Post Trade Processing Of Otc Derivatives

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Collateral Management

Author : Michael Simmons
Publisher : John Wiley & Sons
ISBN 13 : 1119377129
Total Pages : 839 pages
Book Rating : 4.1/5 (193 download)

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Book Synopsis Collateral Management by : Michael Simmons

Download or read book Collateral Management written by Michael Simmons and published by John Wiley & Sons. This book was released on 2019-02-18 with total page 839 pages. Available in PDF, EPUB and Kindle. Book excerpt: Insight into collateral management and its increasing relevance in modern banking In the wake of recent financial crises, firms of all sizes have adjusted their policies to incorporate more frequent instances of collateral management. Collateral Management: A Guide to Mitigating Counterparty Risk explains the connection between the need for collateral management in order to alleviate counterparty risk and the actions that firms must take to achieve it. Targeted at middle and back office managers seeking a hands-on explanation of the specifics of collateral management, this book offers a thorough treatment of the subject and attends to details such as internal record management, daily procedures used in making and receiving collateral calls, and settlement-related issues that affect the movements of cash and securities collateral. An expert in financial topics ranging from trade lifecycle to operational risk, author Michael Simmons offers readers insight into a field that, so far, is struggling to produce enough expertise to meet its high demand. Presents hands-on advice and examples from a bestselling, internationally renowned author who introduces his third book on operations and operations-related activities Explains the relationship between collateral management and preventing institutional defaults, such as the recent Lehman Brothers downfall Since 2008, firms have recognized and embraced the importance of collateral management, but this book will provide practitioners with a deeper understanding and appreciation of its relevance.

Guide to Clearance & Settlement

Author : Lightbulb Press
Publisher :
ISBN 13 : 9781933569215
Total Pages : pages
Book Rating : 4.5/5 (692 download)

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Book Synopsis Guide to Clearance & Settlement by : Lightbulb Press

Download or read book Guide to Clearance & Settlement written by Lightbulb Press and published by . This book was released on 2021-10-20 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth look at DTCC, including its role in the capital markets, its structure, and it's offerings and services.

OTC Derivatives: Bilateral Trading and Central Clearing

Author : David Murphy
Publisher : Palgrave Macmillan
ISBN 13 : 9781137293855
Total Pages : 304 pages
Book Rating : 4.2/5 (938 download)

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Book Synopsis OTC Derivatives: Bilateral Trading and Central Clearing by : David Murphy

Download or read book OTC Derivatives: Bilateral Trading and Central Clearing written by David Murphy and published by Palgrave Macmillan. This book was released on 2013-09-04 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: The OTC derivatives market has been hit by a massive wave of regulatory change. Capital and margin requirements have increased, trade reporting has been mandated, and execution mechanisms are evolving. Most of all, central clearing is being imposed for many transactions. OTC Derivatives: Bilateral Trading and Central Clearing explains the new rules and the new models. It discusses the traditional bilateral market, then sets out how this will change due to mandatory central clearing and the new ways in which OTC derivatives will have to be traded, reported, and processed. The risks of OTC derivatives clearing houses are discussed in detail, as are the protections that CCPs have against these risks. The book also looks at alternatives to some of the policy decisions that have been made, showing the balance between costs and benefits of various different approaches to derivatives market stability. The book is both a detailed primer on OTC derivatives clearing and a powerful insight into post-crisis financial regulation. Key features of the book include: • A discussion of the capital rules for OTC derivatives counterparty credit risk in Basel III; • An account of OTC derivatives trade processing in both bilateral and cleared markets; • A detailed account of the risk profile of OTC derivatives CCPs; • An explanation of the risks run in various collateral segregation models; and • A comparison of various macro-prudential tools for enhancing the financial stability of OTC derivatives markets.

Post-Trade Processing of OTC Derivatives

Author : Olga Lewandowska
Publisher : BoD – Books on Demand
ISBN 13 : 3838214447
Total Pages : 222 pages
Book Rating : 4.8/5 (382 download)

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Book Synopsis Post-Trade Processing of OTC Derivatives by : Olga Lewandowska

Download or read book Post-Trade Processing of OTC Derivatives written by Olga Lewandowska and published by BoD – Books on Demand. This book was released on 2020-04-30 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis of 2007–2009 exposed the weaknesses of the global over-the-counter (OTC) derivatives market such as limited transparency regarding risk exposures, poor counterparty risk management practices, and the risk of contagion arising from interconnectedness in this market. In the aftermath of the financial crisis, regulators introduced worldwide legislative and regulatory changes aimed at increasing the transparency and stability of the financial markets. In this book, Dr. Olga Lewandowska explores those novel regulatory solutions and their impact. The main focus is on central counterparty (CCP) clearing that became mandatory for OTC derivatives under the new regulatory paradigm. In four research papers, she analyzes CCP from different risk perspectives and based on four diverse research methods. Her book offers a comprehensive assessment of the risk-reduction potential of the CCPs, their implications for the financial markets, and the practical challenges in the implementation of the recent financial market reforms.

