Trading platforms
CME confronts swap future tax fears
Some users of the CME contract have avoided taking delivery of an OTC swap over fears it would be taxed as a loan
Banks try to standardise Sef sign-up for clients
Permission accomplished?
Brokers lose index CDS volumes to new Tradeweb platform
Over $600 billion in index CDS volume switches to new venue where dealers guarantee liquidity to each other
Futures will not beat swaps on margin alone, say buy-side firms
Swap futures have a number of advantages, but OTC instruments will continue to be popular, leading buy-side firms say
Buy side struggling to pick forex platforms
Consolidation will shrink the number of competing platforms, but it is too early to pick winners, say panellists at FX Invest North America
Sefs find liquidity comes at a cost
Banks have been reluctant to pick winners and losers from the array of new derivatives trading platforms being set up, but with Citi and Morgan Stanley taking equity stakes in two venues at the end of last year, it looks like some dealers are finally…
CFTC: O'Malia on a mission to fix Dodd-Frank flaws
With the end of the agency's marathon Dodd-Frank Act rulemaking in sight, CFTC commissioner Scott O'Malia wants to go back and fix what he sees as mistakes. By Peter Madigan
Sefs: Dead on arrival?
Bloomberg is threatening to sue the US Commodity Futures Trading Commission over uneven margin rules that it fears will drive the market away from swaps and into new futures contracts. Peter Madigan reports
Futurisation debate shifts to block trading rules
Different block trading thresholds for economically equivalent swaps and futures could hand exchanges a decisive advantage in the ongoing futurisation fight. But some market participants argue the disparity is fair, as do some regulators. Joe Rennison…
Swap regulations hold key to future of OTC algorithmic trading
The arrival of central limit order books in the interest rate swap market has opened the door to algorithmic trading – but only a little. Its future depends on how the over-the-counter market evolves. By Peter Madigan
White paper: How the right trade modelling platform can enhance performance and reduce risk
The success of a trading company's value chain relies heavily on modelling platforms that can perform an array of tasks such as developing forward curves and calculating risk sensitivities effectively. As a result, these models need to provide a set of…
NDF traders face up to Sef reality
Non-deliverable forwards are likely to be mandated to be traded on swap execution facilities before any other foreign exchange products, but are traders ready?
Knight Capital losses spur focus on algo risk management
A dark Knight for algos
Need for speed: banks explore FPGAs for portfolio modelling
The gate array way
Indian securities watchdog to consider imposing speed limit on high-frequency trading
The head of the Securities and Exchange Board of India calls for a speed limit for high-frequency trading to protect retail investor interests
Special report: High-frequency trading
Special report: High-frequency trading
Profile: Credit Suisse's algo team on automating OTC markets
Automating OTC
HFT is changing the ecology of the FX market, says BIS committee
Bank for International Settlements report on high-frequency trading in the FX market is lukewarm about recent initiatives to monitor HFT and recommends further analysis by regulators and participants
OTC derivatives reform will lead to algo boom, banks predict
Dodd-Frank and Sefs set to encourage growth in algorithmic execution of OTC derivatives, say dealers
RBS launching gamma hedging algo for forex clients
New algorithm is designed to automatically hedge gamma sensitivity of foreign exchange options
Further liquidity fragmentation in foreign exchange predicted
Market-damaging behaviour should be controlled, but separation or elimination of high-frequency trading would be damaging to the market’s equilibrium, ClientKnowledge argues in research published today