MarketVoice News
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Rulebook Revamp
The Japan Securities Clearing Corporation has implemented several changes to its clearing rules for listed derivatives to enhance its clearing services and to introduce practices adopted by other major global clearinghouses. These include changes to the account structure—both omnibus accounts and individual segregated accounts will now be available for clients. In addition, the clearinghouse has revised its margining rules and its collateral management framework.
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Porting Problems
Customers may not be able to find a new home for their cleared derivatives if their clearing member goes into default, several industry participants warned the Commodity Futures Trading Commission at an April 25 meeting of the CFTC’s Market Risk Advisory Committee.
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Cloud Over London
On May 4, the European Commission issued a policy statement discussing its plans to issue legislative proposals by the end of June to address “important and emerging challenges” in derivatives clearing.
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Sponsored Content
Managing a Default: The Eurex Clearing Approach
Sponsored Content: Since the collapse of Lehman Brothers in 2008, policymakers’ and legislators’ focus on the topic of clearinghouse resilience, recovery and resolution has been intense, with many experts and commentators warning of yet more severe consequences for the financial system should a central counterparty ever have issues or even go into default
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Shorter Settlement
On March 22, the Securities and Exchange Commission approved a rule that will shorten the standard settlement cycle for most securities transactions to T+2 from T+3. Broker-dealers will be required to comply with the shorter settlement cycle beginning on Sept. 5.
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Managing a Default: The Eurex Clearing Approach
Since the collapse of Lehman Brothers in 2008, policymakers’ and legislators’ focus on the topic of clearinghouse resilience, recovery and resolution has been intense, with many experts and commentators warning of yet more severe consequences for the financial system should a central counterparty ever have issues or even go into default.
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Know Your Ticker
In April, ICE Data Services, the rapidly growing data services arm of Intercontinental Exchange, announced the launch of a new reference data solution for clients that use ICE’s futures exchanges.
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Cyber Guidelines
The World Federation of Exchanges, which represents more than 200 exchanges, clearinghouses and other market infrastructure operators, published a set of cyber-resilience standards in April. The new standards, which are voluntary, are meant to ensure alignment and common minimum standards for trading venues around the world.
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Expanded Access to Commodity Derivatives
The Securities and Exchange Board of India announced it will issue unified licenses to brokers and clearing members to transact in both commodity derivative and equity markets
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Cooking with Gas
Liquefied natural gas is coming of age as a globally traded commodity, and the world’s futures exchanges have taken note.
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