Trading and Pricing Financial Derivatives

Author : Patrick Boyle
Publisher : Walter de Gruyter GmbH & Co KG
ISBN 13 : 1547401214
Total Pages : 273 pages
Book Rating : 4.5/5 (474 download)

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Book Synopsis Trading and Pricing Financial Derivatives by : Patrick Boyle

Download or read book Trading and Pricing Financial Derivatives written by Patrick Boyle and published by Walter de Gruyter GmbH & Co KG. This book was released on 2018-12-17 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: Trading and Pricing Financial Derivatives is an introduction to the world of futures, options, and swaps. Investors who are interested in deepening their knowledge of derivatives of all kinds will find this book to be an invaluable resource. The book is also useful in a very applied course on derivative trading. The authors delve into the history of options pricing; simple strategies of options trading; binomial tree valuation; Black-Scholes option valuation; option sensitivities; risk management and interest rate swaps in this immensely informative yet easy to comprehend work. Using their vast working experience in the financial markets at international investment banks and hedge funds since the late 1990s and teaching derivatives and investment courses at the Master's level, Patrick Boyle and Jesse McDougall put forth their knowledge and expertise in clearly explained concepts. This book does not presuppose advanced mathematical knowledge, though it is presented for completeness for those that may benefit from it, and is designed for a general audience, suitable for beginners through to those with intermediate knowledge of the subject.

Central Counterparties Resolution—An Unresolved Problem

Author : Mr.Manmohan Singh
Publisher : International Monetary Fund
ISBN 13 : 1484347307
Total Pages : 23 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Central Counterparties Resolution—An Unresolved Problem by : Mr.Manmohan Singh

Download or read book Central Counterparties Resolution—An Unresolved Problem written by Mr.Manmohan Singh and published by International Monetary Fund. This book was released on 2018-03-20 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recovery and resolution regimes are being developed for central counterparties (CCPs). We analyse current resolution tools in the context of policy, which is to restore the critical functions of a failed CCP. We conclude that the toolkit is insufficient to avoid the costs of resolution being borne by taxpayers, and propose alternative policy suggestions for addressing the problem of a failed CCP.

The Payment System

Author : Tom Kokkola
Publisher :
ISBN 13 : 9789289906333
Total Pages : 369 pages
Book Rating : 4.9/5 (63 download)

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Book Synopsis The Payment System by : Tom Kokkola

Download or read book The Payment System written by Tom Kokkola and published by . This book was released on 2010 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book is designed to provide the reader with an insight into the main concepts involved in the handling of payments, securities and derivatives and the organisation and functioning of the market infrastructure concerned. Emphasis is placed on the general principles governing the functioning of the relevant systems and processes and the presentation of the underlying economic, business, legal, institutional, organisational and policy issues. The book is aimed at decision-makers, practitioners, lawyers and academics wishing to acquire a deeper understanding of market infrastructure issues. It should also prove useful for students with an interest in monetary and financial issues."--Introduction (Pg. 20, para 8).

The Morning After--The Impact on Collateral Supply After a Major Default

Author : Dermot Turing
Publisher : International Monetary Fund
ISBN 13 : 1484381920
Total Pages : 26 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis The Morning After--The Impact on Collateral Supply After a Major Default by : Dermot Turing

Download or read book The Morning After--The Impact on Collateral Supply After a Major Default written by Dermot Turing and published by International Monetary Fund. This book was released on 2018-10-31 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Changes to the regulatory system introduced after the financial crisis include not only mandatory clearing of OTC derivatives at central counterparties and margining of uncleared derivatives, but also prudential measures, including notably a “Liquidity Coverage Ratio” which obliges firms to set aside high-quality liquid assets (HQLA) as a stopgap against anticipated cash outflows. We examine factors which may affect the demand for HQLA in a severely stressed market following a hypothetical default of a major clearing member. Immediately following a major default, the amount of HQLA demanded by the whole market would spike. We estimate the size of the spike and draw conclusions as to whether the depth of the market is adequate to absorb it.

