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While the US and Europe agreed in July on a ‘Path Forward’ for derivatives reform, European Commissioner Michel Barnier’s request for a delay in the implementation of US rules raises the risk of a breakdown in regulatory harmonization.
The third calendar week of SEF trading is completed. So, how are the first few weeks of SEF’s trading going? Regulators have been quick to announce that SEF’s have seen a successful start, while industry critics have quickly countered that more time is required to integrate the SEFs and onboard clients.
In his first public address since the CFTC offered guidance on SEF rule implementation, CFTC Commissioner Scott O’Malia said he has concerns regarding the Commission’s rule making process and schedule, as well as the overall impact of these rules on the end user.
OK, so not all of it. On Friday at 5:55pm (which I guess is better than 11:59p on October 31) the CFTC issues somewhat expected no-action relief for parts of the SEF rules set to take effect on Friday November 1.
The mid-yield of Greece’s 10-year benchmark bond, which will mature in February 2023, dropped below 8 per cent at today’s close for the first time since June 1, 2010. The bond’s yield fell 16.9 basis points to 7.89 per cent, while its mid price rose to 69.12 per cent.
Tradeweb completed its acquisition of BondDesk Group LLC and we have rebranded our combined retail fixed income division as Tradeweb Direct.
The real story in the derivatives market – one that is playing out mostly behind the scenes and that still is being written – is the competitive struggle that has been kicked off by regulatory reforms. Here are some of the drivers shaping the competitive landscape.
Forcing clearinghouses to back up their US Treasury positions with letters of credit backed by US financial institutions in US dollars seems silly.
For those who feared that the derivatives industry had had its fill of regulatory debate, there is still plenty of fodder for discussion as the process of Dodd-Frank implementation rolls on.
The fourth annual Wholesale Markets Brokers' Association (WMBA Americas) conference on Swap Execution Facilities (SEFs), SEFCON IV, will be held this upcoming Monday, November 18, 2013 at the Grand Hyatt Hotel in New York.