ISDA | Jotup

Survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets (SESFOD) - March 2024

Retrieved on:

Thursday, April 18, 2024

Survey on credit terms and

Key Points:

Survey on credit terms and
conditions in euro-denominated
securities financing and OTC
derivatives markets (SESFOD)
March 2024
The Eurosystem conducts a three-monthly qualitative survey on credit terms and
conditions in euro-denominated securities financing and over-the-counter (OTC)
derivatives markets.
The survey questions are grouped into three sections:
1.
counterparty types ? credit terms and conditions for various counterparty
types in both securities financing and OTC derivatives markets;

2.

securities financing ? financing conditions for various collateral types;

3.

non-centrally cleared OTC derivatives ? credit terms and conditions for
various derivative types.
The survey focuses on euro-denominated instruments in securities financing and
OTC derivatives markets.
For securities financing, the survey refers to the
euro-denominated securities against which financing is provided, rather than the
currency of the loan.
Reporting institutions should report on their global credit terms, so the survey is
aimed at senior credit officers responsible for maintaining an overview of the
management of credit risks.
SESFOD March 2024
2

March 2024 SESFOD results
(Review period from December 2023 to February 2024)
The March 2024 Survey on credit terms and conditions in euro-denominated
securities financing and OTC derivatives markets (SESFOD) reports qualitative
changes in credit terms between December 2023 and February 2024.
Looking at credit terms and conditions for the various types of non-centrally cleared
OTC derivative, initial margin requirements increased slightly for all derivative types.
Survey respondents reported mostly unchanged conditions as regards the maximum
amount of exposure and the maximum maturity of trades.
Moreover, they reported that the volume of valuation disputes had
declined for all derivative types except credit derivatives.
The survey asked respondents to compare credit terms
and conditions on the cut-off date for the March 2024 survey round (i.e.
Compared with the
previous year, overall terms and conditions for securities financing and OTC
derivatives transactions had eased somewhat across all counterparties, while credit
standards for funding secured against various types of collateral and non-price terms
in OTC derivatives markets were generally tighter.
Credit terms and conditions for various counterparty types in both
securities financing and OTC derivatives markets
Overall credit terms and conditions eased between December 2023 and
February 2024 (Chart A).
The overall easing of conditions masked some
heterogeneity between price and non-price terms, and across different types of
counterparty, though reported changes were relatively small.
Credit terms and conditions for various types of non-centrally
cleared OTC derivative
Initial margin requirements increased slightly for all derivative types.
Meanwhile, they reported
unchanged conditions for credit derivatives referencing sovereigns and commodities,
as well as a slight deterioration for credit derivatives referencing corporates and
structured credit products.
The survey asked respondents to compare the credit terms and conditions observed
on the cut-off date for the March 2024 survey (i.e.
Compared with the previous year, overall terms and conditions for securities
financing and OTC derivatives transactions had eased somewhat across all
counterparties.
Survey respondents reported that non-price credit terms in OTC derivatives
markets had tightened somewhat for almost all types of derivative relative to
the previous year.

Two Weeks Until ISDA’s 38th AGM in Tokyo – Did You Register?

Retrieved on:

Tuesday, April 2, 2024

Banking, Asset Management, Professional Services, Finance, Microsoft, Conference, AGM, Insurance, ISDA, Multimedia, Government

Join the International Swaps and Derivatives Association, Inc. (ISDA) at its 38th Annual General Meeting (AGM) in Tokyo from Tuesday April 16 until Thursday April 18, 2024.

Key Points:

Join the International Swaps and Derivatives Association, Inc. (ISDA) at its 38th Annual General Meeting (AGM) in Tokyo from Tuesday April 16 until Thursday April 18, 2024.
View the full release here: https://www.businesswire.com/news/home/20240401476100/en/
Marco Casalaina, Vice President of Products of Azure AI, Microsoft
Accredited journalists are invited to attend the event and must register in advance.
Please note that attendance at the evening events is granted on a strictly off-the-record basis and is for networking purposes only, not for reporting.
Since 1985, ISDA has worked to make the global derivatives markets safer and more efficient.

