The FSA in the UK has released its Quarterly Consultation Paper that outlines three new categories of OTC derivatives in order to improve the accuracy of the data that it receives for its oversight role. In a nut shell these are 1) Options on financial stocks 2) CFDs on financial stocks and 3) Anything too exotic to sit in any category. You can find the full paper here or the relevant points are copied below:
Introduction of three new derivative type classifications
5.10 SUP 17 Annex 1 (Minimum content of a transaction report) outlines the fields that constitute the content of a transaction report. Where the transaction involves an OTC derivative the derivative type field must indicate the derivative type e.g. option, future, contract for difference (CFD), warrant, spread bet, credit default swap or other swap. We propose to introduce three new derivative type classifications.
5.11 First, we propose to ... more »
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Wednesday, October 8
FSA Outlines New Measures to Oversee OTC Derivatives
by
Sean Sprackling
on Wed 08 Oct 2008 12:26 BST
Fed Holds CDS Clearance talks
by
Sean Sprackling
on Wed 08 Oct 2008 10:48 BST
Yesterday the Federal Reserve met with a number of dealers, exchanges and other industry participants in order to try to speed up the creation of central counterparty for credit derivatives. As per my previous posts, the large dealers had already committed to setting up such a facility by the end of the year - but clearly the hysteria that is consuming both the markets and those looking on has increased the urgency to get this done as soon as possible. As one Fed official said at the start of the week: "The New York Fed will hold a meeting on tuesday with a small number of banks and buyside firms to discuss the progress being made towards the creation of a central couterparty for credt default swaps, which...will help with counterparty credit exposure and improve how the failure of a major participant would be addressed".
The meeting included officials from ... more » |
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