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Tag Archives: regulatory arbitrage

OTC Brokers vs. Exchanges and the Futurization of Swaps from Julian Harding of Tradition Interview,Regulation,Video

Julian Harding

During 2012 SEFCON III John Lothian News interviewed five key members of the WMBA. Click here to see all the interviews. The OTC markets are facing headwinds these days, says Julian Harding, executive director, Tradition. In an interview with John Lothian News Editor-at-Large Doug Ashburn at 2012 SEFCON III, Harding says the decisions this fall by Intercontinental Exchange (ICE) and the CME Group to convert energy swaps into futures contracts has led power and gas commercial counterparties to switch their trading operations from OTC to futures. That’s bad news for the OTC space, which by some estimates has seen volumes…

Evolution of OTC Products and Regulations Across Jurisdictions from Shawn Bernardo of Tullett Prebon Interview,Regulation,Video

Shawn Bernardo

During 2012 SEFCON III John Lothian News interviewed five key members of the WMBA. Click here to see all the interviews. Shawn Bernardo is a senior managing director at inter-dealer broker Tullett Prebon and a founding member of the Wholesale Markets Brokers’ Association Americas (WMBAA). As an early developer of electronic market systems, including both Cantor Fitzgerald’s eSpeed and ICAP’s BrokerTec, Bernardo has a unique perspective on the transition to electronic markets and the need for voice services in some markets. In an interview with John Lothian News Editor-at-Large Doug Ashburn at 2012 SEFCON III, Bernardo also discusses the dangers of…

Chris Giancarlo of GFI Group Discusses the Need for Regulatory Balance Interview,Regulation,Video

Chris Giancarlo

During 2012 SEFCON III John Lothian News interviewed five key members of the WMBA. Click here to see all the interviews. Chris Giancarlo, executive vice president, GFI Group worries that US regulation may not be balanced, and that it is mismatched with non-US markets. One area in particular that concerns him is on voice broking of OTC derivatives. Though the CFTC has pushed hard for more electronic execution of OTC trades in its Dodd-Frank Act rulemaking, Giancarlo says many of these types of transactions are illiquid and best done as voice negotiated transactions. In an interview with John Lothian News…