DCAS Accepting Non-Dealer Committee Membership Applications for 2024

Retrieved on:

Friday, March 15, 2024

Consulting, Banking, Professional Services, Finance, Letter, ISDA, Committee, DCAS

DC Administration Services, Inc. (DCAS) would like to invite all interested Members of ISDA to apply for a position as a Non-dealer Committee Member of the Determinations Committee for the relevant region.

Key Points:

DC Administration Services, Inc. (DCAS) would like to invite all interested Members of ISDA to apply for a position as a Non-dealer Committee Member of the Determinations Committee for the relevant region.
Parties wishing to apply for such a position should carefully review and submit an executed Non-dealer Committee Participation Letter by 5pm (New York time) on Wednesday, March 20, 2024.
For more information on the process and to download the form of the Non-dealer Committee Participation Letter, please visit https://www.cdsdeterminationscommittees.org/about-dc-committees/constitu... .
View source version on businesswire.com: https://www.businesswire.com/news/home/20240315301830/en/

Keynote Speakers Announced: ISDA’s 38th Annual General Meeting in Tokyo!

Retrieved on:

Monday, March 4, 2024

Professional Services, Business, Other Professional Services, Finance, Asset Management, Banking, Multimedia, ISDA, Government, Conference, AGM, Insurance

Join the International Swaps and Derivatives Association, Inc. (ISDA) at its 38th Annual General Meeting (AGM) in Tokyo from Tuesday April 16 until Thursday April 18, 2024.

Key Points:

Join the International Swaps and Derivatives Association, Inc. (ISDA) at its 38th Annual General Meeting (AGM) in Tokyo from Tuesday April 16 until Thursday April 18, 2024.
View the full release here: https://www.businesswire.com/news/home/20240303095282/en/
Masahiko Kato, President & CEO, Member of the Board of Directors, Mizuho Bank, Ltd.
More keynote speakers to be announced in the coming weeks.
Accredited journalists are invited to attend the event and must register in advance.
Journalists are invited to attend all social events, including the pre-conference welcome reception on Tuesday April 16 at 7:30PM.

Survey on credit terms and conditions in euro-dominated securities financing and OTC derivatives markets (SESFOD) - December 2023

Retrieved on:

Saturday, February 3, 2024

Key Points:

Seychelles Government selects SECDEX digital carbon market solution to be showcased at COP28

Retrieved on:

Tuesday, November 28, 2023

Carbon, COP28, Registry, Interest, Government, VCC, COP, Blue zone, Green Zone, FSA, SIDS, ISDA, FMI, Renewable energy

On 4 December at 15:30 local time, and in a collaboration with sustainability firm Island Carbon Consult, SECDEX will host an event in the Seychelles Pavilion.

Key Points:

On 4 December at 15:30 local time, and in a collaboration with sustainability firm Island Carbon Consult, SECDEX will host an event in the Seychelles Pavilion.
SECDEX will also collaborate at COP28 with its sister company ZERO13, a GMEX Group initiative, to provide a climate fintech platform-as-a-service ecosystem.
SECDEX is connected to the ZERO13 Hub, which digitally interconnects carbon market participants, registries and exchanges across jurisdictions.
Hirander Misra, Chairman of SECDEX, ZERO13 and GMEX Group commented: “We are delighted to be selected by the Seychelles Government to showcase the SECDEX carbon market at COP28, and its integration within the ZERO13 global ecosystem of registries, participants, and climate fintech services.

Automated Financial Systems, Inc. Unveils its Latest Version 3.6 of the Commercial Lending Industry's Next-Generation Lending Solution, AFSVision®

Retrieved on:

Thursday, November 16, 2023

AFS, Philosophy, SOFR, ISDA, Financial system, Innovation

EXTON, Pa., Nov. 16, 2023 /PRNewswire/ -- Automated Financial Systems, Inc. (AFS®) is pleased to announce the availability of the latest version of AFSVision, the industry's only true real-time, and most advanced, commercial lending platform.

