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WFE Focus February 2011
Post trade

Clearstream settles Singaporean investment funds
Clearstream announced that Singaporean investment funds are eligible for order routing, settlement and custody. These funds are made available on the Clearstream order routing platform Vestima+ and its post trade infrastructure dedicated to funds for settlement. Investment funds from other Asian jurisdictions will follow after regulatory approval.

CME Group offers new clearing membership class
The CME Group has created a new clearing membership class for interest rate futures allowing for significant margin offsets between CME Group interest rate futures and US Treasury securities. The Financial Instruments Clearing Membership, which is expected to be offered by the end of the first quarter, will provide margin offsets of up to 65% to qualified firms that trade both US Treasury securities and CME Group interest rate futures products.

DTCC to launch system to automate matching of broker-to-broker ex-clearing trades
The Depository Trust & Clearing Corporation plans to launch Obligation Warehouse (OW) to automate the matching and confirmation of broker-to-broker trades that are currently confirmed and settled directly between the trading parties rather than through DTCC (known as ex-clearing), and to give member firms real-time access to track, manage and resolve their failed obligations.

DTCC to launch portal providing regulators on-line access to CDS data
The Depository Trust & Clearing Corporation has launched an automated portal to provide regulators worldwide with direct, on-line access to global credit default swap (CDS) data registered in DTCC’s Warehouse Trust Company global repository.

LCH.Clearnet to clear for Cleartrade Exchange
LCH.Clearnet is set to clear for Cleartrade Exchange, the first regulated execution venue for OTC cleared freight and commodity derivatives. For the first time, screen traded OTC freight and commodity derivatives will be processed real time into clearing. Transactions will be fed directly to LCH.Clearnet, significantly cutting the clearing cycle from half an hour down to a fraction of a second.

MEFF launches new central counterparty service for OTC-traded electricity derivatives
On 21 March 2011, MEFF launched MEFF Power, MEFF’s new CCP service for the electricity market. It offers central counterparty services for OTC energy derivatives, thereby enhancing liquidity and transparency in the electricity market and contributing to increased control over OTC operations. This measure has been requested by different entities in order to lower systemic risk and increase confidence. This project falls under BME’s strategy to diversify and provide new services to the business and financial community, leveraging its proven and widely recognized experience in launching and developing markets, settlement systems and CCP services.

Singapore Exchange enhances securities clearing fund structure
The Singapore Exchange enhanced the structure of the Central Depository Clearing Fund to cater to market growth and to strengthen further the robustness of the securities market. The revised clearing fund structure is scalable, linking clearing members’ contributions more closely to the level of risk they bring to the clearing system. Their clearing fund contributions will change in line with their securities traded values. Previously, the contributions were fixed in aggregate. Under the revised structure, the Central Depository Clearing only requires a portion of clearing members’ increased contributions to be deposited upfront. They will be called upon to deposit the remaining contributions under conditions of increased risk or to meet losses arising from clearing member default. In addition to regular clearing requirements, SGX is also introducing collateral on short-term large exposures.

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