北京快乐8开奖结果和值:Focus - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en DerivSource: "Clearing in 2019" - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/about-us/news/DerivSource-Clearing-in-2019--1574750 The derivatives market has evolved significantly since the first European Market Infrastructure Regulation (EMIR) swap central counterparty (CCP) clearing obligation took effect in 2016, however; change continues as market participants must contend with geopolitical uncertainty and upcoming regulatory deadlines that impact both cleared and uncleared derivatives. Not long after category 1 and 2 firms started clearing via CCPs, the first phases of the Uncleared Margin Rules (UMR) came into force, which drove greater volumes of derivatives trades to be centrally cleared, as firms looked to aggregate portfolios to a cleared environment to get a single margin number. This year, EMIR continues as category 3 firms must meet their swaps clearing obligations by 17 October (as per EMIR Refit). In addition, financial organisations in the final two phases of UMR (Phase 4 and 5) must be ready to meet these margin requirements by 1 September 2019 and 2020 respectively. BoxFirms must consider both the geopolitical risks and their best execution obligations when working out the best way to comply with the June deadline. They have considerable work to do in implementing a solution and must select and sign up to execution platforms, arrange connectivity agreements, appoint clearing brokers with supporting legal documentation and choose which CCP to clear at. Firms impacted by the upcoming UMR deadlines have even more preparatory work to do and may find that voluntary clearing offers an optimal derivatives execution and post-trade management strategy whilst better satisfying best execution obligations. The main challenges that firms choosing to retain bilateral swap portfolios with multiple counterparties will need to solve is how to handle multiple margin calculations and collateral pools whilst managing the costs, risks and the operational burden such a strategy entails. Geopolitics and accessing liquidity Category 3 firms that fall under the clearing mandate will have to choose whether to use a UK-based CCP or an EU27 CCP – as well as whether to access those CCPs via an EU27 or UK clearing broker. Despite the ongoing uncertainty around Brexit, it is highly likely that the UK will become a “third country”. Regardless of the hard or soft nature of any deal, there will be a loss of passporting rights for UK firms looking to offer services to EU27-based clients.? The implications on Euro clearing location have been well documented and while everyone obviously hopes for the best, long-term financial planning requires prudence. Getting access to euros via an EU clearing broker at an EU27 CCP is therefore the safest route to go and covers all eventualities.? We are already witnessing a significant shift in OTC Interest Rate Derivatives (IRD) euro liquidity to the continent. Eurex’s market share in IRS has grown from 3.7% to 7.4%, with Forward Rate Agreement (FRA)market share growing from 3.2% to 41.3% in the last year. LCH itself has moved almost all euro denominated repo and government bond trades to Paris from London. With these moves, market participants can protect themselves from the geopolitical uncertainty surrounding Brexit and the potential regulatory implications on the euro clearing location, by ensuring they have access to Euro liquidity within Europe as well as the UK. We have seen bid-offer spreads converge to those offered at LCH in Euro swaps since the start of Eurex’s successful partnership programme, and we have seen a stable and range-bound CCP basis develop, both of which are healthy signs of deep liquidity. The end goal for clients is to ensure an efficient derivatives portfolio management strategy, not only taking into account the operational workflows, but also to ensure an optimal margin requirement with the best possible financing rate being achieved to fund those margins, reducing funding drag. A major challenge for funds in the new world where all derivatives need to be cleared or collateralised is that funds need to stay as fully invested as possible to optimise returns. For a euro-denominated UCIT fund, the bulk of its assets, or securities, are euro-based bonds, euro-based equities etc. As an EU-based CCP with access to European Central Banks we accept these as collateral for initial margin (IM), which allows underlying fund to stay invested. If the fund is unable to use those securities, they need to be able to place cash – which is a drain on investment returns.? The other issue is access to cash euros for variation margin (VM). To access cash euros, funds either have to be uninvested to pay their VM, or they need to be able to repo out their securities and generate cash that way. We have a solution for the buy side to directly access our Repo market to either raise cash if that is their requirement, or to deposit VM cash that they don’t want to leave unsecured with their broker/bank. We accept reverse repos, which