Waiting for EMIR Safe to say the general gestalt of the industry is DOUBT. Officially, companies are supposed to be sending trades over to a “Trade Repository” or TR by January 2014. We are considering taking spread bets. Here’s what we learned from Dodd Frank in the US: TR submission is inextricably linked to the […]
End-User Dodd-Frank Updates and Checklist In Texas it’s illegal to graffiti someone’s cow. Seriously, you can’t make this stuff up. So at some point someone in Texas took branding a bit too far. And a legislature got into a knot and viola we have a law. Speaking of fun laws, Dodd-Frank is upon us. Here
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“A Platform Does Not Make A Solution…” This post is actually a response to a very thoughtful article by Merv Adiran and Ted Friedman over at Gartner. Their point, which is a very important one, is that a platform does not make a solution. For example, some keen developers are using Hadoop as an integration
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The Year of the Snake…and Trade Break I’m not big on New Year resolutions or on predictions. But in the case of Dodd-Frank and EMIR in Europe it’s hard to resist. The die has been cast and SDRs are a real thing now. Setting aside for the moment the master strokes about what DF and
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Interesting action as of late. While the January deadline looms for Swaps Dealers, the landscape for SDRs keeps changing. Biggest news is that CME got their SDR approved. This was a bit of a surprise to us as we thought that the CME lawsuit was a “tell” that they were just not ready to go.
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The 2013 Trading Landscape Remember the 2007 price manipulation case? There was an interesting clash between price publishers, alleged manipulative traders, and the CFTC. It kind of turned into a debacle where rogue traders were allegedly submitting false prices to the price publishers. The CFTC in trying to police the manipulation dropped a subpoena on
Trading 2013 | The Price is Right! Read More »
The CFTC issued some breaks by laying out a series of Dodd Frank “No-Action” letters. The biggies: CFTC issued a No-Action letter to prevent firms from crossing into Swaps Dealer status. The rule states that any firm doing more than $25 Million in business with “Special Entities” such as a Federal, State or Local utility
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Dodd-Frank Position Limits CFTC sent back home to do its homework. The District Court tossed the position limits ruling. Don’t get me wrong. I really feel for the gauntlet that the CFTC has been put through in terms of getting out new rules. But the District Court found that the organic legislation did not give
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DTCC got some good news this week with the preliminary approval of the for interest rate, credit, foreign exchange and equity asset classes. Suspiciously missing from this is DTCC’s GTR (Global Trade Repository). GTR is where the “other commodities classes” are supposed to go. This means that, as of this writing, there is only one approved
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Disaster at Knight: Only One Thing Could Have Gone Wrong They botched the Software Quality Assurance (QA)…stating the obvious…Res Ipsa Loquitur…(It speaks for itself). But the $400 million dollar question is HOW they botched the application QA. This is not the first time in my career I have seen this. It is the third. The
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Last week ICE announced that it is registering its products as Futures. ICE has always traded “look alike” swaps that acted and behaved just like futures. As look-alike contracts, ICE was able to stay out of the Commodity Exchange Act and the CFTC. Dodd Frank changed all of that. So ICE seems to have adopted
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Dodd Frank | Trade Vault and DTCC “Gotchas” The compliance deadlines are looming. Some of the bigger Gotchas that keep coming up: Data Is Not In Our Trading System. The CFTC wants (XYZ Data Point). We don’t have that in our trading system! Case in Point: Option Expiration Time Zone. Obscure, yes. So much so
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It’s been a while since we’ve posted. And there is a reason for that. Dodd-Frank is finally coming to town. With the final rule for Market Classification hitting the Fed Reg on May 23d, and the final Swaps Definition hitting the deck today…. the clock has started ticking. In the commodities business it is shaping
Dodd Frank | GO! Get Set, On Your Marks Read More »
Ponder this: “Chevron Has More Data Than Google.” I know …I know…..That was a rumor I heard that the CEO of Chevron said at CERA Week. It’s really one of those comments that made me scratch my head. I don’t know if Watson actually said this. And after my knee jerk “no way” reaction, I
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Opinion | Greasing ‘it’ – Divide between Business and IT I was having coffee with a friend of mine who is a commercial pilot. With as much flying as I do it’s hard not to ask him a ton of stupid flying questions. We got onto the subject of landing. His point was, “Too many
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Opinion | Enterprise Guys in a Social World So we are at TechCrunch Disrupt in NYC this week. K3 demo’d as a finalist in the Disrupt Battlefield Competition yesterday to an ocean of MacBooks. As far as we can tell we are only one of two enterprise applications here. Everything else? SOCIAL. Social Consumer, Social
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Opinion | Stop the Insanity!!! In the ’90s there was this crazy person on the TV. No Really. Some buzz cut, buff woman named Susan Powter (if that’s her real name). And she had these totally insane infomercials that forever changed the phrase “Stop the Insanity!!” Far be it for me to comment on stopping
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Architecture | What is the Cloud Anyway? I was at my doctor and even he was talking about “The Cloud.” And of course I am thinking to myself (accent and all) the famous words of Inigo Montoya, “You keep using that word, but I do not think it means what you think it means.” So
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Architecture | Crouching Tiger, Hidden Trading System I am not sure if this is a trend yet. But it’s worth noting. Over the past couple months I have talked with a total of three major energy trading entities that all have one thing in common: Projects to “hide” the ETRM system entirely from their traders.
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Regulatory | Trick Bites Back! One of our gripes with trading systems is that sometimes they just can’t properly book certain trade types. Yes, there really are trading systems out there that can’t book Futures. Yes, there really are systems out there that can’t book spread trades, options and an assortment of exchange products upon
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