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Initial Swaps Margin: Facing Final Custodian Interactions

October 30, 2019 By Chris Kentouris Leave a Comment

Investment funds, which have to meet initial margin requirements for uncleared derivative transactions in 2020 and 2021, will soon find that their biggest legal and middle-office challenges could be dealing with custodian banks. Far more investment funds will be affected by the final phases of initial margin requirements than in the initial four phases, starting […]

Filed Under: calculations, Compliance, Margining Tagged With: Collateral, Compliance, Data, Derivatives, Fund Ops

Unique Product IDs: Next Challenge for Swaps Reporting

May 28, 2019 By Chris Kentouris Leave a Comment

Data operations, trade desk and regulatory reporting managers may soon have gear up for new administrative tasks — and potentially extra fees– when reporting their over-the-counter derivatives transactions to trade repositories using unique product identifiers. The UPIs mark the latest in an array of codes financial firms and trading platforms must use to describe the […]

Filed Under: Compliance, Data, Derivatives, Post-Trade, Reporting, Trading Tagged With: Data, Derivatives, MiFID, Regulators, Swaps

Margin: Tackling Initial Hurdle for Uncleared Swaps

September 14, 2018 By Chris Kentouris Leave a Comment

First it was variation margin. Now it is initial margin for uncleared swap transactions causing compliance, operations and financial technology managers at fund management shops angst. As of September 1, 2019 many fund managers must know whether they meet the threshold for posting initial margin, calculate it correctly and set up the right custodial contracts […]

Filed Under: Compliance, Margining, Regulations Tagged With: Compliance, Data, Derivatives, Fund Ops

OTC ISINs: Few Users Pay Much More

January 15, 2018 By Chris Kentouris Leave a Comment

Trading venues, banks, and broker-dealers now know for certain how much more they will have to pay to create International Securities Identification Numbers (ISINs) for over-the-counter derivatives. It turns out that it’s a lot more. In a recent statement, the Derivatives Service Bureau (DSB) said that instead of a €65,000 annual fee, power users will have […]

Filed Under: Compliance, Derivatives, Infastructure, Post-Trade, Reporting, Rules, Slider, Trading Tagged With: Data, Derivatives, ESMA, Fund Ops, MiFID, Regulators, Reporting, Swaps

New Year’s Message: Pay More for OTC ISINs?

December 23, 2017 By Chris Kentouris Leave a Comment

Update 12/30/2017: This article has been updated to include more details about the DSB’s €8.8 million figure for overhead. Data, operations and vendor procurement managers whose buy- and sell-side firms need international securities identification codes (ISINs) for over-the-counter derivative contracts could end up with some bad news come January 15. Financial firms might discover they […]

Filed Under: Compliance, Infastructure, Regulations, Reporting, Slider, Trading Tagged With: Compliance, Derivatives, ESMA, FSB, Investment Ops, MiFID, Regulators, Reporting, Standards, Swaps

MiFID Challenge: Which OTC Derivatives to Report?

November 16, 2017 By Chris Kentouris Leave a Comment

To report or not to report over-the-counter derivatives under MiFID II. That is the question that compliance and regulatory reporting managers will face when it comes to deciding which trades to include in their transaction reports the day after trades are executed. The wrong answer could cost them hefty fines but finding the right answer will […]

Filed Under: Analytics, Compliance, Data, Derivatives, Reporting, Slider Tagged With: Compliance, Data, Derivatives, EMIR, ESMA, MiFID, Regulators, Reporting, Swaps

Form N-PORT: Managers Report Big Stress

October 27, 2017 By Chris Kentouris Leave a Comment

Update 12/12/2017: Fund managers shouldn’t feel too relieved by the US Securities and Exchange Commission’s delay on when they must submit Form N-PORT. On December 8, the SEC said that fund managers can wait until April 2019 at the earliest to transmit their completed Form N-PORT to the regulatory agency’s Edgar system. However, fund managers […]

Filed Under: Analytics, Compliance, Data, Derivatives, Financing, Funds, Investments, Regulations, Reporting, Sec Lending, Slider, Uncategorized Tagged With: Collateral, Compliance, Data, Derivatives, Fund Ops, Hedge Funds, Regulators, Reporting, SEC

Unique Product IDs: Can the OTC-ISIN Win the Job?

October 19, 2017 By Chris Kentouris Leave a Comment

Can International Securities Identification Numbers (ISINs) become the foundation for unique product identifiers (UPIs)? The new Derivatives Service Bureau (DSB) which will allocate ISINs for over-the-counter  derivatives, appears to think so. It also thinks that it might be the organization issuing the UPIs, although it is willing to work with others. If such a scenario […]

Filed Under: Compliance, Data, Derivatives, Infastructure, Post-Trade, Reporting, Risk, Slider Tagged With: Compliance, Data, Derivatives, EMIR, ESMA, FSB, Hedge Funds, MiFID, Post Trade, Regulators, Reporting, Standards, Valuation

Morgan Stanley Fine: Lessons in Fee Recon Failures

October 13, 2017 By Chris Kentouris Leave a Comment

Futures commision merchants had better pay far closer attention to their middle office fee reconciliation process, caution operations experts. Morgan Stanley’s recent US$500,000 fine from the Commodity Futures Trading Commission (CFTC) for overbilling clients trading fees isn’t a large fine considering the FCM’s size. What is alarming is that Morgan Stanley is the fourth FCM […]

Filed Under: Compliance, Derivatives, Regulations, Slider, Standards Tagged With: CFTC, Compliance, Derivatives, Middle Office Ops, Ops Risk, Outsourcing, Reconciliation, Regulators, Standards, Swaps

IRS 871(m) Withholding Tax: No More Relief for the Weary?

October 6, 2017 By Chris Kentouris Leave a Comment

On October 2 when the US Treasury  published its announcement of eight regulations scheduled for repeal or replacement, tax operations, compliance and legal experts found a major disappointment. Despite repeated industry requests for repeal, or at least more clarity about some of its provisions, the controversial Internal Revenue Service Section 871(m) on withholding tax for US […]

Filed Under: Analytics, Compliance, Data, Derivatives, Regulations, Rules, Slider Tagged With: Brokerage Ops, Compliance, Data, Derivatives, Fund Ops, Hedge Funds, Regulators, Tax

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