Press Release
20 April 2011
LCH.Clearnet Limited (LCH.Clearnet) has enhanced its market leading interest rate swap (IRS) clearing service, SwapClear, with the successful implementation of Murex’s world-class capital markets platform MX.3. The technology, which has been adapted by LCH.Clearnet and Murex, replaces a series of legacy systems and provides enhanced risk management capabilities.
The enhanced solution can handle 25,000 IRS trade sides per hour and a total portfolio of 4 million trade sides, doubling SwapClear’s previous capacity. The system has been designed to scale to 10 million trade sides in anticipation of global market developments in centralised clearing.
SwapClear has been the world’s leading OTC IRS clearing service for the past decade and, as the global regulatory landscape changes, is committed to staying at the forefront of OTC derivatives clearing. This successful customisation of Murex’s established derivatives trading and processing platform has provided LCH.Clearnet with the flexibility, scalability and performance to continue to lead the way in bringing further products and services to centralised clearing.
“This go-live with the most experienced clearing house in the OTC space is a validation of our technical capability and a proof of our strong commitment to assist our client base managing ongoing market shifts”, adds Maroun Eddé, CEO of Murex. “We position our platform at the heart of the trade life cycle management and risk management processes of an enterprise, which explains why a native management of OTC clearing is so natural and important to us”.
Michael Davie, CEO of SwapClear said: "SwapClear currently offers the most comprehensive range of products to the cleared OTC IRS market. Our customised Murex platform will make it quicker and easier for us to launch new products and services to end-user clients and members. It will facilitate faster and more comprehensive risk management which is critical as OTC markets move to more pervasive adoption of centralised clearing. We’d like to thank Murex for their excellent partnership and look forward to leveraging this investment to provide more and better solutions for clients and members alike”.
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Rabu, 20 April 2011
Senin, 18 April 2011
Eris Exchange Announces Head Of Product Development
Press Release
NEW YORK - April 18, 2011 - Eris Exchange announced today that Kevin Wolf has joined the company as a Managing Director and Head of Product Development. Mr. Wolf brings to Eris Exchange more than 10 years of experience working with end users of interest rate swaps. Most recently, Mr. Wolf served as a Managing Director at Bank of America Merrill Lynch where he was a senior member of the derivatives origination team. In that capacity, Mr. Wolf partnered closely with a variety of end users on issues related to risk identification and measurement, application of hedge accounting rules, counterparty risk management, documentation and optimal hedge design. Prior to joining Bank of America, he held senior positions in derivatives origination and debt capital markets at Lehman Brothers. He earned dual Bachelor degrees from the University of Pennsylvania and an MBA from Columbia Business School.
"We are excited to have Kevin join the Eris Exchange management team, as he adds a deep understanding of interest rate swap products and the needs of buy side clients in the interest rate swap market," said Neal Brady, CEO of Eris Exchange. "He brings valuable expertise to the exchange as we continue to refine our offering to meet the needs of interest rate swap derivative users seeking to comply with the impending Dodd-Frank mandates."
Mr. Wolf will join Christopher Rodriguez, Chief Sales and Corporate Development Officer, to form the core of the front-office and market development efforts in the growing Eris Exchange New York office.
Eris Exchange is a futures exchange (an Exempt Board of Trade) subject to CFTC jurisdiction. Formed by a group of leading futures market participants to increase access to traditional OTC markets that are migrating to centrally-cleared trading venues, Eris Exchange has traded more than $25 billion in notional value of Eris Interest Rate Swap Futures since the first trade in August 2010. Eris Exchange contracts are cleared by CME Clearing, a leading derivatives clearing house. For more information, visit the Eris Exchange web site at www.erisfutures.com.
Media Contact - Eris Exchange
Christopher Rodriguez
212 561 5472
Christopher.Rodriguez@erisfutures.com
311 South Wacker Drive, Suite 950
Chicago, IL 60606
office 312-626-2680
www.erisfutures.com
NEW YORK - April 18, 2011 - Eris Exchange announced today that Kevin Wolf has joined the company as a Managing Director and Head of Product Development. Mr. Wolf brings to Eris Exchange more than 10 years of experience working with end users of interest rate swaps. Most recently, Mr. Wolf served as a Managing Director at Bank of America Merrill Lynch where he was a senior member of the derivatives origination team. In that capacity, Mr. Wolf partnered closely with a variety of end users on issues related to risk identification and measurement, application of hedge accounting rules, counterparty risk management, documentation and optimal hedge design. Prior to joining Bank of America, he held senior positions in derivatives origination and debt capital markets at Lehman Brothers. He earned dual Bachelor degrees from the University of Pennsylvania and an MBA from Columbia Business School.
