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WFE Focus January 2011
Post trade

BME and Clearstream create OTC derivatives trade repository

BME, the Spanish Exchanges, and Clearstream have announced the start of operations of the trade repository REGIS-TR that is jointly owned by the two market organizations. The trade repository is the answer to demands from the regulators for more transparency in the OTC derivatives market. The start of operations of REGIS-TR takes place one year after the initiative was announced in November 2009 and follows a testing period. To operate the trade repository, BME and Clearstream have created a new company that will be headquartered in Luxembourg.

CME Group uses Calypso Technology’s solution for OTC derivatives central counterparty clearing

The CME Group will use Calypso Technology, a global application software provider of an integrated trading, risk and processing platform, to support OTC derivatives processing for clearing interest rate swaps. This is linked to the launch on 18 October 2010 of its OTC interest-rate swaps clearing solution. CME Group has also implemented the Calypso system’s limits functionality, which enables the clearing members to control and manage intra-day risk.

DTCC launches new OTC equity derivatives matching and netting service

The Depository Trust & Clearing Corporation has launched a new automated, global OTC equity derivatives cash flow matching and netting service, with all of the 14 major dealers live on the platform.

International Securities Exchange launches post trade allocation functionality for stock leg of complex options orders

The International Securities Exchange is now using ConvergEx Group technology to implement post-trade allocation functionality for the stock leg of tied-to-stock options orders. The new functionality can be applied to orders that are entered into ISE's complex order book through proprietary, FIX or PrecISE (ISE’s trading system) connections. Once a tied-to-stock options order has been executed, members will be able to change clearing instructions in PrecISE or split the stock component among multiple parties for clearing. ISE plans to roll out this new post trade allocation functionality as part of the exchange's upcoming migration to its new options trading system. ISE already supports fully-electronic post trade allocation for the options legs of all order types through all connections.

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