NO 241 – MARCH 2013
The Future is Social

WFE Focus March 2013
Post trade

Clearstream’s direct link to Russia to go live

Clearstream will launch its direct settlement link to the Russian market following the opening of a main account at the National Settlement Depository, the new Russian CSD, in February 2013. The new direct link to the Russian CSD will complement Clearstream’s existing settlement services by further opening up access to the Russian capital markets via an efficient channel and offering a single access point, the Russian CSD. Leveraging its extensive post-trade infrastructure, Clearstream will offer a robust multi-channel access to the new Russian CSD via both its central securities depository and its international central securities depository.

CME Clearing introduces new derivatives contracts

CME Clearing has recently introduced the 5-year “Purple” mid-curve on Eurodollar futures contract, and the Singapore fuel oil 380 (Platts) vs. European 3.5% fuel oil barges FOB (Platts) futures and BALMO futures contract.

DTCC introduces settlement matching

The Depository Trust & Clearing Corporation’s depository subsidiary, the Depository Trust Company, will introduce settlement matching, bringing significant enhancements to the settlement process and further reducing settlement risk. In a document recently released, DTCC outlines the processing changes it will make in 2013 and 2014 to implement settlement matching for all clients. These processing changes at DTC will be subject to appropriate regulatory rule filings and approvals.

DTCC establishes OTC derivatives trade repository in Japan

The Depository Trust & Clearing Corporation has recently received the approval from the Financial Services Agency of Japan to establish a Japanese OTC derivatives trade repository. Market participants in Japan can begin to report their OTC derivatives transactions directly to regulators or to a third-party trade repository. Based in Tokyo and operated by the company’s DTCC Data Repository (Japan) subsidiary, this is the first trade repository to be approved and established for the Japanese market.

Eurex Clearing offers “Omnibus Model” segregation service for UK market

Eurex Clearing further expands its suite of segregation services and offers a UK compliant Omnibus Clearing model as an additional alternative. It allows UK-domiciled clearing members to use the segregation rules for client assets of the British Financial Services Authority in respect of client margin collateral. The new service keeps margin collateral of clients and non-clearing members separate from the clearing member’s collateral holdings for own accounts. The client and non-clearing member collateral is legally protected in the case of a clearing member default.

ICE Clear Credit introduces clearing for iTraxx

IntercontinentalExchange has received regulatory approval for its US based credit default swap clearing house, ICE Clear Credit, to clear the Markit iTraxx Europe CDS indices. Clearing for the contracts started on 25 February 2013. ICE Clear Credit will be the first US based clearing house to offer clearing for the Markit iTraxx Europe indices.