The document describes an institutional analyst network that reaches over 38,000 retail investors and 42,000 institutional investors through 13 industry-specific websites. It provides details on some of the most popular newsletters within the network, including the Biotech Stock Review (6000 subscribers), the Hollywood Stock Review (3800 subscribers), and the newly launched Institutional Analyst's Special Situation Research (16,000 subscribers). The network also manages sites focused on timely investment opportunities and specialized industries like gold/silver and telecommunications.
LTP Trade has created an online platform called LTPtrade.net that aims to increase transparency, liquidity, and trading of trade finance assets. By allowing banks and investors to buy and sell trade receivables online, it could expand access to the $3 trillion global trade finance market in a similar way that Eurobonds expanded the bond market. Some early users have purchased new asset types on the platform. LTP Trade also provides research, risk management services, and works with State Street to enable electronic settlement of trades, in order to further professionalize and grow the trade finance asset class.
Recent Developments in Derivatives Regulation Reformrimonlaw
Robin Powers presented on recent developments in derivatives regulation reform under Dodd-Frank and EMIR. Dodd-Frank implementation is ongoing with upcoming deadlines for central clearing and swap execution facility use. EMIR requires clearing, reporting, and risk mitigation for over-the-counter derivatives by EU counterparties and applies to a wider scope of entities than Dodd-Frank. Both regulations provide for substituted compliance determination of comparable foreign jurisdictions to avoid duplicative regulation.
WG Consulting and ZE PowerGroup, an award winning data collection, monitoring and visualization firm, have partnered to build and deliver a comprehensive Dodd-Frank software solution to fit the current and upcoming challenges faced by Non-Swap Dealers (non-SD), Swap Dealers (SDs), Major Swap Participants (MSPs) and End-Users. With ZE PowerGroup’s award winning Data Management capabilities and WGC’s deep understanding of compliance requirements, we have built a data retrieving and reporting system, unique to the requirements of the Dodd-Frank Act.
Many of the solutions required for Dodd-Frank compliance require the collection and centralization of data; reporting and mapping of data; and finally the publication of that data to the CFTC, ICE Trade Vault or DTCC on a specific schedule and with the ability to monitor for errors and resend files, if needed. The ZEMA Dodd-Frank software solution can handle all of those challenges with award winning capabilities.
In April 2014, I prepared and presented this seminar for senior bankers and investment professionals in Dubai in collaboration with A&Z Consultants, Dubai, UAE.
I am sharing this here here for everyone's benefit.
Best regards,
Bilal Hasanjee
The Practical Implementation of Dodd-Frank for End UsersWG Consulting
Provides
standardized messaging
formats for regulatory
reporting
24/7 support for
regulatory questions
and issues
Messaging
Assistant
Page 22
Compliance Message Management System (cont.)
Benefits of CMM:
- Automates Dodd-Frank regulatory reporting requirements
- Reduces internal compliance costs and resource needs
- Provides 24/7 monitoring and support for regulatory issues
- Future proofs your organization for changing regulations
- Scalable solution that grows with your business needs
- Hands-off approach allows IT/Compliance to focus on value-added tasks
As of May 2012
Page 23
Questions?
As of May 2012
CLEAR OR NOT CLEAR? CURRENT TRENDS ON THE OTC DERIVATIVES MARKETLászló Árvai
The objectives of regulators and market participants have thus become aligned. While regulators are looking to enhance prudential supervision by
requiring more rigorous capital and liquidity adequacy standards, credit institutions are looking to improve the quality of their asset base both to
reduce credit and counterparty risk and to improve their liquidity profile.
The document describes an institutional analyst network that reaches over 38,000 retail investors and 42,000 institutional investors through 13 industry-specific websites. It provides details on some of the most popular newsletters within the network, including the Biotech Stock Review (6000 subscribers), the Hollywood Stock Review (3800 subscribers), and the newly launched Institutional Analyst's Special Situation Research (16,000 subscribers). The network also manages sites focused on timely investment opportunities and specialized industries like gold/silver and telecommunications.
LTP Trade has created an online platform called LTPtrade.net that aims to increase transparency, liquidity, and trading of trade finance assets. By allowing banks and investors to buy and sell trade receivables online, it could expand access to the $3 trillion global trade finance market in a similar way that Eurobonds expanded the bond market. Some early users have purchased new asset types on the platform. LTP Trade also provides research, risk management services, and works with State Street to enable electronic settlement of trades, in order to further professionalize and grow the trade finance asset class.
Recent Developments in Derivatives Regulation Reformrimonlaw
Robin Powers presented on recent developments in derivatives regulation reform under Dodd-Frank and EMIR. Dodd-Frank implementation is ongoing with upcoming deadlines for central clearing and swap execution facility use. EMIR requires clearing, reporting, and risk mitigation for over-the-counter derivatives by EU counterparties and applies to a wider scope of entities than Dodd-Frank. Both regulations provide for substituted compliance determination of comparable foreign jurisdictions to avoid duplicative regulation.
WG Consulting and ZE PowerGroup, an award winning data collection, monitoring and visualization firm, have partnered to build and deliver a comprehensive Dodd-Frank software solution to fit the current and upcoming challenges faced by Non-Swap Dealers (non-SD), Swap Dealers (SDs), Major Swap Participants (MSPs) and End-Users. With ZE PowerGroup’s award winning Data Management capabilities and WGC’s deep understanding of compliance requirements, we have built a data retrieving and reporting system, unique to the requirements of the Dodd-Frank Act.
Many of the solutions required for Dodd-Frank compliance require the collection and centralization of data; reporting and mapping of data; and finally the publication of that data to the CFTC, ICE Trade Vault or DTCC on a specific schedule and with the ability to monitor for errors and resend files, if needed. The ZEMA Dodd-Frank software solution can handle all of those challenges with award winning capabilities.
In April 2014, I prepared and presented this seminar for senior bankers and investment professionals in Dubai in collaboration with A&Z Consultants, Dubai, UAE.
I am sharing this here here for everyone's benefit.
Best regards,
Bilal Hasanjee
The Practical Implementation of Dodd-Frank for End UsersWG Consulting
Provides
standardized messaging
formats for regulatory
reporting
24/7 support for
regulatory questions
and issues
Messaging
Assistant
Page 22
Compliance Message Management System (cont.)
Benefits of CMM:
- Automates Dodd-Frank regulatory reporting requirements
- Reduces internal compliance costs and resource needs
- Provides 24/7 monitoring and support for regulatory issues
- Future proofs your organization for changing regulations
- Scalable solution that grows with your business needs
- Hands-off approach allows IT/Compliance to focus on value-added tasks
As of May 2012
Page 23
Questions?
