NEW YORK ,Oct. 30 /PRNewswire-FirstCall/ -- IntercontinentalExchange, Inc.
(NYSE: ICE), a leading operator of global regulated futures exchanges and
over-the-counter (OTC) markets, and The Clearing Corporation (TCC), today
announced new agreements intended to advance their previously announced joint
global clearing solution for Credit Default Swaps (CDS). Together with nine of
the major global investment banks who are dealers in the CDS markets, ICE and
TCC have entered into memorandums of understanding (MOUs) to develop a joint
global clearing solution and to effect the acquisition of TCC by ICE.
Under the terms of the new agreements, ICE will acquire TCC and will form
ICE US Trust (ICE Trust), aNew York limited purpose trust company and
subsidiary of ICE, with the support of Bank of America, Citi, Credit Suisse,
Deutsche Bank, Goldman Sachs, J.P. Morgan, Merrill Lynch, Morgan Stanley and
UBS. As previously announced, ICE and TCC continue to work ... more »
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Friday, October 31
ICE to Acquire The Clearing Corporation as Clearing Initiative Advances
by
Sean Sprackling
on Fri 31 Oct 2008 09:33 GMT
Tuesday, October 28
NumeriX Releases NumeriX 7.2 with New Models & Methods For Credit, Inflation and Hybrid Derivatives
by
Sean Sprackling
on Tue 28 Oct 2008 10:13 GMT
Press release - 27 October 2008
NumeriX, the leading analytic provider for derivatives and structured products, has introduced new functionality and greater model coverage within its leading cross-asset pricing and risk analytics solutions via the introduction of NumeriX 7.2, the engine behind NumeriX solutions. The upgrade includes many enhanced capabilities for all asset classes, as well as new models and functions for credit, inflation and hybrid derivative products. The new NumeriX 7.2 functionality is available via NumeriX 7 in Excel and NumeriX Bloomberg Edition, the Excel-based version integrated with Bloomberg pricing data via the Bloomberg Professional Service; NumeriX Portfolio, its trade capture and risk system; and the NumeriX partner network of the largest trading, risk and valuation systems. The valuation of financial products is coming under close scrutiny due to the recent events on Wall Street. As a result, there will be a major movement toward what NumeriX defines as ... more » Monday, October 27
SmartCo is enhancing its range of financial products to cover credit derivatives, commodities and volatility surfaces
by
Sean Sprackling
on Mon 27 Oct 2008 10:45 GMT
Press release - 24 October 2008
Faced
with the growing complexity of credit-derivative products and the
dramatic consequences suffered by the market since the summer of 2007
due to the sub-prime crisis, Smart Financial Data Hub (SFDH) now
provides financial institutions with a range of functions for modelling
and managing the fundamentals of these products, special purpose
vehicles, complex underlying instruments, and the various financial
stakeholder players.
Although the main credit derivatives are, of course, represented and managed in SFDH's Instrument repository (CDS single name), the application also manages CDS Basket and CDOs. Because the Instrument, OTC and Third Party repositories are so complete, it now supports inter-entity links of any type, which are highly relevant and essential for analysing and measuring the risk inherent in these contracts. For CDS Basket in particular, navigation within the basket gives a view, which is both detailed and aggregated, of the risk related ... more » Saturday, October 25
Northern Trust Adds New Messaging Format Enabling Straight Through Processing for New OTC Derivative Trades
by
Sean Sprackling
on Sat 25 Oct 2008 12:30 BST
The first sentence is of course utter rot, but it is nice of them to explain what FpML is.... LONDON, October 24 /PRNewswire/ -- Northern Trust has become one of the first asset servicers to adopt the Financial Product Mark-up Language ("FpML") messaging format in processing over the counter ("OTC") derivative trades. As part of Northern Trust's move towards increasing automation and straight through processing ("STP") in OTC derivative trade processing, this format can be used for Northern Trust's clients across the globe. FpML is a messaging format which automates the flow of information between an asset servicer like Northern Trust and its clients and operates independently of any underlying software or hardware infrastructure pertaining to derivative trades. "The format enables us to accept and deliver new trade messages electronically and in a standard, replicated way," explains Stephen Andress, global head of derivatives processing at Northern Trust. "This increases automation ... more » Thursday, October 23
DTCC and LCH.Clearnet Announce Plans to Merge and Create World's Leading Clearing House
by
Sean Sprackling
on Thu 23 Oct 2008 09:08 BST
22 October 2008 – The Depository Trust & Clearing Corporation (DTCC) and LCH.Clearnet Group (LCH.Clearnet) today jointly announce that they have signed non-binding heads of terms regarding the proposed merger of the two companies. The merger proposal aims to create the world’s leading clearing house, which would operate a user-owned, user-governed model, with LCH.Clearnet moving to an at-cost based structure comparable to DTCC’s within three years. As a result of the transaction, LCH.Clearnet shareholders would receive total consideration of up to €739 million (€10 a share), the majority of which would be funded through LCH.Clearnet’s revenue. Euroclear, currently the largest shareholder in LCH.Clearnet, with a holding of 15.8%, intends to support the transaction in principle and remain a shareholder of LCH.Clearnet HoldCo, and to thereby cement a strong partnership in European post-trade solutions. It is anticipated that the proposed merger will result in significant synergies and efficiency gains, largely derived ... more » |
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