In the face of increased bank turmoil, questions are being asked about the role of credit default swaps (CDS), levels of transparency in this market and whether these products should be cleared. It all feels a bit like 2008, but there are important differences. Following the 2008 crisis, reforms were put in place to ensure that all over-the-counter (OTC) derivatives – including single-name CDS – are reported to regulators via trade repositories, alongside increased clearing of standardized derivatives. These rules mean single-name CDS, which play an important role in managing risk, are much more transparent.
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Federal Reserve: Senior Credit Officer Opinion Survey On Dealer Financing Terms
Date 30/03/2023
Release Dates RSS DDP
The Senior Credit Officer Opinion Survey on Dealer Financing Terms (SCOOS) is a quarterly survey providing information about the availability and terms of credit in securities financing and over-the counter (OTC) derivatives markets. The SCOOS is modeled after the long-established Senior Loan Officer Opinion Survey on Bank Lending Practices, which provides qualitative information about changes in supply and demand for loans to households and businesses at commercial banks. The SCOOS collects qualitative information on credit terms and conditions in securities financing and OTC derivatives markets, which are important conduits for leverage in the financial system. The survey panel for the SCOOS began by including 20 dealers and over time has been expanded. These firms account for almost all of the dealer activity in dollar-denominated securities financing and OTC derivatives markets. The survey is directed to senior credit officers responsible for maintaining a consolidated perspective on the management of credit risks. The HTML links below include the full report; the PDF links include the summary only.
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ISDA derivatiViews: Transparency In CDS
Date 30/03/2023
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US Acting Comptroller Of The Currency Emphasizes Focus On Safe And Sound Banking System, Discusses Elevating Fairness In Banking
Date 30/03/2023
Acting Comptroller of the Currency Michael J. Hsu today emphasized the Office of the Comptroller of the Currency’s (OCC) continued focus on the safety, soundness and fairness of the federal banking system and its work to elevate fairness in banking in remarks at the National Community Reinvestment Coalition’s Just Economy Conference.
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FSB Work Programme For 2023
Date 30/03/2023
The Financial Stability Board’s work programme for 2023 reflects its global and cross-sectoral approach to financial stability policy.
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Archax Announces Launch Of Real-World Asset Tokenisation Engine - Spearheads Its Roll-Out Of Tokenised Traditional Equities And Funds
Date 30/03/2023
Archax, the FCA regulated digital asset exchange, broker and custodian, today announced the launch of its tokenisation engine – enabling the creation of tokens backed by any regulated or unregulated real-world or traditional asset. Leveraging the benefits of Web 3.0 and blockchain technology, this new service will allow Archax to roll out token representations of existing assets, starting with blue-chip UK traditional equities and funds to trade alongside new cryptoassets.
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CME Group Appoints Tim McCourt As Global Head Of Financial & OTC Products - Sean Tully To Retire In June
Date 30/03/2023
CME Group, the world's leading derivatives marketplace, today announced that it has appointed
Tim McCourt to serve in an expanded role as Senior Managing Director, Global Head of Financial & OTC Products, following the retirement ofSean Tully , Senior Managing Director, Interest Rates and OTC Products, onJune 2, 2023 . -
IOSCO Publishes Final Measures For Regulators To Consider In Addressing Emerging Retail Market Conduct Issues
Date 30/03/2023
The Board of the International Organization of Securities Commissions (IOSCO) today published its Report on Retail Market Conduct, in response to the evolving retail trading landscape, influenced by changing macro conditions, demographic trends, and technological developments.
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CFTC Staff Issues No-Action Letter Regarding The Migration Of Credit Default Swaps From ICE Clear Europe Ltd.
Date 30/03/2023
The Commodity Futures Trading Commission’s Division of Market Oversight (DMO) today published a no-action letter regarding the requirements in section 2(h)(8) of the Commodity Exchange Act (CEA) and CFTC regulation 37.9, for credit default swaps (CDS) that are executed for the sole purpose of migrating open CDS positions from ICE Clear Europe Ltd. (ICEU) to a new central clearing counterparty (CCP) ahead of ICEU’s planned discontinuation of CDS clearing services in October 2023.
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CFTC v. Binance: The Data Behind The Suit - Kaiko Research: Deep Dive
Date 30/03/2023
Welcome to Deep Dive! The centralized exchange space has experienced two major shocks in the past two weeks, first with Binance ending zero-fee trading for most BTC pairs, then with the CFTC alleging Binance has violated U.S. federal laws. This week, we'll see what the data can reveal about Binance's user base and why U.S. institutions may have wanted to use the exchange.
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IPC Systems Partners With Dream Exchange To Provide Extended Access To Public Capital Markets With Their Connexus® Market Data Solution
Date 30/03/2023
IPC Systems, a leading provider of secure, compliant communications and multi-cloud connectivity solutions for the global financial markets, has partnered with Dream Exchange, the first majority black-owned stock exchange, in formation. Dream Exchange is in the process of obtaining approval to open a National Market System stock exchange and will also open a new type of stock exchange called a Venture exchange which will list and trade early-stage small and medium-sized company stock.
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