Commentary

Craig Viani

Aggregation Aggravation

In this final "Tales from the Dark Side," Greenwich's Craig Viani examines how venue proliferation has driven the need for algo aggregation, and brought to light the challenges in accessing non-displayed liquidity via an intermediary.

Traders Poll

Is the approved SEC Tick Size Pilot Program meet your expectations for what it should be?

Yes

20%

No

20%

It was a good compromise

20%

The SEC should start over

40%

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Clearing Channel

News

Do CCPs Need More Skin in the Game?

Would additional derivative clearing organization contributions significantly mitigate members loses if the five or six largest clearinghouse members defaulted simultaneously? Traders contributor Rob Daly looks at this unlikely but possible scenario.

Europe Likely to Resolve Clearing Conflict With U.S., LSE Says

The U.S. and Europe are going to find a way to get along, at least when it comes to regulating clearinghouses meant to protect financial markets, according to London Stock Exchange Group Plc’s chief executive officer.

Nomura Is Latest Bank to Stop Clearing Swaps as New Rules Bite

Nomura Holdings Inc. will no longer act as a middleman to allow clients to guarantee their swap trades with a clearinghouse, the latest bank to exit the business as new rules increase risks and costs in the $630 trillion market.

Articles

Guide to Correspondent Clearing Firms

A guide to correspondent clearing firms as presented by Clearing Quarterly & Directory.

Demystifying Dodd-Frank

Commissioner Scott O'Malia of the Commodity Futures Trading Commission (CFTC) is on a mission. He says the process of writing new over-the-counter derivative contract rules needs more transparency. Over the past year he has repeatedly called for more roundtables and public comment on how rules are written. Why is this important? Because these rules, among other things, will determine which OTC derivative contracts must go through a clearing process and which ones can continue to use the old bilateral, dealer-to-dealer model.

OCC Sees Record Clearing Levels

The Chicago-based Options Clearing Corp., the largest equities derivative clearing firm, saw record clearing volumes in the first month of 2014.

Brown Exits Omgeo, Arthus Steps In

Longtime Omgeo CEO and president Marianne Brown has stepped down from the Depository Trust & Clearing Corp. subsidiary and will be replaced by Paula Sausville Arthus.

SunGard's Cloud STP for Alternative Investments

Hedge fund managers, private equity firms and fund administrators looking to manage incoming and outgoing alternative investment data now have a cloud-based choice from SunGard.

ICE Trade Vault: 4.5M

IntercontinentalExchange Group's Trade Vault Europe, its European trade repository, processed roughly 4.5 million trades across energy, agricultural commodities, metals, credit, interest rates and equity derivatives its first day.

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