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New Upload to Mixcloud.com
Posted by Sean Carnahan on January 18, 2012
New Upload to Mixcloud.com
Posted by Sean Carnahan on January 17, 2012
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New Upload to Mixcloud.com
Posted by Sean Carnahan on January 17, 2012
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Commodities SuperCycle a myth?
Posted by Sean Carnahan on May 8, 2011
Full article. http://financialriskstoday.com/supercycle_superderivatives.php Market watchers would be forgiven for thinking that commodities have broken out from the traditional wisdom of cyclical markets and are heading for the heavens. Anyone remember some guy called Gordon Brown taking a similar view on ending boom and bust market activity. Anyone remember him? Investors and hedgers have bought into the received wisdom that commodity prices are only going in one direction – up – as part of a super cycle but with inclusive peaks and troughs. But is a commodities super cycle really underway or are we actually in a normal cycle? And in which case, is the received wisdom wrong and could commodities prices start to fall in the short to medium term?
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CFTC’s Division of Market Oversight Issues Advisory Regarding Intraday Speculative Position Limits
Posted by Sean Carnahan on May 18, 2010
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FINANZTAG 2010 – Frankfurt Germany. Attend this SunGard conference event for free with reply to contact below.
Posted by Sean Carnahan on March 19, 2010
FINANZTAG 2010 – Frankfurt Germany. Attend this SunGard conference event for free with reply to contact below.
sean.carnahan@sungard.com Wenn Sie sich für die Teilnahme an dieser Veranstaltung in Frankfurt am Wenn Sie sich für die Teilnahme an dieser Veranstaltung in Frankfurt am Main SunGard kostenlos, antworten Sie bitte direkt an mich mit Ihrer E-Mail, Titel interessiert, und das Unternehmen an sean.carnahan @ sungard.com für einen Registrierungs-Link . —-Die Finanzindustrie befindet sich immer noch inmitten der größten Herausforderungen der letzten Jahrzehnte. Traditionelle Lösungsansätze und lang bewährte Vorgehensweisen reichen nicht mehr aus, um sich auf die „neue Normalität“ einzustellen. Es ist an der Zeit, neue Partnerschaften, neue Geschäftsmodelle und neue Prozesse kennenzulernen und zu adaptieren. Auf dem nunmehr vierten FINANZ-TAG, dem SunGard Veranstaltungs-Highlight im deutschsprachigen Raum, werden führende Wirtschaftsexperten globale Fragestellungen diskutieren und wertvolle Praxisbeispiele für die lokale Umsetzung liefern. Besonders freuen wir uns, dass es uns gelungen ist, mit Wolfgang Gaertner und Dr. Peter Leukert ausgewiesene Experten als Key Note-Referenten zu gewinnen. In sechs spezialisierten Themenforen präsentieren wir Ihnen zudem, welche Bedeutung „Transparency, Efficiency und Networks“ als kritische Erfolgsfaktoren für nachhaltiges Wachstum in der Finanzindustrie haben. Wir sind überzeugt – nach Ihrem Besuch des FINANZ-TAGs 2010 wird Ihre „Bilanz“ folgende Aktivposten aufweisen können: * Sie haben mehr über die aktuellen Trends auf den Finanzmärkten erfahren, Fachexperten aus Ihrer Branche getroffen und profitieren über den Tag hinaus von geknüpften Kontakten.
* Sie haben mit Produktexperten von SunGard über unsere Strategie gesprochen und sind über unsere neuesten Innovationen aus erster Hand informiert.
* Und nicht zuletzt: Sie erlebten einen hochkarätigen Tag in der Alten Oper in Frankfurt am Main.
Wir freuen uns darauf, Sie am 27. April 2010 als Gast bei unserem FINANZ-TAG begrüßen zu dürfen und wünschen Ihnen schon jetzt einen erfolgreichen Event, angeregte Diskussionen und wertvolle Erkenntnisse.
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SunGard Launches New Clearing Gateways for Derivatives
Posted by Sean Carnahan on May 29, 2009
Paris, 28th May 2009 – SunGard is launching a series of new clearing gateways for listed derivatives markets. These smart gateways will be integrated with SunGard’s post-trade derivatives processing solutions, including, GL Clearvision, GL Ubix and GMI, helping SunGard customers to improve performance and efficiency.
Developed in Java and based on industry standards such as FIX messaging, SunGard’s smart gateways can be rolled out in a number of different technical environments including Windows, UNIX and Linux. This new architecture is scalable so that multiple gateways can be installed for a single exchange to help support increased trading volumes. The smart gateways will be launched throughout 2009, replacing SunGard’s existing clearing gateways by early 2010.
