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    Know Your Counterparty

    With the move to SEFs and other electronic platforms in the swaps market, participants no longer know who their counterparties are, creating a lack of trust, according to MarkitSERV's Jeff Maron. As we ...
     
  • Rail_thumb_screen_shot_2013-02-05_at_9

    Fragmentation of Swaps: The Good, the Bad and the Ugly

    Is fragmentation in the swaps market good for the industry? Is the futurization of swaps the natural evolution of the market? From the proliferation of SEFs and the search for liquidity, to the costs of ...
     
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    CFTC Proposal Poses “Monumental” Challenge to FCMs

    A rule proposed by the Commodity Futures Trading Commission (CFTC) designed to strengthen safeguards for customer deposits at futures commission merchants (FCMs) is threatening to overhaul the futures ...
     
 

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Will Rhode

TABB Group

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Will Rhode

24 January 2013

Real-Time Clearing: The New Race to Zero

While the energy market has been clearing customer trades in real-time, dealer-to-dealer interest rate swaps largely have been clearing at the end of each day. Rates market participants did not have the desire, nor the capability, to calculate counterparty exposures in real-time or near real-time.

But once the clearing mandate goes live in March, Derivatives Clearing Organizations (DCOs), Futures Commission Merchants (FCMs) and clearing brokers must be able to accept trades for clearing within just one minute of submission. The goal is to create a market in which clicking “execute” completes the trade entirely.


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