means their cash is fully secured against securities held in the CCP. Optimisation and best execution The preparation for, and implementation of UMR, is a significant task from – among others – a legal, compliance, operational and technological perspective; requiring project resources as well as the engagement of all bilateral counterparties and a plethora of custodial considerations. Preparation for UMR begins with the aggregate average notional amount (AANA) calculation, required 12-18 months ahead of implementation. If the calculation indicates a firm is in scope, it is required to disclose this to its counterparties. Thereafter Minimum Transfer Amounts (MTAs) and IM thresholds will need to be determined and eligible collateral schedules and haircuts agreed with each counterparty. Additional custodial relationships may also be required. The International Swaps and Derivatives Association (ISDA) estimates approximately 1,100 firms with over 9,500 in-scope relationships will be drawn in to the final phases. Clearing with a CCP enables firms to optimise their collateral processes. Compare the 10-day margin period of risk (MPOR) applied to a bilateral derivative with a 5-day MPOR at Eurex Clearing. As bilateral portfolios are rarely executed with just one counterparty, firms need to think about collateralising that 10-day margin requirement, above certain thresholds, with multiple counterparties – whereas those same derivatives when cleared via Eurex will require just one collateral pool per client account. If a buy-side firm has two clearing brokers with Eurex, for example, it will be required to deliver just two lots of collateral, versus multiple bilateral deliveries per day. From an operational workflow perspective, this is extremely efficient and aligns with today’s futures workflow. Beyond the immediate benefits of the above example, firms can also offset margins at Eurex, be it cross margining of Over-the-Counter (OTC) and Exchange-traded Derivative (ETD) portfolios, or simply the correlation of risk from a portfolio perspective. By grouping swaps together into the most efficient packages, margin requirements can be greatly reduced, and there are some excellent tools available to validate these themes. Finally, financing these derivatives at the lowest possible cost is extremely valuable from a performance-drag perspective. Eurex offers a wide range of acceptable collateral, as well as repo/reverse repo and collateral reuse functionality. How can firms get started now?? Firms looking to achieve the benefits and efficiencies of clearing their clearable derivatives over retaining bilateral portfolios should decide which CCP might best suit their requirements. They should reach out to the clearing broker community, perhaps leveraging their existing ETD or OTC execution relationships. The method of segregation is an important consideration. Eurex obtains a legal opinion in each country in which it offers clearing services, and these have been tested against local bankruptcy laws. From an execution perspective, clients should also choose their preferred trading platform(s) and ensure they have the necessary documentation to receive competitive bid/offer prices either by RFQ or disclosed streaming from their choice of banks and brokers.? Firms can also leverage pre-trade margin calculation technology when evaluating their derivatives strategy. Some of the margin calculation results clients have shared show quite remarkable differences between bilateral and cleared margin. Firms are also able to analyse bilateral portfolios alongside cleared portfolios. We have been working closely with CCP switch service providers to help where any transition of inventory between CCPs, or from bilateral portfolios to cleared might be required. The end goal for clients is to ensure an efficient derivative portfolio management strategy, not only taking into account operational workflows, but also to ensure an optimal margin requirement with the best possible financing rate being achieved to fund those margins, reducing funding drag. We strongly believe that Eurex, with its portfolio and cross margining capability, allied with its funding and financing toolkit is the CCP at which those aims can best be achieved. This article was first published on DerivSource?on 25 June 2019. Wed, 26 Jun 2019 08:00:00 GMT 2019-06-26T08:00:00Z Eurex welcomes Swiss Life as direct clearing member - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/about-us/news/Eurex-welcomes-Swiss-Life-as-direct-clearing-member-1573788 Eurex Clearing developed ISA Direct to support both the sell- and the buy side by addressing key concerns of the industry around the cost of clearing and the concentration of risk. Increased capital requirements for banks have resulted in higher client fees, wider spreads or even service reductions in the clearing space. In addition, risk concentration in client clearing remains a challenge for systemic stability in times of crisis. Traditionally, buy-side firms have had an indirect connection to clearing houses, using clearing brokers as intermediaries. Within