Earlier in November there was an interesting article in IFR by Christopher Whittall, “Fixed income trading enters new era”. It was focused on the principal versus agency models in fixed income. It is an understatement to say the fixed income trading and distribution business has undergone dramatic change, driven by cost and regulatory considerations. But not everyone has reacted the same way.
Manmohan Singh, the IMF economist, has published a new paper “Limiting Taxpayer “Puts”—An Example from Central Counterparties” (IMF Working Paper WP/14/203), November 2014. We have long admired his work on collateral velocity and were interested to see what he had to say about central counterparties.
The Federal Reserve hosted a meeting yesterday of market participants and regulators on reforming the US risk-free reference rate for USD derivatives. We strongly think that this rate should be the single best reference rate for overnight transactions: US Treasury repo. LIBOR, a triangulated best guess by multiple trading desks, has been good but its time is done. Fed Funds and OIS don’t work either.
The FSB on securities finance data collection and aggregation: a good start but there are some tough points to resolveRead More
Clearstream Global Securities Finance Summit 2015
Luxembourg January 28-29, 2015
IMN 21st Annual Beneficlal Owners Securities Lending and Collateral Management Conference
San Francisco January 26-28, 2015
American Leaders 4th Annual Collateral Management Forum
New York February 19-20, 2015