To accurately compile global swaps data and realize the full potential of the data that was absent during the financial crisis, the CFTC and our international counterparts must coordinate our data fields and our expectations of market participants, says @CFTCstump
ISDA Tue 29 Jun 2021 15:20

The CFTC should have long ago revisited its policies to allow US persons to access clearing services at non-US CCPs that are subject to a comparable regulatory structure to our own, says @CFTCstump @ISDAConferences
ISDA Tue 29 Jun 2021 15:15

Increasing central clearing globally is a critical tenet of the post-crisis reforms, but we must acknowledge the critically important precursor to achieving this goal – our obligation to help market participants access the clearing infrastructure, says @CFTCstump
ISDA Tue 29 Jun 2021 15:15

One way in which regulators should adapt to changing market structure is to be vigilant about regularly reviewing and refining their rule sets by keeping what works and updating or remaking as needed in light of the current environment, says @CFTCstump
ISDA Tue 29 Jun 2021 15:15

Experience tells me that we cannot simply idle the regulations of the past decade, or they, too, will soon be outdated and unfit for their intended function, says @CFTCstump @ISDAConferences
ISDA Tue 29 Jun 2021 15:15

It was logical that the evolution of the OTC market would eventually require a more common set of execution, clearing and reporting obligations. Unfortunately, the eventual impetus for this mandate was the financial crisis, says @CFTCstump @ISDAConferences
ISDA Tue 29 Jun 2021 15:15

Big thanks to Dawn Stump @CFTCstump for giving keynote remarks at the ISDA Derivatives Trading Forum @ISDAConferences
ISDA Tue 29 Jun 2021 15:10

As we transition from LIBOR, the one thing we continually say to the regulators is the management and creation of efficient liquidity pools is the crucial factor, because that’s the objective - it brings efficiency and mitigates risk, says Scott Fitzpatrick at Tradition SEF
ISDA Tue 29 Jun 2021 15:10

Because US regulators got out of the gate early with their trading rules, everyone who needed to had already onboarded to SEFs. So SEFs became the political parachute that kept everything going after Brexit, says Scott Fitzpatrick @ISDAConferences
ISDA Tue 29 Jun 2021 15:05

Brexit was an example of how politics can affect markets. What we saw immediately after the Brexit transition period was a massive uptick in euro swaps business on SEFs, says Scott Fitzpatrick at Tradition SEF @ISDAConferences
ISDA Tue 29 Jun 2021 15:05

In quiet markets, there appears abundant liquidity and you can execute in large size without any problem, but what we learnt last March is at periodic moments when there is a break in the market, you need more buyers and sellers, says Michael Stanley @BankofAmerica
ISDA Tue 29 Jun 2021 14:54

The cost of transacting during periods of market stress is definitely higher than it was before, says Rick Chan @PIMCO @ISDAConferences
ISDA Tue 29 Jun 2021 14:49

When there is a shock to the marketplace, liquidity completely disappears – during periods of high volatility, we see deteriorating liquidity, says Rick Chan @PIMCO @ISDAConferences
ISDA Tue 29 Jun 2021 14:44

It's all about liquidity. Whether we like it or not or regulators like it or not, the US dollar market is still largely LIBOR based, says Scott Fitzpatrick at Tradition SEF @ISDAConferences
ISDA Tue 29 Jun 2021 14:39

Liquidity is paramount. The switch to SOFR first is a helpful step, but may not drive an immediate increase in liquidity, says Rick Chan @PIMCO @ISDAConferences
ISDA Tue 29 Jun 2021 14:39

The second panel at the ISDA Derivatives Trading Forum will examine current trends in markets and potential challenges that need to be addressed, with @Tradeweb, @PIMCO, @BankofAmerica and Tradition SEF @ISDAConferences
ISDA Tue 29 Jun 2021 14:29

On paper, MiFID II has lots of excellent ideas, but in implementation – particularly on transparency – it lags behind Dodd-Frank by many years and needs to be implemented effectively, says Amir Khwaja @clarusft
ISDA Tue 29 Jun 2021 14:14

Switching between trading venues is a relatively straightforward task, so it’s not a significant decision to switch, but when it comes to clearing it’s a much larger task – you don’t switch clearing houses just because you make a small decision, says Mario Muth @DeutscheBank
ISDA Tue 29 Jun 2021 13:49

What is clear is that market participants prefer a market that is open to all market participants, which is why we've seen a shift to US SEFs, says Mario Muth @DeutscheBank @ISDAConferences
ISDA Tue 29 Jun 2021 13:44

From a client perspective, we were worried that we would lose access to UK MTFs. Looking at the volumes, we are less concerned now because there has been a significant shift to US SEFs, says Mario Muth @DeutscheBank @ISDAConferences
ISDA Tue 29 Jun 2021 13:44

Brexit has led to changes in trading patterns and behavior. The first panel at ISDA’s Derivatives Trading Forum looks at how trading firms and platforms have responded, with @Tradeweb, @DeutscheBank and @clarusft @ISDAConferences
ISDA Tue 29 Jun 2021 13:34

As regards the clearing obligation, we need to assess to what extent new benchmarks are sufficiently liquid and to what extent clearing houses are already clearing them, says Robert Ophèle @AMF_actu
ISDA Tue 29 Jun 2021 13:34

ESMA is expected to consult on potential changes to the scope of the clearing and trading obligations to have an updated regulatory framework before the end of the year, says Robert Ophèle @AMF_actu
ISDA Tue 29 Jun 2021 13:34

If we want EU firms to be competitive overseas, we need to rethink the DTO, says Robert Ophèle, chairman of France’s @AMF_actu @ISDAConferences
ISDA Tue 29 Jun 2021 13:29

The DTO has been instrumental in increasing euro IRS trading in Europe, which was the aim. But EU counterparties can no longer trade with UK counterparties unless they trade on US SEFs, which is regrettable, says Robert Ophèle @AMF_actu @ISDAConferences
ISDA Tue 29 Jun 2021 13:29