Tot bunicul mai avea o zicala. “Fie seful cat de mic, dupa masa doarme-un pic”. Cred ca pentru copilul care eram atunci era o invatatura buna, pe care nu voiam s-o respect, acum insa, o fac mai tot timpul si regret asta. Parca fiecare gram de mancare se pune pe pleoapele mele.

Daca dorm cate 8 ore noaptea, si inca vreo 2 la amiaza, s-ar putea sa-mi ratez jumatate din viata dormind. Stiu…imi place sa visez, sunt un visator…Hooopa!!! That’s not reality. Nu vreau sa traiesc in lumea mea, trebuie sa revin cu picioarele pe pamant.

Participants of the survey were mainly asset managers that manage mutual funds, hedge funds and other institutional accounts, representing over $12.1 trillion of assets under management.

According to  Robert Pickel, ISDA Chief Executive Officer, the conclusions of the survey werethat:

Buy-side market participants are concerned that the SEF rules might increase costs and reduce the availability of tools that they need to risk manage their investment portfolios. This can have adverse consequences to the individual and institutional clients of these firms.

According to Stuart Kaswell, General Counsel, Managed Funds Association:

The survey results strongly argue for the CFTC to amend their proposal and permit the sophisticated investors that participate in these markets to send a quote request to as few as one recipient, allowing those investors to rely on their own, extensive expertise and experience with these transactions

This survey comes after press reports last week that the CFTC may be about to ‘water down’ the SEF rules.

Amongst the interesting questions asked in the survey, was these:

We asked how a requirement to submit RFQs to five liquidity providers would affect their firm.

• Over 84% of respondents indicated that the RFQ rule would result in increased transactional costs.
• Roughly 70% of respondents indicated that they would migrate to other markets.
• 68% of participants would look to trade an instrument that is not required to be SEF-traded.

We asked firms how a requirement to submit RFQs to five liquidity providers would affect swaps traded on SEFs.

• 87% of responding firms advised that their transactional costs would increase and 76% of participants anticipated other increased costs (e.g., new legal arrangements).
• 82% identified that they anticipate spread widening.
• 76% indicated it would have a negative affect on liquidity.
• Over 50% of responding firms advised that this requirement would dampen the speed at which the swaps market will develop.

Full survey results here, and comments from ISDA here

Great comments here from The Streetwise Professor (SWP) on this topic:

 The regulation seems to be extremely paternalistic.  Like end users are children who need to be made to eat their Brussels Sprouts, because they don’t know what’s good for them.

More from SWP

Me.

Whether with my 5d or my iPhone, I’m always documenting life. Late nights, cheep coffee, working round the clock to get the job done. Sometimes it’s messy, often times I get hurt. Sometimes I wind up in dangerous or scary situations.

And I wouldn’t have it any other way.

It’s fast-paced, thrilling, and the only job that can match my spirit. Now that I’m on the precipice of graduation,  so many professionals out there warn me away. There’s no jobs. You’ll burn out in less than a year. Stay and school and find something else to do.

But I’m here to tell you to save your breath. I can’t not try to follow my dreams. I’m not ready to settle and hopefully I never will.

All the images in this entry were taken with my iPhone. This is a tiny glimpse of my past two nights. I am working on a project in the Everglades, one of my favorite places in the world.

Sun sets over Anhinga Trail on Tuesday. Alligators are nocturnal reptiles, hunting at night. The alligator became the official state reptile of Florida in 1987. (Photo by Cayla Nimmo)

Tall grass is reflected in the shallow water. While it is often described as a marsh or swamp, the Everglades is actually a slow moving river. The Native American name, “Pahayokee,” literally means, “river of grass.” Months after Florida became a state in 1845, the legislature began taking steps to drain the Everglades. (Photo by Cayla Nimmo)

Night sky as seen at Anhinga Trail. (Photo by Cayla Nimmo)

Taking a break from shooting, I stop at Ihop for coffee and to go through footage from the shoot. (Photo by Cayla Nimmo)

– Citeste tot articolul: http://www.constanta.ws/stiri/nicolae-badea-il-face-sef-peste-haita-pe-ionut-negoita/

Mark Wetjen, seen as the swing vote on the five-person Commodity Futures Trading Commission, recommended in a confidential agency memorandum that the CFTC alter its proposed rule regarding derivatives marketplaces, or “swap execution facilities”, according to people who have seen the document.

People familiar with the situation, suggest that Mr Wetjen, could propose that the CFTC drop the requirement for institutional investors to send out 5 price requests (RFQs) for a trade. Instead a compromise would ‘incentivize’ participants to rely on near-real-time prices which are entered into a ‘central limit order book’ for swaps, rather than requesting quotes from banks.

The concern from dealers and large investors, has always been that the heavy emphasis on multiple quotations, and pre-trade transparency, would compromise the liquidity in these markets, and result in an undue increase in costs.

The proposal from Mr Wetjen could see the 5 RFQ proposal replaced with a rule that a ‘minimum’ of two competitive quotes be obtained.

Of course, were this to happen, one would have to question the requirement for SEFs at all, let alone SEF aggregation, as the problem becomes far less complex, and would almost revert to ‘business as usual’ amongst dealers quoting clients!

More on this FT here 

The leading financial technology supplier Cinnober recently launched a fully managed marketplace service, TESS™ Connect & Go, targeting trading-intensive banks and brokers.

via Pocket http://www.bobsguide.com//guide/news/2013/Feb/28/cinnober-rolls-out-new-saas-marketplace-technology-for-banks-and-brokers.html February 28, 2013 at 06:23PM

UBS are in discussions to route client IRS orders through to new SEF compliant IRS platform TrueEX.

UBS will use their Price Improvement Network (PIN) to route client orders through to TrueEX, which registered with the CFTC as a Designated Contract Market (DCM). Initially TrueEX will offer electronic execution of interest rate swaps via proprietary trading technology, and it will later expand its offerings to include additional liquid derivatives.

It’s worth remembering, banks are not be mandated to connect to ‘all SEFs’, and that the 20% ownership limits prohibit and meaningful bank stake being acquired. Therefore, it will critical for these new venues to secure key liquidity providers, such as UBS.

For those interested, here is the TrueEX RuleBook. Interactive Data (IDC) 7-ticks platform will provide hosting and low latency routing, more here.

TrueEX has a seasoned management team, and will be interesting to see how they develop.

Bloomberg running with story here

Good connectivity can help lower the latency barriers that regulation is imposing, says Dan Barnes Read more: connectivity OTC latency SEFs FIX Protocol technology Imagine a series of concentric circles; in the centre is a matching engine at an exchange; in the next ring are the client connecti

via Pocket http://www.fow.com/Article/3159889/Achieving-connectivity-through-the-complete-trade-lifecycle.html February 25, 2013 at 06:46PM

FIX Protocol Ltd (FPL), the non-profit, industry standards organisation at the heart of the global electronic trading community, today published recommended best practices and accompanying implementation guidelines for the electronic trading of bonds.

via Pocket http://www.mondovisione.com/media-and-resources/news/fix-protocol-ltd-publishes-guidelines-to-advance-trading-practices-in-response-t/ February 19, 2013 at 04:33PM