News

Current Articles | RSS Feed RSS Feed

Russian Sanctions to Test Derivatives Market

By Christopher Whittall
Published May 24, 2014 IFR

Finance lawyers are scrambling to establish the potential impact of further US and EU sanctions in response to the Ukraine crisis, as concern mounts that derivatives trades involving Russian firms would be thrown into disarray.

It would be the first time that the derivatives market has had to deal with the implications of major financial sanctions on a G-20 country with significant exposure in financial markets.

full article describe the image (free)

SocialTwist Tell-a-Friend Related Posts with Thumbnails

Model Agreement for Cleared Derivatives Trades Published

By John Bakie
Published May 15, 2014 The Trade

A template for agreeing principal-to-principal client clearing for European derivatives trades has been published by the International Swaps and Derivatives Association (ISDA) and the Futures Industry Association (FIA) Europe.

The ISDA/FIA Europe Cleared Derivatives Execution Agreement is a template document designed to assist market participants when negotiating execution agreements under English law for swaps intended to be cleared by central counterparties outside the US.

full article describe the image (free)

SocialTwist Tell-a-Friend Related Posts with Thumbnails

ISDA Launches Collateral Agreement Protocol

By Beth Shah
Published May 13, 2014 Derivatives Week

The International Swaps and Derivatives Association has launched the ISDA 2014 Collateral Agreement Negative Interest Protocol, designed to provide certainty about how the payment of interest on posted collateral is calculated in a negative interest rate environment under ISDA collateral documentation.

According to ISDA, the protocol enables parties to amend the terms of certain ISDA-published collateral agreements to account for negative interest amounts on cash collateral.

full article describe the image (subscription)

SocialTwist Tell-a-Friend Related Posts with Thumbnails

Treasury Bail-In Law Could Create Unlevel Playing Field, ISDA Says

By Hazel Sheffield
Published May 12, 2014 Derivatives Week

In a letter to the Treasury, Edward Murray, partner at Allen and Overy in London and chairman of the ISDA financial reform committee, said that an uneven playing field could result from member states who do not implement the equivalent European BRRD until the January 2015 deadline.

full article describe the image (subscription)

SocialTwist Tell-a-Friend Related Posts with Thumbnails

ISDA's Robert Pickel Talks Systemic Risk

By Dawn Kissi
Published April 30, 2014 Open Markets

Later this year, Robert Pickel, CEO of the International Swaps and Derivatives Association (ISDA), will step down after 17 years with the organization. During his tenure, the industry has seen some tectonic shifts in the way swaps and derivatives markets trade – none bigger than the global effort to mandate clearing for swaps trades that began in 2009. 

full article describe the image (free)

SocialTwist Tell-a-Friend Related Posts with Thumbnails

ISDA Swaps Body Appoints ICE to Run ISDAFIX Benchmark

By Huw Jones
Published April 30, 2014 Reuters

The International Swaps and Derivatives Association said on Wednesday it has selected ICE Benchmark Administration (IBA) to run its ISDAFIX benchmark, which is being investigated over alleged rigging.

IBA is part of the ICE exchanges group that owns NYSE Euronext. It is already the new administrator for the London Interbank Offered Rate (Libor), after banks were fined for manipulating that benchmark.

full article describe the image (free)

SocialTwist Tell-a-Friend Related Posts with Thumbnails

Swaps and Derivatives: Tougher Capital Rules Boost Traders’ Feelings of Security

By Philip Stafford
Published April 27, 2014 Financial Times

Last month the International Swaps and Derivatives Association (Isda), a trade body, asked members and swaps users if markets were safer now than before the financial crisis.

It was a good time to ask. Higher standards, brought in under Basel III banking capital requirements and legislation such as the US Dodd-Frank act and the European Market Infrastructure Regulation, have been debated in the past five years to the point where they are beyond the comprehension of many.

full article describe the image (subscription)

SocialTwist Tell-a-Friend Related Posts with Thumbnails

ISDA AGM: What Does the Future Hold for the OTC Markets?

By Jim Bennett
Published April 23, 2014 FOW Intelligence

Regulation and how the derivatives industry is coming to terms with this new market order was the central theme of the recent ISDA AGM in Munich, says Jim Bennett, Sapient Global Markets.

This was reflected in the various panel discussions and the chatter on the conference floor and through the exhibition hall.

From the opening address and throughout the following two days, the event focused on the benefits derivatives can bring to end-users and the regulatory barriers that might prevent their continued use. This included the requirement to execute some trades on swap execution facilities (SEFs), as well as clearing and reporting requirements.

full article describe the image (free)

SocialTwist Tell-a-Friend Related Posts with Thumbnails

Pickel Plans to Stay with Swaps Industry After Leaving Isda

By Joe Rennison
Published April 19, 2014 Risk

Robert Pickel plans to stay within the industry after stepping down as chief executive of the International Swaps and Derivatives Association (Isda), and says there may be an opportunity for him at one of the firms that has sprung up as a result of market structure reforms - trading platforms, clearing houses, and repositories. He will continue as Isda's chief executive in a full-time capacity until July.

Pickel first became chief executive in 2001, stepping down in 2009 to become executive vice chairman. He returned to the role at the beginning of 2012, replacing industry veteran Conrad Voldstad.

full article describe the image (subscription)

SocialTwist Tell-a-Friend Related Posts with Thumbnails

Collateralisation Jumps by a Fifth, Says Isda Margin Survey

By Tom Osborn
Published April 11, 2014 Risk

The proportion of uncleared swaps backed by bilateral margin payments jumped by a fifth last year, with 90% of all these trades now subject to a collateral agreement, according to the International Swaps and Derivatives Association's annual margin survey, which was published yesterday.

This year's 61 respondents – the vast majority of them banks or broker-dealers – said that, as of the end of 2013, 87% of their uncleared over-the-counter derivatives trades were backed by a version of Isda's credit support annex (CSA), the industry standard collateral agreement. The majority of those trades not backed by Isda agreements were typically subject to country-specific laws, or non-standard CSAs, the survey finds.

full article describe the image (subscription)

SocialTwist Tell-a-Friend Related Posts with Thumbnails
All Posts