"We are excited to have Kevin join the Eris Exchange management team, as he adds a deep understanding of interest rate swap products and the needs of buy side clients in the interest rate swap market," said Neal Brady, CEO of Eris Exchange. "He brings valuable expertise to the exchange as we continue to refine our offering to meet the needs of interest rate swap derivative users seeking to comply with the impending Dodd-Frank mandates."
Mr. Wolf will join Christopher Rodriguez, Chief Sales and Corporate Development Officer, to form the core of the front-office and market development efforts in the growing Eris Exchange New York office.
Eris Exchange is a futures exchange (an Exempt Board of Trade) subject to CFTC jurisdiction. Formed by a group of leading futures market participants to increase access to traditional OTC markets that are migrating to centrally-cleared trading venues, Eris Exchange has traded more than $25 billion in notional value of Eris Interest Rate Swap Futures since the first trade in August 2010. Eris Exchange contracts are cleared by CME Clearing, a leading derivatives clearing house. For more information, visit the Eris Exchange web site at www.erisfutures.com.
Media Contact - Eris Exchange
Christopher Rodriguez
212 561 5472
Christopher.Rodriguez@erisfutures.com
311 South Wacker Drive, Suite 950
Chicago, IL 60606
office 312-626-2680
www.erisfutures.com
Selasa, 12 Oktober 2010
Aite Group: Interest Rate Swaps Trading Expected To Change Modestly
Press Release.
Boston, October 12, 2010 – A new report from Aite Group examines interest rate swaps (IRSs), the changes expected from regulatory reform in this space, and regulators’ determination on requirements for swap execution facilities (SEFs). Based on a number of Aite Group interviews with IRS market players, the report cites the applications this mature product confers upon banks’ risk management strategies and issuer needs.
Though similar to the credit default swap, IRSs’ oft-mentioned OTC derivative counterpart, interest rate swaps are much more frequently used, and serve as part of banks’ interest rate risk management and debt issuances. The IRS market will change under legislation outlined in the Dodd-Frank Wall Street Reform and Consumer Protection Act (aka FinReg) and new rules implemented by the CFTC/SEC. This change, however, will fall well short of legislators’ hopes.
A major issue at play is how the regulators will determine the ownership structure of a swap execution facility and what related reporting requirements will be implemented. A new, proprietary-shop-backed entrant, Eris Exchange, may challenge the traditional liquidity providers. Outside of this threat, interest rate swaps trading is expected to change modestly given that the nature of this mature product will ultimately determine its market structure.
“The interest rate swaps market is unlikely to experience large-scale changes in the near to medium term,” says John Jay, senior analyst with Aite Group and co-author of this report. “Within the context of regulatory reform, the structure of IRSs and their usage will determine how the IRS market will evolve.”
Boston, October 12, 2010 – A new report from Aite Group examines interest rate swaps (IRSs), the changes expected from regulatory reform in this space, and regulators’ determination on requirements for swap execution facilities (SEFs). Based on a number of Aite Group interviews with IRS market players, the report cites the applications this mature product confers upon banks’ risk management strategies and issuer needs.
Though similar to the credit default swap, IRSs’ oft-mentioned OTC derivative counterpart, interest rate swaps are much more frequently used, and serve as part of banks’ interest rate risk management and debt issuances. The IRS market will change under legislation outlined in the Dodd-Frank Wall Street Reform and Consumer Protection Act (aka FinReg) and new rules implemented by the CFTC/SEC. This change, however, will fall well short of legislators’ hopes.
A major issue at play is how the regulators will determine the ownership structure of a swap execution facility and what related reporting requirements will be implemented. A new, proprietary-shop-backed entrant, Eris Exchange, may challenge the traditional liquidity providers. Outside of this threat, interest rate swaps trading is expected to change modestly given that the nature of this mature product will ultimately determine its market structure.
“The interest rate swaps market is unlikely to experience large-scale changes in the near to medium term,” says John Jay, senior analyst with Aite Group and co-author of this report. “Within the context of regulatory reform, the structure of IRSs and their usage will determine how the IRS market will evolve.”
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