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WFE Focus April 2011
Post trade

BM&FBOVESPA signs contract for new clearing system

On 21 October 2011, BM&FBOVESPA signed an exclusive contract with the Swedish technology company Cinnober for the perpetual licensing of TRADExpress RealTime Clearing. This is a state-of-the-art, flexible multimarket clearing system with real time data processing and risk calculation capacities. The new system will be an important instrument for accelerating and enhancing the integration project for the Exchange’s four clearinghouses – securities, derivatives, FX, and equities. One of the important features of this project is the CORE (Close-out Risk Evaluation) system, which will permit risk netting between different classes of assets and contracts, granting users of the Exchange’s clearing systems greater efficiency in the allocation of capital.

CME Group begins clearing Euro-denominated interest rates swaps

CME Group has started clearing Euro-denominated interest rate swaps. This new clearing offering expands the company’s existing US dollar-denominated interest rate swaps clearing service, providing OTC risk management opportunities for interest rate maturities in both currencies.

DTCC applies to register swap data repository for multiple asset classes

The Depository Trust & Clearing Corporation filed a registration application with the U.S. Commodity Futures Trading Commission to operate a swaps data repository (SDR) across multiple OTC derivatives asset classes. DTCC Data Repository (U.S.) LLC will provide trade repository and reporting services for over-the-counter credit, interest rates, equities and foreign exchange derivatives. A separate application is also being filed to operate a commodities SDR through Global Trade Repository for Commodities (U.S.) LLC, a strategic alliance between DTCC’s Deriv/SERV subsidiary and Netherland-based EFETnet, a joint collaboration, which was previously announced in June 2011.

ICE Clear Credit launches sovereign CDS clearing for Latin American countries

IntercontinentalExchange announced that ICE Clear Credit launched clearing of Latin American sovereign credit default swaps (CDS) this October as the first CCP to clear sovereign CDS. As the primary regulator for single-name CDS, the SEC has granted regulatory approval for clearing of sovereign CDS of Argentina, Brazil, Mexico and Venezuela. Clearing was launched for Brazil and Mexico on 31 October 2011 and ICE Clear Credit expects to launch clearing of Argentina and Venezuela in the following weeks.

IntercontinentalExchange submits swap data repository registration to CFTC

IntercontinentalExchange applied to register its ICE Trade Vault service, to be launched in the first half of 2012, as a swap data repository (SDR) with the US Commodity Futures Trading Commission (CFTC). ICE eConfirm will serve as the front-end application for the ICE Trade Vault SDR under the Dodd-Frank Act. The combination of ICE Trade Vault and ICE eConfirm will streamline reporting by employing processes and systems already in use by the industry. Participants in the commodity markets will be able to use the ICE eConfirm platform to submit non-cleared trades and end-user clearing exemptions in order to comply with new reporting requirements. ICE Trade Vault is designed to deliver to market participants a cost-effective, easy-to-use, open access service that builds on ICE’s deep expertise across commodity markets, including energy and agricultural products.

Singapore Exchange launches clearing service for OTC Asian FX forwards

The Singapore Exchange launched its clearing service for OTC traded Asian foreign exchange (FX) forwards (non-deliverable). This initiative is aligned with global developments toward central counterparty clearing (CCP) of OTC derivatives to promote systemic stability in financial markets.

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