Global Financial Stability Report, April 2010

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781589069169
Total Pages : 0 pages
Book Rating : 4.0/5 (691 download)

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Book Synopsis Global Financial Stability Report, April 2010 by : International Monetary Fund. Monetary and Capital Markets Department

Download or read book Global Financial Stability Report, April 2010 written by International Monetary Fund. Monetary and Capital Markets Department and published by INTERNATIONAL MONETARY FUND. This book was released on 2010-05-20 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risks to global financial stability have eased as the economic recovery has gained steam. But policies are needed to reduce sovereign vulnerabilities, ensure a smooth deleveraging process, and complete the regulatory agenda. The April 2010 Global Financial Stability Report examines systemic risk and the redesign of financial regulation; the role of central counterparties in making over-the-counter derivatives safer; and the effects of the expansion of global liquidity on receiving economies.

Pricing and Trading Interest Rate Derivatives

Author : J Hamish M Darbyshire
Publisher : Aitch & Dee Limited
ISBN 13 : 9780995455535
Total Pages : 0 pages
Book Rating : 4.4/5 (555 download)

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Book Synopsis Pricing and Trading Interest Rate Derivatives by : J Hamish M Darbyshire

Download or read book Pricing and Trading Interest Rate Derivatives written by J Hamish M Darbyshire and published by Aitch & Dee Limited. This book was released on 2022-08-07 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most professional and industry relatable text currently available for linear interest rate derivatives. Written by a practicing derivatives portfolio manager with over fifteen years of fixed income trading experience, this book focuses on core trading concepts; pricing, curve building (single and multi-currency), risk, credit and CSAs, regulations, VaR and PCA, volatility, cross-gamma, trade strategy analysis and market moving influences. The book's focus is interest rate swaps and cross-currency swaps, updated for a risk free rate (RFR, such as SOFR and ESTR) framework as opposed to LIBOR. Topics are presented from that perspective, outlining the importance of regulations in an IRD capacity, with volatility and swaptions taught from a practical point of view rather than an overly cumbersome academic one. This third edition (2022) markedly expands the second edition (2017), by not only providing extensive analysis but also building up a modern codebase, step-by-step, in Python. It constructs and solves interest rate curves and goes on to implement risk and cross-gamma calculations, demonstrating the implementation of automatic differentiation for superior efficiency. Read more at https: //github.com/attack68/book_irds3. The treatment of risk is expansive and thorough. The author formally analyses modern market-maker techniques to accurately predict PnL, and successfully implement multiple, consistent perspectives to view all details of risks. Almost everything included here is compulsory knowledge for a modern, successful, swaps trader or interest rate risk portfolio manager. Certainly this book sets the benchmark for the level of expertise that swaps traders should strive for, and the style is aimed at the novice and professional alike.

The fundamental principles of financial regulation

Author : Markus Konrad Brunnermeier
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (11 download)

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Book Synopsis The fundamental principles of financial regulation by : Markus Konrad Brunnermeier

Download or read book The fundamental principles of financial regulation written by Markus Konrad Brunnermeier and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Post-Trade Processing of OTC Derivatives

Author : Olga Lewandowska
Publisher :
ISBN 13 : 9783838274447
Total Pages : 0 pages
Book Rating : 4.2/5 (744 download)

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Book Synopsis Post-Trade Processing of OTC Derivatives by : Olga Lewandowska

Download or read book Post-Trade Processing of OTC Derivatives written by Olga Lewandowska and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Hearing to Review the Role of Credit Derivatives in the U.S. Economy

Author : United States. Congress. House. Committee on Agriculture
Publisher :
ISBN 13 :
Total Pages : 260 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Hearing to Review the Role of Credit Derivatives in the U.S. Economy by : United States. Congress. House. Committee on Agriculture

Download or read book Hearing to Review the Role of Credit Derivatives in the U.S. Economy written by United States. Congress. House. Committee on Agriculture and published by . This book was released on 2009 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Global Custody and Clearing Services

Author : R. McGill
Publisher : Springer
ISBN 13 : 0230592449
Total Pages : 334 pages
Book Rating : 4.2/5 (35 download)

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Book Synopsis Global Custody and Clearing Services by : R. McGill

Download or read book Global Custody and Clearing Services written by R. McGill and published by Springer. This book was released on 2007-12-14 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global custody product was conceived out of changes to United States pension law. Today, service providers act for clients in many countries worldwide, handling assets across 100 countries of investment. The range of services is ever more sophisticated. Measured by the value of assets held under custody, it is a multi trillion dollar industry.

