The Collateral Initiatives Coordination Forum releases a paper “Collateral...
The other day on our sister site, Asset Ops & Strategy, we wrote about the Collateral Initiatives Coordination Forum, an organization under the auspices of ICMA. That group has just released a...
View ArticleNews roundup: orderly liquidations, the future of financial regulation,...
A lot has been happening in the securities finance and collateral worlds over the last week, including new reports on orderly liquidations and an interesting speech from the head of IOSCO. Here’s a...
View ArticleAnother swing at Euribor: ESMA and EBA issue strong recommendations for change
ESMA and the EBA have issued a consultation paper on the future of Euribor. It’s not so much a consultation paper as a harsh criticism coupled with a strong demand for change. Now. While most of the...
View ArticleLCH.RepoClear adds an extra layer to the repo risk waterfall. Is it gilding...
LCH.RepoClear has added a extra layer to their risk waterfall. We wonder if allocating losses among the clearing members, should all other resources be exhausted, isn’t a bit of gilding the lily. From...
View ArticleIs it possible to avoid the FTT by using a different CSD?
A question came up at the Clearstream GSF conference last week: can the Financial Transactions Tax be avoided by using a Central Securities Depository that isn’t responsible for paying the tax to...
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Fitch reports on MMFs holdings; we look behind the data
Fitch released a report on January 28, 2013 entitled “U.S. Money Fund Exposure and European Banks: Eurozone Declines, France Increases”. We dig behind the headlines and noticed some interesting trends....
View ArticleIMF’s Singh publishes “The Changing Collateral Space”— we look at what he has...
Manmohan Singh, the IMF economist, has just published a great paper on collateral, “The Changing Collateral Space”. We take a look at what he has to say. We have always liked Singh’s point of view. His...
View ArticleA new paper on the EC proposed Financial Transaction Tax: the news is all bad
A just published report “The impact of a Financial transaction tax on corporate and Sovereign Debt”, written by London Economics on behalf of the Regulatory Strategy Group (IRSG) and sponsored by the...
View ArticleICMA European Repo Council calls for exemption of repo transactions from FTT
The ICMA today issued a call to exempt repo from the European Financial Transactions Tax, citing near-disasterous consequences for Europe as a result. The press release follows. The proposed EU...
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LTRO borrowings shrinking fast as negative carry catches up
An article picked up by the blog soberlook “Trends behind declining LTRO balances; Italy overtakes Spain as the largest LTRO borrower” was interesting. It gives a good description of the shrinking LTRO...
View ArticleISLA chimes in on the FTT: Lots More Doom and Gloom for Sec Lending and Repo
Everyone and their dog are getting in their say on the Financial Transactions Tax (FTT). ISLA, the International Securities Lending Association, just released their analysis of the FTT and it is not...
View ArticleBenoît Cœuré on why low interest rates set the markets up for systemic fragility
Benoît Cœuré, Member of the Executive Board of the ECB, gave an interesting speech late last month at a Euromoney “The Global Borrowers & Investors Forum 2013“ Conference. Much of the speech was an...
View ArticleBloomberg article on the impact of regulatory reform for the repo market: is...
An article in Bloomberg “Repo Market Decline Raises Alarm as Regulation Strains Debt” by Liz Capo McCormick & Anchalee Worrachate featured some interesting observations about how the regulatory...
View ArticleRegister now: Finadium’s London repo event Sept 26
Finadium’s London repo panel and networking reception is fast approaching. Please join us for debate, discussion and ideas on the future of the repo markets. This event is FREE for Finadium research...
View ArticleICMA’s 25th Repo Survey is released, showing market growth. But the really...
ICMA has released their 25th European Repo Survey, reflecting the market as of June 2013. It shows a larger market, driven by LTRO repayments and greater confidence. But it foreshadows some very...
View ArticleEquity Repo in Europe suffering from familiar FI problems
There was an interesting article in September 28th IFR on equity repo: “Repo dislocation hits delta one desks” by Helen Bartholomew. We think it is worth a read. Equity Repo and Delta one trades are...
View ArticleThe Bank of England may have gotten into the collateral transformation...
Several news sources reported on last week’s speech by Mark Carney, the former Canadian central banker, now head of the Bank of England. Governor Carney spoke at a function celebrating the 125th...
View ArticleICMA: sharp decline in the European repo market
(London, UK) The European Repo Council of the International Capital Market Association (ICMA) today released the results of its 26th semi-annual survey of the European repo market. The survey, which...
View ArticleDTCC throws hat more fully into the collateral management ring. What happens...
DTCC has made clear its intention to participate in the collateral management business, first with the announcement of the Margin Transit Utility and a partnership with Euroclear, then the 100%...
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