the ISA Direct framework, these intermediaries act as clearing agents who cover the default management obligations including the default fund contribution and optionally offer certain clearing services such as transaction, cash or collateral management. ISA Direct members face Eurex Clearing directly as counterpart for their positions whilst maintaining legal and beneficial ownership of any securities collateral provided. Jan Grunow, Head of Operations at Swiss Life Asset Managers: “By being able to directly connect to Eurex Clearing, our concerns about credit risk and the portability of our assets are much better addressed. The ISA Direct model alleviates many of our concerns and helps us to meet the regulatory requirement of central clearing.” ABN AMRO Clearing is a leading clearing provider with a proven track record of partnering with its clients and supporting innovative solutions. The lower balance sheet impact involved with the ISA Direct offering is perceived by ABN AMRO Clearing as a major advantage that allows to further expand its central clearing services to well established buy-side clients. “We are delighted to partner with Swiss Life,” said Alexander Jacobs, Head of OTC Clearing at ABN AMRO Clearing. “We are committed to bringing innovative clearing services to our clients. ?The ISA Direct set up offers capital, operational and risk efficiencies for all parties including novel collateral management solutions." The ISA Direct model is currently offered for Eurex Clearing’s interest rate swaps and repo transactions. Philip Simons, Eurex’s Head of Fixed Income, Funding & Financing Sales. “We welcome Swiss Life on board and thank ABN AMRO Clearing for its continued support. It confirms the value proposition of the ISA Direct model and we look forward to working with market participants to accelerate the adoption of this innovative service.” About Eurex Clearing Eurex Clearing is one of the leading central counterparties globally — assuring the safety and integrity of markets while providing innovation in risk management, clearing technology and client asset protection. Eurex Clearing serves about 200 Clearing Members in 20 countries, managing a collateral pool of EUR 56 billion and clearing trades valued at EUR 23 trillion (double counted) every month. About Swiss Life Asset Managers Swiss Life Asset Managers has more than 160 years of experience in managing the assets of the Swiss Life Group. This insurance background has exerted a key influence on the investment philosophy of Swiss Life Asset Managers, which is governed by such principles as value preservation, the generation of consistent and sustainable performance and a responsible approach to risks. That’s how we lay the groundwork for our clients to make solid, long-term plans – in self-determination and with financial confidence. Swiss Life Asset Managers offers this proven approach to third-party clients in Switzerland, France, Germany, Luxembourg and the UK. As at 31 December 2018 assets under management for third-party clients amount to CHF 71.2 billion. Together with insurance mandates for the Swiss Life Group, total assets under management at Swiss Life Asset Managers stood at CHF 232.6 billion. Swiss Life Asset Managers is the leading real estate manager in Europe.1 Of the assets totaling CHF 232.6 billion, CHF 62.7 billion is invested in real estate. In addition, Swiss Life Asset Managers has real estate under administration of CHF 28.5 billion through its subsidiaries Livit, Corpus Sireo and BEOS. Total real estate under management and administration at the end of December 2018 thus came to CHF 91.2 billion. Swiss Life Asset Managers employs more than 1800 people in Europe. About ABN AMRO Clearing ABN AMRO Clearing is one of the world’s leading providers of clearing and financing services for listed derivatives and cash securities, OTC products, warrants, commodities and FX. With 11 offices globally employing more than 800 staff, ABN AMRO Clearing services clients on 160+ exchanges, MTFs and FX liquidity centres and consistently ranks as a top 3 clearer in most time zones. ? We consistently post over 20% market shares of transactions cleared on most relevant derivatives exchanges globally. ABN AMRO Clearing offers an integrated approach to global transaction processing, financial logistics and risk management and processes over 18 million trades per day. 1 PropertyEU, Top 100 Investors, December 2018 Tue, 25 Jun 2019 08:00:00 GMT 2019-06-25T08:00:00Z EU: green finance to play a bigger role for investors - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/about-us/news/EU-green-finance-to-play-a-bigger-role-for-investors-1572056 The European Commission has published new guidelines on corporate climate-related information reporting, as part of its Sustainable Finance Action Plan. These guidelines provide companies with practical recommendations on how to better report the impact that their activities are having on the climate as well as the impact of climate change on their business. This guidance comes at a time of changing investment behavior of institutional