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John Kiff

John Kiff's Public Library

about 3 hours ago


What can we conclude from all this? In particular that it is probably false and certainly a huge oversimplification to say Sarao caused the flash crash. And in general, if the point of securities markets is to allocate capital to the uses which have the highest social return - and isn't it? - we only need to protect fundamental investors, not high-frequency and algorithmic ones. And that means learning to live with (if not love) Saraos, spoofers, and short-term market swings they may or may not cause.

about 5 hours ago

"Last week I took 1033 words to explain what proportion of the market we see in the US SDRs. Because this is such a key concept, this is a great blog to repeat. So let’s see what this would look like in my new Edward Tufte world."

about 9 hours ago

Overlapping rules are making it difficult for banks to work out what businesses they want to be in, and how to price their products and services, dealers complained at last week's annual meeting of the International Swaps and Derivatives Association. The new rules often interact, which can magnify or mitigate the impact of any action, they said.

about 15 hours ago

The European Commission is set to decline a suggestion by the European Central Bank and the Bank of England to let issuers self-attest their deals without resorting to any external supervisor or certifier.

about 15 hours ago

A draft deal could be in place by May 7, coinciding with talks in Brussels between Jonathan Hill, the European financial services commissioner, and Timothy Massad, who heads the Commodity Futures Trading Commission, the main regulator of US derivatives, say four people familiar with the matter.

about 22 hours ago

ICAP plc (IAP.L), a leading markets operator and provider of post trade risk mitigation and information services, announces today that ICAP Information Services (IIS), the market data business of ICAP, has partnered with i-Swap, its electronic trading platform for over-the-counter (OTC) interest rate swaps (IRS) to launch ‘i-Swap History’, a full historical Euro swap tick data product.

about 22 hours ago

US banks and asset managers are pushing for a delay in reporting big corporate bond trades as a way of avoiding a possible liquidity crisis, potentially setting up a battle with regulators keen to preserve transparency in the traditionally murky market.

Apr 25, 15

Fears over poor liquidity in the bond market are leading asset managers to hoard more cash than they need, according to the head of one of the largest US custodian banks.

Apr 25, 15

Fifty-five per cent of respondents to an International Swaps and Derivatives Association survey believe the market is fragmenting along geographic lines, a result of staggered regulatory timelines in the US and the rest of the world.

Apr 25, 15

The bank may shutter its OTC clearing offering in the US and Europe following an internal review that is expected to be completed within weeks

Apr 24, 15

Deutsche Bank said on Friday it would cut back its investment bank and split off its Postbank retail business, as it revealed the outlines of a strategy overhaul.

Apr 24, 15

The two main regions for derivatives trading aim to harmonise industry rules in the coming weeks, settling a long-running spat between US and European regulators.

Apr 24, 15

Isda AGM: CFTC chair is "very concerned" by claims that firms are being shut out of Sefs

Apr 24, 15

(Reuters) - Banks' exodus from commodities and tighter capital requirements for financial institutions are squeezing liquidity from some markets, leaving them vulnerable to big price moves, major trading houses say.

Apr 24, 15

The CFTC is considering changes to the way swap instruments are deemed suitable for mandatory trading on swap execution platforms.

Apr 24, 15

Dealers are increasingly worried about an ambitious overhaul of capital requirements for bank trading books, scheduled for release by the end of this year. Although the Basel Committee on Banking Supervision has carried out three impact studies on its Fundamental Review of the Trading Book (FRTB), banks say only the third has furnished useful data, and that many details remain untested.

Apr 23, 15

DE Shaw will share its swaps business around a larger number of banks in an attempt to limit costs relating to incoming margin rules, a lawyer at the hedge fund has said.

Apr 23, 15


European and US regulators are in the final stages of a risk assessment to determine the relative cost to market participants of clearing futures under the EU's two-day net margin requirement and the one-day gross margin approach in place in the US. That difference has been the sticking point in a drawn-out fight between the jurisdictions, which has prevented CME Group being authorised by European regulators.

Apr 23, 15

Isda AGM: CFTC chair is "very concerned" by claims that firms are being shut out of Sefs

A seemingly trivial stand-off over the disclosure of counterparty names may threaten one of the pillars of US swap trading rules - the provision of impartial access - the head of the US Commodity Futures Trading Commission (CFTC) has said.

Apr 23, 15

"The U.S. Treasury Internal Revenue Service has now published a draft rule (link to the draft at the bottom) on the perceived tax issue associated with hedge fund reinsurance strategies, but is asking for comments and feedback to help it ensure it accurately identifies those taking advantage of any loophole."

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