As of May 2012
CLEAR OR NOT CLEAR? CURRENT TRENDS ON THE OTC DERIVATIVES MARKETLászló Árvai
The objectives of regulators and market participants have thus become aligned. While regulators are looking to enhance prudential supervision by
requiring more rigorous capital and liquidity adequacy standards, credit institutions are looking to improve the quality of their asset base both to
reduce credit and counterparty risk and to improve their liquidity profile.
This webinar explains the many facets of Dodd-Frank rules and regulations and what companies, such as Producer companies, need to know now in order to be compliant. Our seasoned Compliance and Commodities experts describe exactly how the Dodd-Frank rules and rule changes affect Producer companies and what you can do now to mitigate these challenging risks:
--Producers’ Exposure to Dodd-Frank
--Clearing and End-User Exception
--Recordkeeping and Reporting
--Duties of SDs to Non-SD/MSPs – Counterparty Documentation
--Policies, Procedures, and Training
--Exchange Position Limits
--Achieving Compliance
Automated Securities Accounting System SRI Infotech
SRI Infotech’s automated securities accounting system is a powerful tool for asset management that utilizes state-of-the-art technology to deliver a superior solution for large and small entities in the banking, financial services and insurance marketplace.
The presentation summaries the process to implement uncleared margins CFTC and Prudential Regulators rules to collect collateral daily for OTC products for certain banks.
The document discusses different types of swaps, including interest rate swaps, cross currency swaps, and credit default swaps. It defines a swap as an agreement between two counterparties to exchange cash flows based on an underlying asset. It provides examples of how interest rate swaps, cross currency swaps, and equity swaps work. The key aspects of each swap type are described, such as the cash flows exchanged and calculation of payments.
The Carry Trade strategy, often over complicated, is actually quite a simple process but it's for experienced Forex traders only
Here’s how it works...
This subject and many others are covered in more detail in the FREE Forex Guide available at Forex Useful - http://forexuseful.com/new/members/21812-forex-guide/
The document discusses the need for automation in trade compliance processes due to increasing regulatory demands and resource constraints for compliance teams. It notes that compliance professionals expect to handle more regulatory information in 2012 but have difficulty finding time to coordinate with other teams and report to executive management due to high workloads. The document also presents an overview of ACS, a company that provides automation and control solutions, and its offerings to help build a global compliance infrastructure and enable more efficient trade operations through automation and standardized processes while ensuring obedience to international trade rules.
Since their introduction in the 1990s short term derivatives instruments have become widely used. Their popularity has increased in the wake of the 2007/2008 financial crisis with trading growing by 33% from 2008 to mid 2009 according to the BIS.
It is due mainly to the fact that LIBOR-based instruments often did not capture movements in policy rates as a result of credit-induced widening in LIBOR rates.
Hedgers increased their usage of short-term instruments in order to protect their cash flows better from unexpected moves in spreads and/or policy rates. Meanwhile, speculators increased their trading of more tailored products such as OIS to express views on policy rates while becoming far more active in the basis markets to take advantage of spread movements.
This tutorial focuses on the Libor OIS basis trade. It starts with the building blocks of the LIBOR and moves on to cover the most common instruments in the front-end and basis markets : FRAs and OIS. The salient features of each instrument and the full trade cycle from idea generation and set up, to valuation and marked to market, are presented and illustrated using Bloomberg pricing and analytics.
The document discusses initial margin requirements for cleared interest rate swaps. It explains that initial margin is a portfolio measure required by central clearinghouses and is calculated using Value-at-Risk models based on historical simulation. The Value-at-Risk indicates the potential loss of a portfolio over a given time period at a certain confidence level, and is used to determine the initial margin amount required by the clearinghouse.
This document provides a summary of credit derivatives and related financial instruments in 3 paragraphs:
Paragraph 1 summarizes the historical development of credit derivatives, including total return swaps pioneered by Bankers Trust to transfer credit risk without transferring loans.
Paragraph 2 explains how credit default swaps (CDS) emerged to meet the need for credit protection, functioning essentially as insurance against bankruptcy where the protection buyer pays premiums to the protection seller.
Paragraph 3 gives an overview of other credit derivative instruments including basket CDS, CDS indexes, synthetic CDOs, credit-linked notes, and credit spread options; it also distinguishes CDS from total return swaps and collateralized debt obligations (CDOs).
Real time trade surveillance in financial marketsHortonworks
Who’s winning the deep forensic analysis ‘arms race’ for compliance? Real-time trade surveillance in global financial markets has created a data tsunami. With greater volumes of data comes greater compliance risk. CNBC reports U.S. Banks have been fined over $200B since the financial crisis. How are compliance teams fighting back to make more of the data and stay out of regulatory hot water? Rapid response to suspect trades means compliance teams need to access and visualize trade patterns, real time and historic data, to navigate the data in depth and flag possible violations. Join Hortonworks and Arcadia for this live webinar: we’ll cover the use case at a top 50 Global Bank who now has deep forensic analysis of trade activity. The result: interactive, ad hoc data visualization and access across multiple platforms – without limits on historic data – to detect irregularities as they happen. In-depth expert presentations by:
Shailesh Ambike, Executive Co-Chair of Compliance & Legal Section (CLS) Education Sub-Committee of the Investment Industry Regulatory Organization of Canada (IIROC)
Vamsi K Chemitiganti, GM – Financial Services at Hortonworks
Big Data Analytics for Banking, a Point of ViewPietro Leo
This document discusses how big data and analytics can transform the banking industry. It notes that digital transformation, enabled by big data and analytics, is creating pressures on banks from new digital native customers, large amounts of new data, new channels like mobile, and new competitors. It argues that to succeed in this new environment, banks need to build a 360-degree integrated customer view using big data, and ensure analytics are part of closed-loop business processes to create value. New applications and platforms like IBM Watson Analytics aim to make analytics more accessible and valuable to more users.
The document summarizes the history and types of derivatives in India. It discusses:
- Futures trading began in India in 1875 through the Bombay Cotton trade association. The government later banned some derivatives until 1995-1999 when regulations were amended.
- Derivatives include futures, forwards, swaps, and options, whose values are derived from underlying assets. Common underlying assets include commodities, currencies, interest rates and stocks.
- The main purpose of derivatives is to transfer risk from one party to another through hedging. This allows farmers, for example, to guarantee prices and encourage investment.
1. The document discusses variance swaps, which allow investors to bet on the realized volatility of a stock or index.
2. A variance swap pays out based on the difference between the realized variance over the contract period and the predetermined strike variance.
3. The fair value of a variance swap is the strike variance that makes the present value of the swap equal to zero. This can be calculated using stochastic calculus.
The document provides descriptions of 50 photographs from National Geographic magazines. It describes the subjects, locations, photographers, and key details for each photograph. The photos cover a wide range of topics including landscapes, wildlife, cultures, and historical events from around the world.
