Post the financial crisis of 2008, financial firms that trade directly with other firms (as opposed to a listed exchange/marketplace) are subject to an ever-increasing number of regulatory requirements. Think Dodd-Frank, EMIR, REMIT, MiFID II, and their analogues in each regional jurisdiction around the globe. While some of these regulations are broad in scope, at […]
The Good Shepherd of Compliance Data Read More »
The first week of November 2015 is a busy one for BroadPeak. We will be at the Energy Trading Operations & Technology Summit in London and the FIA Futures & Options Expo in Chicago. ETOT – Come and see us at our stand in the main exhibition room and make sure to attend the session
BroadPeak at ETOT and FIA Read More »
We’ve got multiple EMIR reporting implementations going on right now and its worth commenting on the current state of EMIR trade reporting. After having done a ton of Dodd-Frank reporting implementations, I can tell you that EMIR is turning out to be a bigger headache. Anyone care to put out an over/under on the Feb
EMIR, It Ain’t Pretty Read More »
StandardiZation, StandardiSation. Why can’t we all just agree??? With the Dodd-Frank SDR reporting inching slow ahead to full steam in the US, how have we fared thus far? Truthfully? Not so well! Why? Well one does not need to go any further than to take a peek at what’s on the CFTC’s mind. And what
SDR/TR | Standardi (Z or S) ation Read More »
Sharing information is important. If you have any questions about any of these, don’t hesitate to email me. In Texas it’s illegal to graffiti someone’s cow. Seriously, you can’t make this stuff up. So at some point someone in Texas took branding a bit too far. And a legislature got into a knot and viola
Your End-User Dodd-Frank Checklist Read More »
I’m not big on New Year resolutions or on predictions. But in the case of Dodd-Frank and EMIR in Europe it’s hard to resist. The die has been cast and SDRs are a real thing now. Setting aside for the moment the master strokes about what DF and EMIR are supposed to be about, let’s
The Year of the Snake…and Trade Break Read More »
Remember the 2007 price manipulation case? There was an interesting clash between price publishers, alleged manipulative traders, and the CFTC. It kind of turned into a debacle where rogue traders were allegedly submitting false prices to the price publishers. The CFTC in trying to police the manipulation dropped a subpoena on the publisher. Publisher pushed
Trading 2013 | The Price is Right! Read More »
It’s a little known fact that any time there is a trade break at any of our clients using K3, I get an alert email. When we configure the email alerts I ask clients to put me on the distribution list for any trades received from the exchange in K3 but not able to book
ICE Has Officially Gone Back to the Future(s) Read More »
CFTC sent back home to do its homework. The District Court tossed the position limits ruling. Don’t get me wrong. I really feel for the gauntlet that the CFTC has been put through in terms of getting out new rules. But the District Court found that the organic legislation did not give the CFTC the
Dodd-Frank | Court Torpedoes Position Limits Read More »
DTCC got some good news this week with the preliminary approval of the for interest rate, credit, foreign exchange and equity asset classes. Suspiciously missing from this is DTCC’s GTR (Global Trade Repository). GTR is where the “other commodities classes” are supposed to go. This means that, as of this writing, there is only one approved
Dodd-Frank | The Missing DTCC Approval Read More »
They botched the Software Quality Assurance (QA)…stating the obvious…Res Ipsa Loquitur…(It speaks for itself). But the $400 million dollar question is HOW they botched the application QA. This is not the first time in my career I have seen this. It is the third. The first time was a UK company in the newly formed
Disaster at Knight: Only One Thing Could Have Gone Wrong Read More »
Last week ICE announced that it is registering its products as Futures. ICE has always traded “look alike” swaps that acted and behaved just like futures. As look-alike contracts, ICE was able to stay out of the Commodity Exchange Act and the CFTC. Dodd Frank changed all of that. So ICE seems to have adopted
POW! ICE Goes to the Future(s) Read More »
Dodd Frank | Trade Vault and DTCC “Gotchas” The compliance deadlines are looming. Some of the bigger Gotchas that keep coming up: Data Is Not In Our Trading System. The CFTC wants (XYZ Data Point). We don’t have that in our trading system! Case in Point: Option Expiration Time Zone. Obscure, yes. So much so
Dodd Frank | DTCC and Trade Vault “Gotchas” Read More »
It’s been a while since we’ve posted. And there is a reason for that. Dodd-Frank is finally coming to town. With the final rule for Market Classification hitting the Fed Reg on May 23d, and the final Swaps Definition hitting the deck today…. the clock has started ticking. In the commodities business it is
Dodd Frank | GO! Get Set, On Your Marks Read More »
One of our gripes with trading systems is that sometimes they just can’t properly book certain trade types. Yes, there really are trading systems out there that can’t book Futures. Yes, there really are systems out there that can’t book spread trades, options and an assortment of exchange products upon which traders have already pulled
Regulatory | Trick Bites Back! Read More »
Still a ways from final Dodd-Frank Rules. But we can definitely see how they are shaping up. One issue that is certain for all companies engaged in trading: Execution Time. Here’s the issue: We were working with a client using one of the larger ETRM systems. Trades are brought in through a “Quick Fix” custom
Regulatory | The Case of the Missing Execution Time Read More »
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