GL Clearvision, SunGard’s solution for matching and clearing, has been integrated with the first smart gateway, NYSE-Liffe US (cleared by the OCC). Four SunGard customers are already using the NYSE-Liffe US smart gateway.
Vincent Burzynski, chief product officer for SunGard’s global trading business, said, “SunGard customers in the post-trade derivatives environment continue to face challenges in terms of scalability, performance and efficiency. We are confident that our investment in a new technical architecture, based on industry standard frameworks, will help support our customers’ future business growth.”
To hear more commentary on SunGard and the listed derivatives space, or to join our online “What Happens Next?” conversation, please click here.
About SunGard Global Trading
SunGard provides multi-asset, front- to back-office trading solutions for equities, fixed income, derivatives, FX and commodities on exchanges worldwide. These solutions support full lifecycle trading and trade processing activities including information services, market connectivity and order management that help improve trade efficiency and risk monitoring.
About SunGard
SunGard is one of the world’s leading software and IT services companies. SunGard serves more than 25,000 customers in more than 70 countries, including the world’s 25 largest financial services companies.
SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software.
With annual revenue exceeding $5 billion, SunGard is ranked 435 on the Fortune 500 and is the largest privately held business software and services company on the Forbes list of private businesses. Based on information compiled by Datamonitor*, SunGard is the third largest provider of business applications software after Oracle and SAP. Continuity, Insurance & Risk has recognized SunGard as service provider of the year an unprecedented five times. For more information, please visit SunGard at www.sungard.com.
*January 2009 Technology Vendors Financial Database Tracker http://www.datamonitor.com
Trademark Information: SunGard, the SunGard logo, GL Clearvision, GL Ubix and GMI are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.
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Energy Risk – Stimulating Results
Posted by Sean Carnahan on May 23, 2009
Location: New York
Author: Ken Silverstein
Date: Thursday, May 14, 2009
With the worst part likely over and key aspects of the stimulus program about to begin, a sense of economic confidence is in the air. Yet, green energy developers are starved, not just for seed money but also for political and regulatory certainty. The stimulus package, which passed in February and which was pushed as the central vehicle that would lift the economy out of recession, has billions set aside for clean technology in the form of loan guarantees, venture capital and block grants provided to the states. It's about supplying much-needed funding to companies at a time when traditional debt and equity markets are hard to crack. "We seem to be getting over our jitters and the direction is very positive," says Ed Einowski, a partner in the Portland, Ore. office of Stoel Rives. "The intended effect of the stimulus bill seems to be realized." Einowski points specifically to new laws to allow green energy developers the option of pursuing investment tax credits or cash grants that are paid up front instead of production tax credits that are earned after projects get going. If the goal is to get such things as wind and solar farms built now, cash payments — not credits against taxes owed — would be more effective to move viable deals forward. In a typical setting, entrepreneurial businesses would start by raising venture capital before they would try to access established debt and equity markets. But the credit crisis has changed all that. Supporters of the stimulus measure argue that if the government didn't step in to guarantee credit and to provide federal dollars, the economy could slide further into recession. Altogether, the stimulus bill has $787 billion in it. The money should not be viewed as a "magic pot of gold," says Chris Rissetto, partner in the Washington, D.C. office of law firm of Reed Smith. "It's merely another appropriations bill" — a vehicle to allow the administration to correct problems in the economy. Along those lines, he is predicting more such money will come, perhaps as stand-alone spending measures. "It is not just a matter of sending in a postcard and the government will then send you a check," says Rissetto. "As the monies are competed and awarded, they will have fiscal, contractual and accounting obligations tied to them." Jumping In To be sure, economic doubts still exist. While the dust has not settled, the economy is slowly progressing and therefore giving more assurances to risk-takers. Such confidence, in fact, is integral to not just overall economic development but also to that of the energy sector. As banks and other lenders get their houses in order, they will move to attractive industries and the energy sector will assuredly be one of them. Until then, many economic analysts say that the federal government must provide not just steady guidance but also the means by which feasible ideas become commercialized. Loan guarantees are one mechanism and the U.S. Department of Treasury is supposed to provide those rules by early June. Generally speaking, those loans will go to developers with shovel-ready projects that can be well underway by 2011. Meanwhile, a recently established national venture capital fund will serve to help creative businesses that are in their infancy. The task is to identify energy concepts that have the potential to radically change the landscape by shifting the focus from fossil fuels to sustainable ones. The Energy Department will generally give transformative technologies seed money in the range of $2 million and $5 million. U.S. businesses say they are ready to jump in and access stimulus-related funds. Consider IBM's Venture Capital Group, which essentially links start-up companies and the venture capital world. Toward that end, IBM will work closely with utilities to identify opportunities or with its venture capital network to learn of the next big thing. Energy efficiency and intelligent utility tools are among its key interests. The company has a prudent investment strategy, says Drew Clark, director of strategy. IBM does not directly invest equity in companies, but instead partners with venture capitalists globally to gain insights into emerging technologies and nurture small businesses and potential start-up partners. Now, though, the high-tech giant says that it can also effectively accelerate the entry of clean energy technologies by joining public-private partnerships under the federal stimulus plan. It's a point well taken, given that the Obama administration has said that the projects it would look on most favorably are those that can come to the table with some of their own financing. The real question is whether the innovative ideas outlined by the Obama administration will get the attention — and the capital — they need to become commercial. "We are hoping that Energy Department will be flexible and quick so that companies that are caught up in the credit crisis or that need venture funds can go to the next level," says Michael Hindus, a partner in the San Francisco office of Pillsbury. "This is about jobs and this is something that must yield positive results in a short time, at least before the next election cycle." If the interest continues and progressive energy technologies are brought to market, then the federal stimulus program will have achieved its desired outcome. The New Energy Economy will then triumph, while the Great Recession will continue to fade.