Presentation from Denver Open Source Users Group in February 2015. http://www.meetup.com/DOSUG1/events/219099019/
AngularJS is one of today's hottest JavaScript MVC Frameworks. In this session, we'll explore many concepts it brings to the world of client-side development: dependency injection, directives, filters, routing and two-way data binding. We'll also look at its recommended testing tools and build systems. Finally, you'll learn about my experience developing several real-world applications using AngularJS, HTML5 and Bootstrap.
The document discusses regulatory reforms around derivatives trading, specifically regarding the Dodd-Frank Act. It notes that Dodd-Frank established new rules around how swaps are executed, traded, reported, and cleared. This created demand for execution venues like Cleartrade Exchange, which the document describes. It provides an overview of Cleartrade Exchange's services and timeline, including offering electronic trading, clearing through multiple clearinghouses, and mobile price discovery.
1. The document discusses trends in the cryptoasset market including the rise of security tokens, investment in infrastructure by venture capital funds, and new institutional investors like university endowments.
2. It outlines five pillars of institutionalization for cryptoassets: custody solutions, research and valuation, lending markets, market depth and liquidity, and legal/regulatory clarity.
3. Cumberland is introduced as the cryptoasset subsidiary of principal trading firm DRW, providing two-sided liquidity, capital efficient transactions, and streamlined trade settlements for institutional investors in over 35 cryptoassets.
Here are some key points in response to your questions about ICOs and compliance:
- Financial statements and audits can help provide transparency about a project's finances and use of funds. However, there are currently no uniform accounting or auditing standards for ICOs.
- For a 506(c) private placement, issuers are responsible for taking reasonable steps to verify accredited investor status, such as reviewing documentation. Engaging a broker-dealer may help mitigate some legal risks but does not eliminate the issuer's obligations.
- Restrictions under Reg A and Reg CF apply to all participants in a US offering, regardless of location. However, these rules do not prevent non-US persons from participating in offerings that do
Open Protocols (on blockchain) are a new class of scalable constructs that offer an open alternative to the traditional Valley startup centered paradigm. These fully open source protocols typically have flexible development structure, scale globally, and are community funded and governed.
In the next decade or so, we may witness waves of disruption and migration from the classic Internet model — proprietary IP, ads / freemium, user data lock in — to the new open protocol model, spanning across many industries, starting with finance, sharing economy, marketplaces, and IoT."
This talk will explore the advantages and limitations of Open Protocols, launch strategies, as well as nuanced legal aspects.
Transforming Market Structures as a Recognised Market Operator (RMO) for OTC ...Cleartrade
This document discusses the opportunities for Cleartrade Exchange to become a regulated market operator (RMO) for over-the-counter (OTC) derivatives under new regulations. It notes that the Dodd-Frank Act requires OTC trades to be executed on regulated swap execution facilities (SEFs) by late 2012. Cleartrade Exchange aims to satisfy this definition by providing a centralized, transparent, and anonymous electronic market for cleared OTC derivatives. Its platform offers many-to-many trading, connectivity to multiple clearinghouses, and post-trade processing to seamlessly connect trading to clearing.
WG Consulting held an early morning breakfast seminar at the Houston Junior League to discuss the Dodd-Frank Compliance landscape as it currently stands as is expected to shape out--and how that effects energy businesses of all sizes today.
This webinar explains the many facets of Dodd-Frank rules and regulations and what companies, such as Producer companies, need to know now in order to be compliant. Our seasoned Compliance and Commodities experts describe exactly how the Dodd-Frank rules and rule changes affect Producer companies and what you can do now to mitigate these challenging risks:
--Producers’ Exposure to Dodd-Frank
--Clearing and End-User Exception
--Recordkeeping and Reporting
--Duties of SDs to Non-SD/MSPs – Counterparty Documentation
--Policies, Procedures, and Training
--Exchange Position Limits
--Achieving Compliance
Automated Securities Accounting System SRI Infotech
SRI Infotech’s automated securities accounting system is a powerful tool for asset management that utilizes state-of-the-art technology to deliver a superior solution for large and small entities in the banking, financial services and insurance marketplace.
The presentation summaries the process to implement uncleared margins CFTC and Prudential Regulators rules to collect collateral daily for OTC products for certain banks.
The document discusses different types of swaps, including interest rate swaps, cross currency swaps, and credit default swaps. It defines a swap as an agreement between two counterparties to exchange cash flows based on an underlying asset. It provides examples of how interest rate swaps, cross currency swaps, and equity swaps work. The key aspects of each swap type are described, such as the cash flows exchanged and calculation of payments.
The Carry Trade strategy, often over complicated, is actually quite a simple process but it's for experienced Forex traders only
Here’s how it works...
This subject and many others are covered in more detail in the FREE Forex Guide available at Forex Useful - http://forexuseful.com/new/members/21812-forex-guide/
The document discusses the need for automation in trade compliance processes due to increasing regulatory demands and resource constraints for compliance teams. It notes that compliance professionals expect to handle more regulatory information in 2012 but have difficulty finding time to coordinate with other teams and report to executive management due to high workloads. The document also presents an overview of ACS, a company that provides automation and control solutions, and its offerings to help build a global compliance infrastructure and enable more efficient trade operations through automation and standardized processes while ensuring obedience to international trade rules.
Since their introduction in the 1990s short term derivatives instruments have become widely used. Their popularity has increased in the wake of the 2007/2008 financial crisis with trading growing by 33% from 2008 to mid 2009 according to the BIS.
It is due mainly to the fact that LIBOR-based instruments often did not capture movements in policy rates as a result of credit-induced widening in LIBOR rates.
Hedgers increased their usage of short-term instruments in order to protect their cash flows better from unexpected moves in spreads and/or policy rates. Meanwhile, speculators increased their trading of more tailored products such as OIS to express views on policy rates while becoming far more active in the basis markets to take advantage of spread movements.
This tutorial focuses on the Libor OIS basis trade. It starts with the building blocks of the LIBOR and moves on to cover the most common instruments in the front-end and basis markets : FRAs and OIS. The salient features of each instrument and the full trade cycle from idea generation and set up, to valuation and marked to market, are presented and illustrated using Bloomberg pricing and analytics.
The document discusses initial margin requirements for cleared interest rate swaps. It explains that initial margin is a portfolio measure required by central clearinghouses and is calculated using Value-at-Risk models based on historical simulation. The Value-at-Risk indicates the potential loss of a portfolio over a given time period at a certain confidence level, and is used to determine the initial margin amount required by the clearinghouse.
