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Mounting pressure on derivatives counterparties to eliminate superfluous trades has driven the first annual decline in notional outstanding at the largest swaps clearing house. And with buy-side and sell-side firms ramping up efforts to slash swaps notionals as crippling leverage ratio requirements under Basel III begin to bite, a new range of new compression services are being prepared.
Derivatives industry participants have responded to recent regulatory initiatives for central counterparty clearing firms with their own set of principles for enhancing transparency and consistency in CCP standards.
The derivatives industry needs more time to prepare for margin requirements on uncleared swaps as the current timetable leaves just months for counterparties to address sizeable risk management and infrastructure modifications after new rules are finalised