a lack of data transparency through the trade lifecycle.
Market Infrastructure
A Liquid Global Swaps Market Relies on Deference: CFTC’s Quintenz
By Manesh Samtani | 29/10/2019
Market fragmentation poses serious risks to the liquidity and health of the derivatives markets, said CFTC commissioner Brian Quintenz at the ISDA Annual Japan Conference.
Market Infrastructure
Australia: Smaller Institutions, Buy Side Less Prepared for Libor Cessation
By Manesh Samtani | 24/10/2019
Existing Libor-referencing contracts that don’t have robust fallback provisions in place will be tied up in very lengthy disputes, warned the RBA’s Christopher Kent at ISDA’s Australia Conference.
Market Infrastructure
ISDA Publishes Final Results of IBOR Pre-Cessation Consultation
By Manesh Samtani | 22/10/2019
The consultation did not yield a consensus among market participants regarding how to address pre-cessation issues related to a benchmark’s nonrepresentativeness.
Capital / Liquidity
ISDA Chief Calls for Specific Changes to CVA Framework
By Editors | 09/10/2019
The current CVA rules due for implementation in January 2022 could lead to an inappropriately sharp increase in capital requirements for derivatives businesses.
Big Picture
EU Equivalence Needed on Cross-Border Intragroup Transactions
By Editors | 01/10/2019
ISDA and EU banking associations are calling for equivalence decisions to be prioritised for Australia, Hong Kong, Singapore and South Korea, among others.
Securities / Derivatives
US, UK Agencies Work to Clean Up Credit Derivatives Market
By Editors | 24/09/2019
In a joint statement, the SEC, CFTC and FCA have pledged to work together to address “opportunistic strategies” that harm the credit derivatives market.
Market Infrastructure
ISDA Issues Guidance on Executing Trades on Recognised Venues
By Editors | 23/09/2019
The guides describe how cross-border trading will work following the CFTC-MAS, CFTC-FSA and EC-MAS agreements on mutual recognition of derivatives trading venues.
Market Infrastructure
ISDA Consults on Final Parameters for Benchmark Fallback Adjustments
By Manesh Samtani | 19/09/2019
Based on the results, the 2006 ISDA Definitions will be adjusted to incorporate fallbacks for new IBOR trades, and a protocol for including fallbacks in legacy IBOR contracts will be published.
Market Infrastructure
Treasurers and the Libor ‘Pre-Cessation’ Trigger
By CorporateTreasurer | 20/08/2019
Financial firms can’t seem to come to an agreement on the unofficial “pre-cessation” trigger that will signal the beginning of the end for Libor. Meanwhile, SOFR faces some controversy.
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