This document provides a summary of credit derivatives and related financial instruments in 3 paragraphs:
Paragraph 1 summarizes the historical development of credit derivatives, including total return swaps pioneered by Bankers Trust to transfer credit risk without transferring loans.
Paragraph 2 explains how credit default swaps (CDS) emerged to meet the need for credit protection, functioning essentially as insurance against bankruptcy where the protection buyer pays premiums to the protection seller.
Paragraph 3 gives an overview of other credit derivative instruments including basket CDS, CDS indexes, synthetic CDOs, credit-linked notes, and credit spread options; it also distinguishes CDS from total return swaps and collateralized debt obligations (CDOs).
Real time trade surveillance in financial marketsHortonworks
Who’s winning the deep forensic analysis ‘arms race’ for compliance? Real-time trade surveillance in global financial markets has created a data tsunami. With greater volumes of data comes greater compliance risk. CNBC reports U.S. Banks have been fined over $200B since the financial crisis. How are compliance teams fighting back to make more of the data and stay out of regulatory hot water? Rapid response to suspect trades means compliance teams need to access and visualize trade patterns, real time and historic data, to navigate the data in depth and flag possible violations. Join Hortonworks and Arcadia for this live webinar: we’ll cover the use case at a top 50 Global Bank who now has deep forensic analysis of trade activity. The result: interactive, ad hoc data visualization and access across multiple platforms – without limits on historic data – to detect irregularities as they happen. In-depth expert presentations by:
Shailesh Ambike, Executive Co-Chair of Compliance & Legal Section (CLS) Education Sub-Committee of the Investment Industry Regulatory Organization of Canada (IIROC)
Vamsi K Chemitiganti, GM – Financial Services at Hortonworks
Big Data Analytics for Banking, a Point of ViewPietro Leo
This document discusses how big data and analytics can transform the banking industry. It notes that digital transformation, enabled by big data and analytics, is creating pressures on banks from new digital native customers, large amounts of new data, new channels like mobile, and new competitors. It argues that to succeed in this new environment, banks need to build a 360-degree integrated customer view using big data, and ensure analytics are part of closed-loop business processes to create value. New applications and platforms like IBM Watson Analytics aim to make analytics more accessible and valuable to more users.
The document summarizes the history and types of derivatives in India. It discusses:
- Futures trading began in India in 1875 through the Bombay Cotton trade association. The government later banned some derivatives until 1995-1999 when regulations were amended.
- Derivatives include futures, forwards, swaps, and options, whose values are derived from underlying assets. Common underlying assets include commodities, currencies, interest rates and stocks.
- The main purpose of derivatives is to transfer risk from one party to another through hedging. This allows farmers, for example, to guarantee prices and encourage investment.
1. The document discusses variance swaps, which allow investors to bet on the realized volatility of a stock or index.
2. A variance swap pays out based on the difference between the realized variance over the contract period and the predetermined strike variance.
3. The fair value of a variance swap is the strike variance that makes the present value of the swap equal to zero. This can be calculated using stochastic calculus.
The document provides descriptions of 50 photographs from National Geographic magazines. It describes the subjects, locations, photographers, and key details for each photograph. The photos cover a wide range of topics including landscapes, wildlife, cultures, and historical events from around the world.
Presentation from Denver Open Source Users Group in February 2015. http://www.meetup.com/DOSUG1/events/219099019/
AngularJS is one of today's hottest JavaScript MVC Frameworks. In this session, we'll explore many concepts it brings to the world of client-side development: dependency injection, directives, filters, routing and two-way data binding. We'll also look at its recommended testing tools and build systems. Finally, you'll learn about my experience developing several real-world applications using AngularJS, HTML5 and Bootstrap.
The document discusses regulatory reforms around derivatives trading, specifically regarding the Dodd-Frank Act. It notes that Dodd-Frank established new rules around how swaps are executed, traded, reported, and cleared. This created demand for execution venues like Cleartrade Exchange, which the document describes. It provides an overview of Cleartrade Exchange's services and timeline, including offering electronic trading, clearing through multiple clearinghouses, and mobile price discovery.
1. The document discusses trends in the cryptoasset market including the rise of security tokens, investment in infrastructure by venture capital funds, and new institutional investors like university endowments.
2. It outlines five pillars of institutionalization for cryptoassets: custody solutions, research and valuation, lending markets, market depth and liquidity, and legal/regulatory clarity.
3. Cumberland is introduced as the cryptoasset subsidiary of principal trading firm DRW, providing two-sided liquidity, capital efficient transactions, and streamlined trade settlements for institutional investors in over 35 cryptoassets.
Here are some key points in response to your questions about ICOs and compliance:
- Financial statements and audits can help provide transparency about a project's finances and use of funds. However, there are currently no uniform accounting or auditing standards for ICOs.
- For a 506(c) private placement, issuers are responsible for taking reasonable steps to verify accredited investor status, such as reviewing documentation. Engaging a broker-dealer may help mitigate some legal risks but does not eliminate the issuer's obligations.
- Restrictions under Reg A and Reg CF apply to all participants in a US offering, regardless of location. However, these rules do not prevent non-US persons from participating in offerings that do
Open Protocols (on blockchain) are a new class of scalable constructs that offer an open alternative to the traditional Valley startup centered paradigm. These fully open source protocols typically have flexible development structure, scale globally, and are community funded and governed.
In the next decade or so, we may witness waves of disruption and migration from the classic Internet model — proprietary IP, ads / freemium, user data lock in — to the new open protocol model, spanning across many industries, starting with finance, sharing economy, marketplaces, and IoT."
This talk will explore the advantages and limitations of Open Protocols, launch strategies, as well as nuanced legal aspects.
Transforming Market Structures as a Recognised Market Operator (RMO) for OTC ...Cleartrade
This document discusses the opportunities for Cleartrade Exchange to become a regulated market operator (RMO) for over-the-counter (OTC) derivatives under new regulations. It notes that the Dodd-Frank Act requires OTC trades to be executed on regulated swap execution facilities (SEFs) by late 2012. Cleartrade Exchange aims to satisfy this definition by providing a centralized, transparent, and anonymous electronic market for cleared OTC derivatives. Its platform offers many-to-many trading, connectivity to multiple clearinghouses, and post-trade processing to seamlessly connect trading to clearing.
WG Consulting held an early morning breakfast seminar at the Houston Junior League to discuss the Dodd-Frank Compliance landscape as it currently stands as is expected to shape out--and how that effects energy businesses of all sizes today.
DeFi and the New Composition of the Crypto Market intotheblock
The cryptocurrency industry has seen a lot of drastic changes. Bankruptcies, hacks, and failed projects have put the future of the industry in danger. But it has also created opportunities. Here we specifically discuss the impact on DeFi and where opportunities lie in the industry going forward.