Best regards,
Sean Carnahan
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Japan to build CCP for OTC derivatives trading
Posted by Sean Carnahan on May 23, 2009
Japan Securities Clearing Corporation (JSCC) has announced plans to develop a central clearing counterparty for interest rate swaps and credit default swaps.
The JSCC, in association with the Tokyo Stock Exchange, has set up a working group to design detailed CCP functionality for managing risk in OTC derivatives trading.
The establishment of the group follows the March release of a specially-convened study group on post-trade processing of OTC derivatives trades. This concluded that the JSCC should co-ordinate operational procedures including the establishment of a robust risk management process, IT systems, and business analysis with the aim of launching a fully-fledged clearing service in the first half of next year.
The JSCC says it will work with foreign clearing operators already active in Japan to ensure a harmonised approach and minimal disruption to existing procedures.
The study group report concluded: "In accordance with the current common practice of using the CCP function of LCH.Clearnet's SwapClear for interest-rate swap trading by foreign financial institutions, the opinion was expressed that cooperation with LCH.Clearnet would be required when a clearing institution in Japan is introduced for the clearing of interest-rate swap trading."
Earlier this week, the Reserve Bank of Australia rejected the option of building its own domestic CCP and instead said it would encourage international central counterparties to extend their product coverage to the Australian market.
Best regards,
Sean Carnahan
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ICE adds RBS and readies for Europe launch: RBA calls for expansion of CDS clearing to Australia
Posted by Sean Carnahan on May 23, 2009
ICE adds RBS and readies for Europe launch: RBA calls for expansion of CDS clearing to Australia
IntercontinentalExchange has added Royal Bank of Scotland to its roster of clearing members and confirmed that it will be ready to launch its credit default swaps clearing counterparty in Europe by July.
RBS joins 10 initial clearing members of ICE Trust, and is the first new member since the clearing house launched in March.
Dirk Pruis, president of ICE Trust, says: "We welcome RBS in our continued efforts to bring transparency and stability to the vital CDS markets, and we look forward to working with new dealer and buy-side participants."
ICE Trust is currently expanding its services to include buy-side clearing, which will provide for margin segregation and account portability to firms who are not direct clearing members.
Separately, ICE says it will be ready to provide clearing service through ICE Clear Europe for iTraxx and European single name reference entities by the July 2009 deadline agreed upon by CDS industry participants and the European Commission.
Paul Swann, president of ICE Clear Europe, said: "We are working closely with applicant clearing firms and have completed several weeks of testing. We remain on track to clear iTraxx and European reference entities ahead of the Commission's July deadline."
The move comes as Swiss-German clearer Eurex applies to US regulators to clear OTC derivatives in the US. According to a Financial Times report, the company plans to match rivals CME and ICE by offering the service in both Europe and the US.
Separately, the Payments Systems Board of the Federal Reserve Bank of Australia has conducted a survey of the OTC derivatives market in Australia that has come out in favour of the introduction of central counterparty clearing.
However, it has concluded that the relatively small size of the Australian market may constrain the development of purely domestic central counterparty services for OTC derivatives products, opening up new territory for foreign counterparty clearers with global ambitions.
In a statement, the Board says it "endorses the Reserve Bank working with the other Australian financial authorities to encourage international central counterparties to extend their product coverage to the Australian market".
Best regards,
Sean Carnahan
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