and private investors. The European market for sustainable indices is continuing to grow strongly. Over the last years, sustainability has become more and more important – and this is reflected in the product range of index providers and derivatives exchanges such as Eurex. The massive growth of ESG investing has created demand for sophisticated or diversified index concepts that move away from existing benchmarks and derivatives to versions that reflect these sustainability factors. For Eurex a perfect reason to launch three new futures covering STOXX? Europe 600 ESG Exclusions, EURO STOXX 50? Low Carbon and STOXX? Europe Climate Impact in February. Fri, 21 Jun 2019 07:30:00 GMT 2019-06-21T07:30:00Z Buy side goes Total Return Futures - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/about-us/news/Buy-side-goes-Total-Return-Futures-1570700 Eurex’s Total Return Futures (TRF) are in the middle of their next phase of growth. After the TRF launch, the exchange initially saw mainly dealer-driven flow. Over the last couple of months, hedge funds, asset managers and insurers became increasingly active. “Given a long-dated term structure of ten years and activity across the entire term structure, we are seeing that the TRF solves many different risk-taking and hedging demands from long-dated hedging to relative value structural positioning,” says Megan Morgan, Eurex’s Head of Equity & Index Sales. Eurex Exchange has introduced Total Return Futures on the EURO STOXX 50? Index (TESX) in December 2016. The futures complement the Eurex suite of equity index derivatives and support the market in complying with new financial market legislation. Eurex Total Return Futures will offer returns analogous to equity index total return swaps thus representing a functional replacement for these OTC instruments. Wed, 19 Jun 2019 09:00:00 GMT 2019-06-19T09:00:00Z BNY Mellon now live with cleared securities lending for clients - ↗北京快乐8质合走势图↗ //www.t-rna.com/exchange-en/about-us/news/BNY-Mellon-now-live-with-cleared-securities-lending-for-clients-1564572 The trade, which was executed by BNY Mellon on behalf of an insurance company client, originally faced Morgan Stanley as counterparty, and ultimately cleared with Eurex Clearing, a central counterparty (CCP). The trade was matched and novated through Pirum’s CCP Gateway. This transaction represents a major new route to market for BNY Mellon’s securities lending clients who will now have the ability to capitalize on growing market demand to undertake securities finance within a centrally-cleared environment, but without the obligations and responsibilities of traditional clearing house membership. “This trade marks a watershed in the development of the securities lending market. Central clearing will add capacity to the market and provide new opportunities for our clients. Those clients who choose to participate in this new distribution channel should see increased utilization and better pricing, all while facing a highly-rated clearing house as counterparty,” said James Slater, Global Head of Securities Finance, Liquidity & Segregation at BNY Mellon. ? “It has become apparent in recent years that the margin and operational efficiencies offered by central clearing have the potential to add huge value to the global securities finance landscape. That’s why we are so pleased that BNY Mellon has completed their integration into Eurex Clearing’s Lending CCP platform and we welcome their first clients into the centrally cleared construct. This is just the beginning, and we anticipate much greater utilization of our services going forward as the securities finance industry looks to realize the benefits of a CCP model,” said Marcel Naas, Managing Director of Eurex Clearing’s Lending CCP. “Morgan Stanley is committed to supporting central clearing solutions for securities finance transactions and is pleased to be executing the first agent lender transaction on the Eurex Clearing Lending CCP platform. This marks a significant turning point for central clearing of securities finance transactions and adds another execution form in the SFT optimization tool kit,’’ said Arianne Collette, Executive Director from Bank Resource Management at Morgan Stanley. This is the first time an agent lender has cleared a securities lending transaction through the Eurex Clearing model. Under this structure, a securities loan is negotiated bilaterally with the borrower, except that in this instance both parties agree to clear the transaction. The loan is novated to and settled with Eurex Clearing, which then becomes the counterparty to both the lending client and the borrower. BNY Mellon administers the loan with Eurex Clearing until the securities are returned and the loan is closed.? BNY Mellon has long been a champion of extending central clearing to buy-side clients. In January 2015 the firm announced its commitment to work toward developing a cleared securities lending structure to meet the specific needs of beneficial owners. Tue, 18 Jun 2019 12:00:00 GMT 2019-06-18T12:00:00Z
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