The document discusses the Futures & Options Expo 2000 conference which covered regulatory changes in the futures industry, including proposed legislation to modernize regulation. It also discusses the Chicago Mercantile Exchange's new business-to-business initiative and partnerships, as well as issues facing the managed futures sector. The conference showed the ongoing transformation in the futures industry driven by globalization, technology changes, and deregulation.
This legal opinion letter analyzes whether the Era Swap tokens should be classified as utility tokens or securities. It determines that Era Swap tokens are not securities based on two analyses. First, under the Howey Test used in the US, Era Swap tokens only satisfy two of the four prongs. Second, following comments from the SEC in June 2018, Era Swap tokens are sufficiently decentralized such that they would not be considered securities. The letter provides background on Era Swap and analyzes each prong of the Howey Test in determining Era Swap tokens are not securities. It also distinguishes Era Swap from the Munchee case where the SEC intervened in an ICO.
Bitcoin, Block Chain, Cryptocurrency and ICOs: A Legal Perspectiveideatoipo
Block chain, bitcoin and other cryptocurrencies, and ICOs have dominated recent headlines. While excitement continues to grow around this rapidly expanding space, there still seems to be a lot of unanswered questions. Roger Royse, founder of the Royse Law Firm, will discuss the legal issues that may determine the future of these emerging technologies.
Clarke Global - Digital Securities OverviewKadeemClarke3
Comprehensive deck overviewing asset tokenization, securities regulation, blockchain, and future opportunities with digital securities. Created by Kadeem Clarke, founder of Clarke Global and former blockchain VC investor
Ripple is an open payment protocol that enables real-time payments between financial institutions. It allows banks and payment providers to send money globally, typically in seconds or less, with end-to-end transparency. Ripple provides a decentralized peer-to-peer network and consensus ledger for interbank transactions. Financial institutions can lower costs by using pre-funded accounts and eliminating fees from intermediaries.
The world has changed in the last six months with COVID-19! There have been a shakeup in business models and funding. As companies and customers change their behaviors, we are seeing changes on how companies are addressing new challenges.
Join Fintech experts, D.Shahrawat and Sarah Biller for a not to be missed conversation on Fintech in the Post-Covid age
This document compares advertising exchanges to Wall Street exchanges and stock markets. It notes that while Wall Street has strict listing requirements and regulations for traded assets, advertising exchanges have no listing requirements or monitoring of traded impressions. Unlike stocks, impressions are not fixed assets and expire quickly. It also notes that while rating agencies evaluate financial instruments, there is a lack of transparency around methodologies for evaluating digital advertising. The conclusion is that just as one should diversify financial investments, advertisers should benchmark exchanges to ensure performance and not rely on any single platform or product.
This document compares advertising exchanges to Wall Street exchanges and stock markets. It notes that while Wall Street has strict listing requirements and regulations for traded assets, advertising exchanges have no listing requirements or monitoring of traded impressions. Unlike stocks, impressions are not fixed assets and expire quickly. It also notes that while rating agencies evaluate financial instruments, there is a lack of transparency around methodologies for evaluating digital advertising. The conclusion is that just as one should diversify financial investments, one size does not fit all in digital advertising.
The document summarizes a presentation given by Simon Grensted of LCH.Clearnet at a conference on payments and monetary/financial stability. The presentation discussed the growth of OTC derivatives markets and clearing, challenges to clearing complex OTC products, and LCH.Clearnet's swap clearing service SwapClear. Key points included that SwapClear has cleared over $100 trillion in notional value, 89% of trades are confirmed via straight-through processing in T+0 or T+1, and the IRS market is highly concentrated among the largest 38 banks.
Recently, the SEC adopted new rules to require certain key market participants to have comprehensive policies and procedures in place surrounding their technology (Regulation SCI).
Exchanges, SROs, selected alternative trading systems (ATS), plan processors, and exempt clearing agencies are required to design, develop, test, maintain, and oversee their mission-critical systems.
The rules require them to ensure that their core technology meets certain standards, conduct regular business continuity testing, and provide certain notifications in the event of systems disruptions, intrusions and other events.
Meeting the demanding new requirements imposed upon firms by SEC Regulation SCI is a key issue for many market participants, especially in the areas of independent systems testing and certification.
Tellefsen and Company, L.L.C. (Tellefsen) and Exactpro Systems, LLC (Exactpro) have today announced a marketing partnership in which both firms will collaborate to provide key industry constituents with market structure consulting, financial technology infrastructure testing and software quality assurance testing services.
Evolution of U.S. Financial Markets 2000-2014 John Rapa
The US financial markets have evolved significantly from 2000 to 2014. Exchanges consolidated through mergers and acquisitions, leading to a duopoly of NYSE and NASDAQ. Electronic trading replaced much of the open-outcry model. New entrants like dark pools and alternative trading systems fragmented the markets. Regulation increased with rules like Reg NMS and Dodd-Frank. Technological advances enabled high-frequency and algorithmic trading. Clearing houses also consolidated while taking on more product types like OTC derivatives. The financial crisis of 2008 further accelerated these trends of consolidation, electronic trading, and increased regulation of the US markets.
The document summarizes the Dodd-Frank Act's Volcker Rule restrictions on proprietary trading by banks. It discusses the rule's background and evolution, provides an overview of its key provisions around restricting proprietary trading and hedge fund/private equity investments, and examines the rule's impact on principal trading, market making activities, and affiliated transactions. It concludes by outlining next steps for banks to prepare for Volcker Rule compliance.
SEC Regulation SCI, ARP Reviews and AuditsJohn Rapa
The document discusses the SEC's proposed Regulation SCI which would require certain key market participants like exchanges and clearing agencies to implement comprehensive policies around their technology. It would replace voluntary guidelines with enforceable rules around areas like systems design, testing, and incident response. Recent market events showed technology failures can impact investors and market confidence. The new rules are aimed at reducing technology problems and ensuring proper response if issues do occur. Tellefsen & Company has expertise in helping clients comply with such regulations through activities like automation reviews, testing, and regulatory filings.
Industry impact and lessons learned from hurricane sandy summary report 010913John Rapa
The survey found that while investment management firms were well-prepared for Hurricane Sandy thanks to advance warnings, the storm still caused major disruptions. Firms activated business continuity plans ahead of the storm and few had to fail over to disaster recovery sites. However, widespread power outages and transportation closures made it difficult for many employees to telecommute or get to work. As a result, firms are re-evaluating locations of facilities and the reliance on key service providers. The storm demonstrated the importance of effective communication, testing of plans, and leveraging global offices during incidents.