Key Points:

EXTON, Pa., Nov. 16, 2023 /PRNewswire/ -- Automated Financial Systems, Inc. (AFS®) is pleased to announce the availability of the latest version of AFSVision, the industry's only true real-time, and most advanced, commercial lending platform.
We're excited for the new ways these enhancements to AFSVision will bring innovation & efficiency to commercial lending.
We are committed to providing clients with the latest in commercial lending technology and process efficiency, so we're pleased to announce the latest version of our revolutionary commercial lending solution, AFSVision.
This delivery demonstrates our continuing, exclusive support of financial institutions in modernizing and maximizing their commercial lending business," says Rick Bare, CEO and President of AFS.

Greenberg Traurig Adds Well-Known Financial Markets Regulation Attorney Akihiro Wani in Tokyo

Retrieved on:

Monday, October 2, 2023

LLP, Executive, Morrison & Foerster, International Swaps and Derivatives Association, ISDA, Morrison, University of Tokyo, Real estate, Columbia University School of Social Work, University, Knowledge, Bank, Columbia Law School, Industrial Bank of Japan, Accounting, Cryptocurrency

TOKYO, Oct. 2, 2023 /PRNewswire-PRWeb/ -- Global law firm Greenberg Traurig, LLP continues its strategic expansion in Tokyo with the addition of Akihiro Wani, a well-known industry leader on financial markets regulation, who joins as senior counsel from Morrison & Foerster.

Key Points:

Global law firm Greenberg Traurig, LLP continues its strategic expansion in Tokyo with the addition of Akihiro Wani, a well-known industry leader on financial markets regulation, who joins as senior counsel from Morrison & Foerster.
TOKYO, Oct. 2, 2023 /PRNewswire-PRWeb/ -- Global law firm Greenberg Traurig, LLP continues its strategic expansion in Tokyo with the addition of Akihiro Wani, a well-known industry leader on financial markets regulation, who joins as senior counsel from Morrison & Foerster.
He has more than 30 years of experience representing Japanese as well as international clients on financial regulatory matters and transactions involving new financial instruments.
"The addition of Akihiro Wani is a significant milestone for our Tokyo office.

Capitalab Switches 10,000 LIBOR Swaptions to SOFR in New Swaption Migration Service

Retrieved on:

Tuesday, September 5, 2023

LIBOR, BGC, SOFR, ISDA, The Company, USD, Vanilla, Security (finance)

This pioneering new service seamlessly switches LIBOR-referenced USD swaptions into vanilla SOFR swaptions, removing complexities caused by the impact of ISDA supplements on the legacy LIBOR portfolio and LIBOR fallback rules.

Key Points:

This pioneering new service seamlessly switches LIBOR-referenced USD swaptions into vanilla SOFR swaptions, removing complexities caused by the impact of ISDA supplements on the legacy LIBOR portfolio and LIBOR fallback rules.
The new service also removes the need for bilateral negotiations between participants and mitigates the need for extensive resources to price the LIBOR inventory conversion to SOFR or its ongoing management under LIBOR fallback rules.
The first three cycles executed seamlessly, switching in excess of 10,000 LIBOR swaptions to SOFR, supported by automated trade booking.
Capitalab plans to execute additional multilateral cycles over the coming weeks, with the aim to migrate participants' near entire LIBOR inventory to SOFR swaptions.

Capitalab Switches 10,000 LIBOR Swaptions to SOFR in New Swaption Migration Service

Retrieved on:

Tuesday, September 5, 2023

LIBOR, BGC, SOFR, ISDA, The Company, USD, Vanilla, Security (finance)

This pioneering new service seamlessly switches LIBOR-referenced USD swaptions into vanilla SOFR swaptions, removing complexities caused by the impact of ISDA supplements on the legacy LIBOR portfolio and LIBOR fallback rules.

Key Points:

This pioneering new service seamlessly switches LIBOR-referenced USD swaptions into vanilla SOFR swaptions, removing complexities caused by the impact of ISDA supplements on the legacy LIBOR portfolio and LIBOR fallback rules.
The new service also removes the need for bilateral negotiations between participants and mitigates the need for extensive resources to price the LIBOR inventory conversion to SOFR or its ongoing management under LIBOR fallback rules.
The first three cycles executed seamlessly, switching in excess of 10,000 LIBOR swaptions to SOFR, supported by automated trade booking.
Capitalab plans to execute additional multilateral cycles over the coming weeks, with the aim to migrate participants' near entire LIBOR inventory to SOFR swaptions.