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Tag Archives: OTC

Glorious sunlight…

It’s so refreshing to see this lovely video of Senator Blanche Lincoln talk about her derivatives reform legislation… here is her draft… Somehow I sense the hand of CFTC Chairman Gensler in this process… and the spirit of House Agriculture Chairman Collin Peterson… yes… substantive forces to rein in Wall Street on derivatives are at […]

Treasury Secretary Geithner’s “Proposed OTC Act created new and significant loopholes”

From Michael Greenberger, former CFTC General Counsel, at the  Make Markets Be Markets conference. (HT Credit Risk Chronicles) Pending Derivatives Legislation and Legislative Proposals The Obama Administration White Paper In response to the catastrophic systemic failure caused by unregulated derivatives, the Obama Administration in its June 2009 White Paper proposed that all standardized OTC derivatives be subject to […]

Financial reform — sure — repudiate OTC derivatives

Repost from Chris Whalen’s Institutional Risk Analyst: ~~~ “…  Thus we extend and pretend, a policy choice that ensures years of economic stagnation and perhaps even a new financial crisis when non-bank financial institutions start to fail due to ZIRP and the related predations of OTC derivatives. The Fed argues that the large banks cannot be restructured […]

The more transparent a marketplace, the more liquid it is, the more competitive it is

Transparency creates stability in financial markets… this is a foundational precept of our system but is rarely argued… the following is from a speech by CFTC Chairman Gensler to the “Energy Bar Association” on February 24th… ~~~ Transparent Trading Requirement “… It is not enough, though, simply to promote transparency to the regulators. Financial reform […]

Drive the algos overseas…

The Chicago Fed has published a short paper on high frequency trading… makes you wonder how much economic activity this trading represents for the Chicago area… The fundamental issues around high frequency trading are systemic risk and investor fairness. Unfortunately this paper doesn’t address either one of those issues… From the conclusion of the paper “Controlling risk […]

This is what reform sounds like… part II

Visit msnbc.com for Breaking News, World News, and News about the Economy Thank you  Chairman Gensler for your heavy lifting on derivatives reform. More on derivatives reform at Riski…

The silent CDS wreckage

The aftermath of the Credit Panic of 2007-2009 includes the destruction of large swaths of the global financial system. Good riddance to excessive leverage, the structured finance market and the shadow banking system… you brought us nothing and left us with an expensive pile of too-big-too-fail wreckage… A war to establish the contours of the […]

FIX Protocol announces the release of FIX 5.0 Service Pack 2

April 21st, 2009 – FIX Protocol Ltd (FPL) is proud to announce that the Financial Information eXchange (FIX) Protocol Version 5.0 Service Pack 2 is now publicly available for download from the FPL website at www.fixprotocol.org/specifications/fix5.0sp2spec.     The FIX Protocol was originally developed to facilitate improved communications between buy-side and sell-side market participants, however over recent years significant […]

Trading platform transparency

There are many alternative trading systems (ATS) in the fixed income markets… they have slightly different price discovery, quotation and trade reporting structures… think of them as “liquidity pools”… I’ve always thought the important thing for market transparency and fairness is that all investors have access to all bids and offers on an ATS (think of […]

Derivative trade reporting

 Here is a simple way to create public price reporting of OTC CDS… it would be very simple to turn the DTCC Warehouse into a public trade reporting system like TRACE is for corporate bonds… the winds seem to be blowing towards keeping this a dark market though… too bad… from Wall Street and Tech … ~~~~ […]