The document summarizes a panel discussion on technology solutions for over-the-counter central counterparty clearing. The panel discussed the background and evolution of OTC clearing, including the growth of OTC trading volumes at exchanges and clearinghouses. They also covered the pros and cons of central clearing, such as default protection but also potential margin capital costs. Outstanding OTC volumes for credit default swaps, interest rate swaps, and foreign exchange swaps were shown. The panel then took questions on supporting new standardized products, regulatory changes, and whether firms should build or buy technology solutions for OTC clearing.
This document provides an overview of the OTC clearing landscape and requirements for clearing. It lists the basic requirements which include selecting a clearing member and maintaining static and reference data. It describes the key components of an OTC clearing solution such as trade capture, confirmation, position and cash flow monitoring, document generation, and connectivity to clearing houses and trade repositories. The solution offers reusable components, a comprehensive data schema, and connectors to reduce integration costs and manual intervention during information exchange.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
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STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
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OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
2. The following information was compiled from research and analysis of CFTC
submissions, press releases, information obtained in the public domain
, interviews with market participants and from information and bulletins
contained on the respective Swap Execution Facility (“SEF”) websites.
It is intended to be an overview of the major trading platform providers , interdealer brokers and exchanges that operate swap execution facilities. Where
available, links to access SEF disclosed volume data are included.
Tellefsen and Company, L.L.C. does not guarantee the accuracy of the content
and cannot guarantee completeness, timeliness, or correct sequencing of any
of the Information.
Dodd-Frank Act Title VII – OTC Derivatives
2
3. I. BACKGROUND AND EVOLUTION
OF SWAP EXECUTION FACILITIES
• The Dodd-Frank Wall Street Transparency and Accountability Act
(“Dodd-Frank”) created a number of environmental impacts on the
trading and reporting of securities and commodities based swap
transactions
• As of October 2, 2013, a number of swap execution facilities
(“SEFs”) filed for and were granted provisional SEF status
• Tellefsen and Company (“TCL”) has been closely following the
evolution of Dodd-Frank legislation and the introduction of various
Dodd-Frank Title VII milestones over the last few years
• The following pages contain profiles of the various trading platform
providers and inter-dealer brokers that have filed for SEF
designation.
Dodd-Frank Act Title VII – OTC Derivatives
3
4. BACKGROUND AND EVOLUTION OF SEFs (CONT’D) …
• SEF business models include dealer-customer and dealer-dealer
• Exchanges operate SEFs as designated contract markets (“DCMs”)
and offer futures-equivalent products and OTC-like workflows to
FCMs and their customers
• Most SEF market models are either Limit Order Books (“LOB”)
and/or Request for Quote (“RFQ”)
• Traditional inter-dealer brokers also operate hybrid markets (voice
broker and electronic trading) with RFQ and LOB functions
• SEFs have announced interfaces with one or more Derivatives
Clearing Organizations (“DCOs”), such as CME, ICE or LCH
• A number of SEFs provide public links to their disclosed volume
data, but not al yet…
• Not all SEFs have disclosed which Swap Data Repositories
(“SDRs”) they intend to report to.
Dodd-Frank Act Title VII – OTC Derivatives
4
5. NOT ALL COUNTERPARTIES ARE
REQUIRED TO TRADE VIA SEFs
Eligible U.S. persons and non-U.S. persons can or must trade
via SEFs:
Requester
Provider
Must Trade
On SEF
Can Trade
Off SEF
U.S. Person
U.S. Person
Yes
No
U.S. Person
Non-U.S. Person
Yes
No
Non-U.S. Person
U.S. Person
Yes
No
Non-U.S. Person
Non-U.S. Person
Yes
Yes
Dodd-Frank Act Title VII – OTC Derivatives
5
6. KEY CRITERIA FOR SEF
SELECTION AND USE
•
•
•
•
•
•
•
Liquidity, liquidity, liquidity….
Depth of product offerings, asset classes
Linkages to clearing houses and data repositories
Pre-trade credit checking capabilities / links to credit hubs
Ease of workflow for limit order book and RFQ functions
Other value-added functionality and content
Cost
Dodd-Frank Act Title VII – OTC Derivatives
6
7. II.
ACTIVE SEF MARKETS
The following 20 markets have been granted temporary permission
from the Commodity Futures Trading Commission to commence
trading as of October 2, 2013.
Dodd-Frank Act Title VII – OTC Derivatives
7
8. BGC DERIVATIVES MARKETS, LP
• Parent Entity:
• Business Model:
• Market Model:
•
•
•
•
•
BGC Partners
Dealer-Dealer
Hybrid – Voice and Electronic Trading;
LOB and RFQ
Products:
Credit, Energy, Equities, FX, Metals, Rates
Differentiators:
Hybrid Market, Daily Auctions, FIX API, STP
DCO Interfaces:
CME, ICE LCH
SDR Interfaces:
DTCC
Link to Disclosed Volume Data: N/A
Dodd-Frank Act Title VII – OTC Derivatives
8
9. BLOOMBERG SEF, LLC
•
•
•
•
•
Parent Entity:
Business Model:
Market Model:
Products:
Differentiators:
Bloomberg, LP
Dealer-Customer
LOB and RFQ
Credit, FX, Rates, Commodities
Pre-Trade Credit Checking, Accessible via
Bloomberg Workstations
• DCO Interfaces:
CME, ICE, LCH
• SDR Interfaces:
N/A, T-B-D
• Link to Disclosed Volume Data: http://data.bloombergsef.com/
Dodd-Frank Act Title VII – OTC Derivatives
9
10. CME GROUP
•
•
•
•
Parent Entity:
Business Model:
Market Model:
Products:
CME Group, Inc.
DCM
LOB and RFQ
Credit, Energy, Metals, FX, Rates,
Commodities
• Differentiators:
Accessible via CME Direct, FIX API, STP to
CME Clearing, Portfolio Margining
• DCO Interfaces:
CME
• SDR Interfaces:
CME
• Link to Disclosed Volume Data:
http://www.cmegroup.com/market-data/repository/
ftp://ftp.cmegroup.com/pub/daily_volume/sef/sef_volume_price_extract.
csv
Dodd-Frank Act Title VII – OTC Derivatives
10
11. CREDITEX SEF
•
•
•
•
•
Parent Entity:
Business Model:
Market Model:
Products:
Differentiators:
IntercontinentalExchange Group
Dealer-Customer
LOB and RFQ
Credit
Delta Neutral Auctions, STP to ICE, Other
CCPs, Firm and Indicative Pricing Streams
• DCO Interfaces:
ICE
• SDR Interfaces:
N/A, T-B-D
• Link to Disclosed Volume Data:
N/A
Dodd-Frank Act Title VII – OTC Derivatives
11
13. ERIS EXCHANGE
•
•
•
•
•
Parent Entity:
Business Model:
Market Model:
Products:
Differentiators:
Eris Exchange, LLC
DCM
LOB
FX, Rates
Pre-Trade Credit Controls, Trade Compression
and Unwind Functions, Cash Settled Futures
Swap Products, Swap and Invoice Spreads
• DCO Interfaces:
CME
• SDR Interfaces:
N/A, T-B-D
• Link to Disclosed Volume Data:
T-B-D
Dodd-Frank Act Title VII – OTC Derivatives
13
14. GFI SWAPS EXCHANGE, LLC
•
•
•
•
•
•
•
•
Parent Entity:
GFI Group, Inc.