Behind the Swap

Author : Andrew DeJoy
Publisher : Simon and Schuster
ISBN 13 : 1637630689
Total Pages : 243 pages
Book Rating : 4.6/5 (376 download)

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Book Synopsis Behind the Swap by : Andrew DeJoy

Download or read book Behind the Swap written by Andrew DeJoy and published by Simon and Schuster. This book was released on 2022-05-10 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: Andrew DeJoy’s Behind the Swap examines the risks involved in post-trade processing in swaps and derivative markets, and provides solutions to better control those risks. While Andrew doesn’t claim to have all the answers, he does believe there is a way to create a safer, stronger, and better financial system for all stakeholders. In August of 2020, Citibank made one of the worst mistakes in banking history: it accidently sent out almost $900 million of its own funds. Many of the recipients didn’t give back the money. Citibank sued. And a federal court ruled that the recipients could keep the funds. Citibank’s error is not surprising. The underlying contributors that led to the mistaken payment permeate the global financial services industry. Manual data entry, decades old technological infrastructure, inadequate training, and systems that can’t interact with one another are just a few of the problems that face post-trade processing—the machinery behind financial markets. Unfortunately, years of neglect by regulators and financial institutions themselves has left this infrastructure needlessly complex, astoundingly inefficient, frequently inaccurate, and woefully inadequate for modern financial markets. Behind the Swap helps explain what’s driving the recent series of banking blunders like Barclay’s $678 million clerical error, and Citibank’s fat-finger Flash Crash that caused an 8% decline in the Swedish stock market. The book also touches on concepts that readily connect to Credit Suisse’s $5.5 billion loss on its trades with Archegos. The problems are easy to see but difficult to admit. For financial institutions, the current system costs billions of dollars each year in labor, systems maintenance, and lost funds. For regulators, the current system precludes the ability to track systemic risk. It also artificially inflates the stability of the global financial system. For lawyers and prosecutors, the current system allows ample opportunity for unlawful misconduct such as rogue trading and fraud.

The Risk Controllers

Author : Peter Norman
Publisher : John Wiley & Sons
ISBN 13 : 1119977940
Total Pages : 403 pages
Book Rating : 4.1/5 (199 download)

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Book Synopsis The Risk Controllers by : Peter Norman

Download or read book The Risk Controllers written by Peter Norman and published by John Wiley & Sons. This book was released on 2011-09-07 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: Clearing houses, or CCPs, were among the very few organisations to emerge from the global financial crisis with their standing enhanced. In the chaotic aftermath of the bankruptcy of Lehman Brothers, they successfully completed trades worth trillions of dollars in a multitude of financial instruments across listed and over-the-counter markets, and so helped avert financial Armageddon. That success transformed the business of clearing. Governments and regulators around the world gave CCPs and the clearing services they provide a front-line role in protecting the global economy from future excesses of finance. CCPs, which mitigate risk in financial markets, responded by greatly expanding their activities, notably in markets for over-the-counter derivatives, and often in fierce competition with one another. In The Risk Controllers, journalist and author Peter Norman describes how CCPs operate, how they handled the Lehman default, and the challenges they now face. Because central counterparty clearing is a complex business with a long history that continues to influence decisions and structures even in today’s fast changing world, The Risk Controllers explores the development of CCPs and clearing from the earliest times to the present. It draws on the experiences of the people who helped to shape the business of clearing today. It sets the development of CCPs and clearing in the broader context of changes in society, politics and regulation. The book examines turning points, such as the 1987 stock market crash, that set clearing on a new path and the impact of long running trends, including the exponential growth of computer power and the ebb and flow of globalisation. Written in non-technical language, The Risk Controllers provides a unique and accessible guide to CCPs and clearing. It is essential reading for clearing professionals, legislators and regulators whose job it is to take this vitally important business into the future. “The recent crisis has, thankfully, renewed interest in the importance of central counterparties: how they can help preserve stability or, as Hong Kong showed in 1987, undermine stability if they are not super sound. Peter Norman’s book places the role of clearing houses in a historical context, and explains why the financial system’s plumbing matters so much. It should be read by anyone interested in building safer capital markets.” Paul Tucker, Deputy Governor Financial Stability, Bank of England

The XVA of Financial Derivatives: CVA, DVA and FVA Explained

Author : Dongsheng Lu
Publisher : Springer
ISBN 13 : 1137435844
Total Pages : 228 pages
Book Rating : 4.1/5 (374 download)

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Book Synopsis The XVA of Financial Derivatives: CVA, DVA and FVA Explained by : Dongsheng Lu

Download or read book The XVA of Financial Derivatives: CVA, DVA and FVA Explained written by Dongsheng Lu and published by Springer. This book was released on 2016-01-01 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: This latest addition to the Financial Engineering Explained series focuses on the new standards for derivatives valuation, namely, pricing and risk management taking into account counterparty risk, and the XVA's Credit, Funding and Debt value adjustments.