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Third Party Consensus Data is Not Dead But it’s Dwindling, Says Citi’s Booth
The buy side is busy creating its own resources for consensus data and this has meant that third party provision of this data is slowly declining in importance, said Paul Booth, co-head of the global data services team at Citi Investment Research. The decision to source this information directly is being taken by many of…
ECB Hosts Meeting on CCPs for CDS Market, Indicates Support for Greater Transparency
Originally appeared in MiFID Monitor Following the meetings last month hosted by the Federal Reserve Bank of New York and the European Commission, the European Central Bank (ECB) has joined the debate concerning the introduction of central counterparties (CCPs) for credit default swaps (CDSs). The ECB hosted its first meeting this week and participants included…
ICE to Acquire Clearing Corporation, Strengthens OTC Derivatives Coverage
Following the announcement earlier in the month that IntercontinentalExchange (ICE) would be partnering with the Clearing Corporation (TCC) for its venture into credit derivatives clearing, the exchange operator has announced its intention to acquire the firm. ICE chairman and CEO Jeffrey Sprecher explains that the acquisition is part of ICE’s commitment to developing a market…
Standard & Poor’s Adds More Data to SecurityMaster Services Platform
Standard & Poor’s SecurityMaster Services, a web services delivery platform that provides direct access to a variety of securities data, has added access to three new reference data databases: the ISIDPlus global cross reference database, Cusip Syndicated Loan Service and the Anna Service Bureau’s ISIN database. The vendor has added this new data to the…
Euro MTFs Form Group to Develop Symbology for Pan-European Stocks
Originally appeared in MiFID Monitor Three leading and emerging European multilateral trading facilities (MTFs) have teamed up to boldly go where no man has gone before – that is, to create a common symbology for market data on securities traded across Europe’s suddenly and increasingly fragmented markets. Bats European Markets Division, Chi-X Europe and Nasdaq…
McCreevy Adds His Voice to Debate on CDS Clearing Counterparty
Originally appeared in MiFID Monitor European Union internal markets commissioner Charlie McCreevy has added his two pennies worth to the debate on the introduction of a clearing counterparty for the credit default swap (CDS) market by urging European players to get involved. McCreevy is concerned that Europe may be left behind in the race to…
Financial Information Forum Highlights the US$250m Cost of New Options Symbology, Finds Industry Dissatisfaction with Lack of Agreed Standards
The majority of industry participants are disappointed and frustrated that an agreement has not been reached on an alternative standard to the Options Price Reporting Authority (Opra) code, according to a recent study by the Financial Information Forum (FIF). Mary Lou Von Kaenel, managing director, management consulting at New York-based consultancy Jordan & Jordan, which…
Fed Meets with Market Players to Discuss CDS Clearing House Plans
Originally appeared in MiFID Monitor The New York Federal Reserve has organised a meeting this week with market players involved in the credit derivatives sector, including representatives from both the buy side and the sell side, to discuss the various industry initiatives to establish credit default swap (CDS) clearing houses. It is expected that the…
LSE Migrates Sedol Masterfile onto UnaVista, Adds Broker Matching Utility
The London Stock Exchange (LSE) has revealed plans to migrate its centralised reference and financial data management solution, Sedol Masterfile, onto UnaVista, its global matching, reconciliation, data integration and validation service. The exchange operator has also launched a new service for the central matching of post-trade data across prime brokers, executing brokers and hedge funds…
Counterparty Risk Should be Monitored Daily to Contain Systemic Shocks, Recommends CRMPG
As part of the industry’s drive to contain systemic risk, financial institutions should receive daily end of day counterparty risk reports, according to the Counterparty Risk Management Policy Group’s (CRMPG) recent report. The group was formed in April this year to examine the steps that must be taken by the private sector to reduce the…