Business Model:
Dealer-Dealer
Market Model:
Hybrid Voice/ETS. LOB and RFQ
Products:
Credit, FX
Differentiators:
Workup, FIX, FIXML, Excel for STP
DCO Interfaces:
CME, ICE, LCH
SDR Interfaces:
CME, DTCC
Link to Disclosed Volume Data:
http://www.gfigroup.com/markets/swaps-exchange/trade-data.aspx
Dodd-Frank Act Title VII – OTC Derivatives
14
15. ICAP SEF (US), LLC
•
•
•
•
•
Parent Entity:
Business Model:
Market Model:
Products:
Differentiators:
ICAP Plc.
Dealer-Dealer
Hybrid Voice/ETS. LOB and RFQ
Credit, Equities, FX, Rates
Workup Trades, Combination Trades, Block
Trades, STP to Clearing
• DCO Interfaces:
CME, ICE, LCH
• SDR Interfaces:
N/A, T-B-D
• Link to Disclosed Volume Data:
http://www.icap.com/markets/swap-execution-facility/market-data.aspx
Dodd-Frank Act Title VII – OTC Derivatives
15
16. ICE SWAP TRADE LLC
•
•
•
•
•
Parent Entity:
Business Model:
Market Model:
Products:
Differentiators:
IntercontinentalExchange Group
DCM
Hybrid Voice/ETS. LOB and RFQ
Credit, Energy
Block Trades, STP via FIX API, Voice Trading
via Creditex
• DCO Interfaces:
ICE
• SDR Interfaces:
ICE
• Link to Disclosed Volume Data:
N/A
Dodd-Frank Act Title VII – OTC Derivatives
16
17. INFX, LLC
•
•
•
•
•
Parent Entity:
Business Model:
Market Model:
Products:
Differentiators:
Integral Development Corp.
Dealer-Customer
LOB and RFQ
FX NDFs and Options
Pre-Trade Credit Checking, Market Depth and
Aggregated Prices, STP to SDRs
• DCO Interfaces:
CME, LCH
• SDR Interfaces:
N/A, T-B-D
• Link to Disclosed Volume Data:
http://isef.integral.com/downloads.html
Dodd-Frank Act Title VII – OTC Derivatives
17
18. JAVELIN SEF, LLC
•
•
•
•
•
•
•
•
Parent Entity:
Javelin Capital Markets Inc.
Business Model:
Dealer-Customer
Market Model:
Hybrid Voice/ETS. LOB and RFQ
Products:
USD Based IRS, CDS
Differentiators:
Block Trades, CTT, STP
DCO Interfaces:
CME, LCH
SDR Interfaces:
N/A, T-B-D
Link to Disclosed Volume Data: http://www.thejavelin.com/marketdata
Dodd-Frank Act Title VII – OTC Derivatives
18
19. MARKET AXESS SEF CORP.
• Parent Entity:
MarketAxess Holdings
• Business Model:
Dealer-Customer
• Market Model:
LOB and RFQ
• Products:
Single Name and Index CDS
• Differentiators:
CTT, Triana Interface for STP
• DCO Interfaces:
CME, ICE
• SDR Interfaces:
DTCC
• Link to Disclosed Volume Data:
https://www.bondticker.com/bondticker/logon.ma
Dodd-Frank Act Title VII – OTC Derivatives
19
20. SWAPEX
•
•
•
•
•
Parent Entity:
State Street Global Markets
Business Model:
Dealer-Customer
Market Model:
LOB and RFQ
Products:
FX NDFs, IRS, Relative Value Spreads
Differentiators:
Pre-Trade Credit Checking, Basket
Unwinding,
IOIs, Mid-Point Matching, STP
• DCO Interfaces:
CME
• SDR Interfaces:
N/A, T-B-D
• Link to Disclosed Volume Data:
N/A
Dodd-Frank Act Title VII – OTC Derivatives
20
21. 360 TRADING NETWORKS, INC.
•
•
•
•
•
Parent Entity:
Business Model:
Market Model:
Products:
Differentiators:
360 Treasury Systems, AG
Dealer-Customer
N/A
FX NDFs, NDS, Rates
Counterparty Relationship Management Tool,
Block Trades, API for STP to Clearing
• DCO Interfaces:
CME
• SDR Interfaces:
DTCC
• Link to Disclosed Volume Data:
https://download.360t.com/sef_reporting/SEF_trade_data.pdf
Dodd-Frank Act Title VII – OTC Derivatives
21
22. TERA EXCHANGE, LLC
•
•
•
•
•
•
•
•
Parent Entity:
Business Model:
Market Model:
Products:
Tera Group
Dealer-Customer
Lob and RFQ
Credit, Energy, Equities, FX, Rates,
Commodities
Differentiators:
Real Time Pre-Trade Risk Engine, Integrated
EMS, Portfolio Allocation, Compaction and
Termination Functions, FIX API for STP, FIX
FAST, FPML
DCO Interfaces:
CME, LCH
SDR Interfaces:
CME, DTCC, ICE
Link to Disclosed Volume Data:
N/A
Dodd-Frank Act Title VII – OTC Derivatives
22
23. THOMSON REUTERS (SEF), LLC
• Parent Entity:
Thomson Reuters
• Business Model:
Dealer-Customer
• Market Model:
LOB
• Products:
FX NDFs and Options
• Differentiators:
STP, Multibank RFS
• DCO Interfaces:
N/A, T-B-D
• SDR Interfaces:
N/A, T-B-D
• Link to Disclosed Volume Data:
http://www.fxall.com/solutions--capabilities/regulatory-solutions
Dodd-Frank Act Title VII – OTC Derivatives
23
24. TP SEF, LLC
•
•
•
•
•
•
•
•
Parent Entity:
Tullett Prebon Group
Business Model:
Dealer-Customer
Market Model:
Hybrid Voice/ETS. LOB and RFQ
Products:
Credit, Energy, Equities, FX, Rates
Differentiators:
STP to Clearing
DCO Interfaces:
CME, ICE, LCH
SDR Interfaces:
N/A, T-B-D
Link to Disclosed Volume Data:
N/A
Dodd-Frank Act Title VII – OTC Derivatives
24
25. TRADITION SEF
•
•
•
•
•
•
•
•
Parent Entity:
Compagnie Financiere Tradition
Business Model:
Dealer-Dealer
Market Model:
Hybrid Voice/ETS. LOB and RFQ
Products:
Credit, FX, Rates
Differentiators:
STP to Clearing
DCO Interfaces:
CME, ICE, LCH
SDR Interfaces:
N/A, T-B-D
Link to Disclosed Volume Data: http://www.traditionsef.com/marketactivity/
Dodd-Frank Act Title VII – OTC Derivatives
25
26. TRUE EX, LLC
•
•
•
•
•
Parent Entity:
Business Model:
Market Model:
Products:
Differentiators:
True Exchange
DCM, Dealer-Customer
DCM with LOB; SEF with RFQ
Credit, Rates
Market Aged Coupons, Par Coupon Swaps,
OIS, FRAs, Complex Orders, Swaptions
• DCO Interfaces:
CME, LCH
• SDR Interfaces:
N/A, T-B-D
• Link to Disclosed Volume Data: http://www.trueex.com/settlementdata
Dodd-Frank Act Title VII – OTC Derivatives
26
27. TW SEF, LLC
•
•
•
•
•
Parent Entity:
Business Model:
Market Model:
Products:
Differentiators:
TradeWeb Markets, LLC
Dealer-Customer
LOB and RFQ
Cash Settled CDS, IRS
Pre-Trade Credit Checking, Compression for
up to 200 Swap Positions, STP
• DCO Interfaces:
CME, ICE, LCH
• SDR Interfaces:
N/A, T-B-D
• Link to Disclosed Volume Data:
(Via authorized login):
https://reports.tradeweb.com/account/login/?ReturnUrl=%2f
Dodd-Frank Act Title VII – OTC Derivatives
27
28. III. SEF MARKETS PENDING
REGISTRATION OR OPERATION
The following 6 markets have filed for SEF designation status with the
Commodity Futures Trading Commission.
