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Swaps Clearing Revenue Could Match Energy Rise, Analyst Says
Sept. 28 (Bloomberg) -- Revenue growth for swaps clearinghouse owners will take more time to materialize than previously thought, though longer-term it could match the increased sales of up to 27 times seen in energy clearing, according to Keefe Bruyette & Woods.
CME Group Inc., Intercontinental Exchange Inc. and Nasdaq OMX Group Inc. will be likely beneficiaries of changes mandated by the Dodd-Frank Act to the $601 trillion over-the-counter derivatives market, Niamh Alexander, an analyst with Keefe Bruyette in New York, wrote in a note to clients yesterday. While progressing slower than she thought, the changes should bring new entrants to the market and increase sales, she said.
“The progress is slow but definite,” Alexander said in a telephone interview today. “The train’s left the station and we’re moving toward clearing.” She said by 2016 the legislation could increase clearing revenue for interest-rate, credit- default, foreign exchange, equity and commodity OTC products by $830 million to $1.2 billion. “The opportunity is real, it just keeps getting pushed back.”
How Overhauling Derivatives Died « Institutional Financial Derivatives
WSJ – Lobbying by Go under In someone's bailiwick has blunted efforts to hasten up modification on derivatives trading by carving out exceptions or leaving the significance quo in station.
Derivatives took reprove for some of the worst debacles of the fiscal emergency. But a year after regulators and critics began m for an repair in the way they are traded, some efforts have been shelved and others have been watered down.
The two pure issues referring to regulators were trading and clearing of swaps, which let someone have investors to bet on or hedge movements in currencies, interest rates and many other things. Swaps on the whole merchandising privately, leaving competitors and regulators in the lowering about the breadth of their risks. In November 2008, the chairman of the Senate Agriculture Panel proposed forcing all derivatives trading onto exchanges, where their prices could be publicly disclosed and perimeter requirements imposed to insure that participants could remodel seemly on their peddle bets.
But a pecuniary-outdistance bill passed by the Enterprise of Representatives on Dec. 11 watered down or eliminated these requirements. The allotment still allows for convey brokering and allows dealers to use alternatives to exposed exchanges.
A mouthpiece for one big Screen Roadway relations said in an interview that the rollback from the first proposals in Congress was the consequence of an “instructive” alter by dealers and customers that resulted in “a grudging acceptance” that many uses of derivatives didn’t fit such a compulsive draw. At one concerning, House of ill repute agriculture chairman Collin Peterson (D., Minn.) said he suspected dealers had dispatched their customers to reception room Fine Hill.
For Close off Circle, switching to exchanges would have cut their profits in a lucrative affair. “Exchanges are anathema to the dealers,” because the resulting added honorarium disclosure “would lower the profits on each business they run, and they would buy and sell many fewer trades,” said Darrell Duffie, a back professor at Stanford enterprise college.
...foreign exchange trading clearing - News
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