Not all of them have commenced trading or have been approved to
commence trading.
The following profiles were compiled from the limited information
available to date.
Dodd-Frank Act Title VII – OTC Derivatives
28
29. GTX SEF, LLC
•
•
•
•
•
•
•
•
Parent Entity:
Gain Capital Holdings
Business Model:
Dealer-Customer
Market Model:
N/A
Products:
FX
Differentiators:
T-B-D
DCO Interfaces:
N/A, T-B-D
SDR Interfaces:
N/A, T-B-D
Link to Disclosed Volume Data:
N/A
Dodd-Frank Act Title VII – OTC Derivatives
29
30. LATAM SEF
•
•
•
•
•
•
•
•
Parent Entity:
N/A
Business Model:
N/A
Market Model:
N/A
Products:
Mexican Peso IRS
Differentiators:
N/A
DCO Interfaces:
N/A
SDR Interfaces:
N/A
Link to Disclosed Volume Data:
N/A
Dodd-Frank Act Title VII – OTC Derivatives
30
31. ODEX SEF
•
•
•
•
•
•
•
•
Parent Entity:
ODEX Group
Business Model:
Dealer-Customer
Market Model:
LOB and RFQ
Products:
Credit, FX, Rates
Differentiators:
RFIs, Spreads and Butterflies, STP to Clearing
DCO Interfaces:
N/A, T-B-D
SDR Interfaces:
N/A, T-B-D
Link to Disclosed Volume Data:
N/A
Dodd-Frank Act Title VII – OTC Derivatives
31
32. PHOENIX PARTNERS
•
•
•
•
•
•
•
•
Parent Entity:
Phoenix Partners Group
Business Model:
N/A
Market Model:
N/A
Products:
Credit, Equities
Differentiators:
N/A
DCO Interfaces:
N/A, T-B-D
SDR Interfaces:
N/A, T-B-D
Link to Disclosed Volume Data:
N/A
Dodd-Frank Act Title VII – OTC Derivatives
32
33. SURFACE EXCHANGE
•
•
•
•
•
•
•
•
Parent Entity:
Surface Exchange
Business Model:
Dealer-Customer
Market Model:
LOB and RFQ
Products:
FX NDFs and Options
Differentiators:
STP
DCO Interfaces:
N/A, T-B-D
SDR Interfaces:
N/A, T-B-D
Link to Disclosed Volume Data:
N/A
Dodd-Frank Act Title VII – OTC Derivatives
33
34. SDX TRADING, LLC
•
•
•
•
•
•
•
•
Parent Entity:
SuperDerivatives, Inc.
Business Model:
Dealer-Customer
Market Model:
LOB and RFQ
Products:
FX, Commodities
Differentiators:
STP
DCO Interfaces:
N/A, T-B-D
SDR Interfaces:
N/A, T-B-D
Link to Disclosed Volume Data:
N/A
Dodd-Frank Act Title VII – OTC Derivatives
34
35. IV.
THORNY ISSUES REMAIN …
• Compliance requirements are consuming perspective SEF
participants and are throttling the ramp up (e.g., the extent of the
documentation review and internal sign-off process)
• The process for give-ups and allocations has not been resolved
• There are indemnification and liability issues associated with direct
market access
• The resolution of rejected trades has numerous legal, financial and
compliance implications
• There are issues with pre and post-trade certainty of execution and
guaranty of clearing of swaps (e.g., compliance with CFTC Rules
1.73, 1.74).
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36. THORNY ISSUES REMAIN (Cont’d) …
• There are multiple approaches to pre-trade credit checking
(e.g., ping, push or via credit hubs), no one size fits all
• Clearing certainty is a challenging problem – need for credit checks
of all counterparties (2xcustomer side) and FCMs (2xstreet side )
versus the clearing house
• Cross-border regulation – the transaction level requirements for U.S.
persons versus non-U.S. persons – is there a potential for regulatory
arbitrage?
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37. V.
GOING FORWARD …
• We have just come off the starting blocks in this brave new world
• There are numerous problems still being discussed – the
unintended consequences of Dodd-Frank Title VII – we believe they
will be resolved in the short-medium term
• Trading volumes are slowly ramping up, due in part to operational
challenges, lingering open issues and the keyhole effect caused by
internal reviews/sign off on SEF documentation
• SEFs and DCMs have announced a limited number of products as
“made available to trade” (“MAT”), and it is too early to predict where
the critical mass will gravitate.
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38. GOING FORWARD (Cont’d) …
• The adage that “liquidity begets liquidity” and the depth of product or
asset class offerings will be two of the top criteria that will attract
firms to utilize SEF platforms versus swap futures
• The SEF landscape will change in the next 6 months, as new
cleared and non-cleared products are introduced and traded and
SEFs build market share
• There will be advantages to the first movers… and opportunities…
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