Earlier this year the Supreme Court in the US overturned to the Chevron doctrine, which stated that if any laws were ambiguous, the courts should defer the interpretation of those laws to federal agencies such as national regulators, and they should presume that their interpretations are correct. With this doctrine overturned, many in the financial services sectors are questioning what this means for regulators in financial markets.

In this episode of the DerivSource podcast "Living the Trade Lifecycle", Edward Ivey, Partner at Haynes Boone in Charlotte, North Carolina, explains overturning of the Chevron doctrine might mean for future regulation by the CFTC.

For more information including our show notes, please go to derivsource.com.

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Margin is in the spotlight lately and with good reason. Standards bodies, industry associations and regulators are all calling for greater transparency in margin models to boost the resiliency of the global derivatives markets during times of volatility, as seen in recent years and months.

In this podcast, Rafik Mrabet, Managing Director, Cumulus9, talks to DerivSource about what greater transparency of margin models and processes looks like for market participants – financial institutions and CCPs, and how tools can help all parties move towards the greater goal – a safer market.

Discussion points include:

• Takeaways from recently published industry reports calling for greater margin transparency
• What transparency means for CCPs, Clearing Members and Clients
• Evolution of margin model methodology – SPAN to VaR
• ·Available tools to improve margin transparency today

Go to DerivSource.com for more info on this topic including related reading.

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As the industry readies itself for the looming deadline for the acceleration of the settlement cycle to T+1, many firms, both buy and sell side will be contending with various operational challenges. 

In this episode of the DerivSource Podcast, Living the Trade Lifecycle, Gabino Roche, the CEO and founder of Saphyre, shares his views on two of the top challenges - SSIs and potential after hours liquidity hiccups – that firms must address now to ensure they can settle trades efficiently and within the constraints the T+1 settlement cycle introduces.

In this episode, we explore:

• Are firms ready for T+1 now?
• Are firms investing in technology and automation to prepare or relying on short-term solutions such as increasing staffing resources? 
• What are the common hurdles firms face in adjusting SSI related processes ahead of T+1?
• What is the “witching hour” and how can this create potential challenges in managing liquidity?
• What do you think is the golden opportunity that T+1 is introducing for the industry?
• What should firms be focusing on now to ensure they are ready and able to settle trades on T+1 efficiently come the deadline?

Related reading and resources:

https://www.saphyre.com/

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Recent market events, new regulation and ongoing market volatility are really keeping risk management and compliance professionals on their toes. And risk itself is evolving too – with newer risks to contend with (cyber and ESG) while there is growing recognition of the value these departments contribute to the success of a business. How can risk and compliance professionals' strength their career prospects amidst all this change?

In this episode of our Professional Pivots podcast series, we speak to Kimberley Cole, Chief Risky Officer at Risky Women, about how the careers in risk management and compliance are changing in today's environment. We explore how the use of various tools such as industry networks, workshops and resources (Watch Lists) is integral to helping individuals amplify their visibility, increase industry knowledge and seek out opportunities to advance their careers.  

Tune in to hear more about:

• How have roles in risk management and compliance changed? 
• What are the most significant challenges risk and compliance professionals face today and why?
• What are the opportunities for career advancement for professionals working in risk management and regulatory compliance?
• What can risk managers do to enrich their careers or ensure they are evolving to keep up with changes in their role?
• How will roles in both risk management and regulatory compliance change in the next two to three years?
• Why is it a good time to be a risk manager or work in compliance?
• What advice would you give a professional in risk management and compliance today?

About Kimberley Cole

Kimberley Cole is the Founder of Risky Woman and is passionate about inspiring and connecting women to be bold, to extend and to take risks. With a foundation in Governance, Risk and Compliance the network focuses on the rapidly evolving regulatory landscape but offers connections and ideas for building business and careers for women and of course men too. Kimberley’s philosophy is centred on connecting, celebrating and championing women across the globe. A global executive, she has extensive background in financial services and technology. As a sales and marketing leader for over 20 years she has worked with customers in multiple geographies on big data projects and identifying solutions to help them thrive in an increasingly disrupted world. She has driven growth and transformation across a range of functions with achievements including building and launching new products and transforming teams to create customer focus and accelerated growth. Creating shared value and taking action she also established a platform to stop slavery and focus on how technology and data can help address this crime. She is an angel investor and fintech advisor. Non-Executive Director of the Fair Employment Foundation and AustCham Hong Kong.

About the Series:

Professional Pivots – Next Steps for Compliance, Collateral and Risk

This series of DerivSource Living the Trade Lifecycle podcast explores how financial professional roles are evolving amidst market change, technological advancements, and a shake-up in work dynamics in a post-pandemic corporate workplace. With a focus on professionals working in compliance, collateral management and risk, podcast episodes will cover  the current opportunities for career advancement. 

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Regulatory compliance has been the single most significant driver of change in the collateral management space in the last decade. This shift in focus paves the way for collateral management professionals to consider their next steps in their careers – whether this be education, leveraging skill sets to leap to other roles or getting to grips with newer technologies. 

In the second episode of the DerivSource Professional Pivots podcast series, we speak to Chetan Joshi, Founder and COO of Margin Reform, about how the role of a collateral manager is changing,  the current opportunities for career advancement and how upskilling through training and education can help professionals achieve successful career growth.

Tune in to hear more about:

·       How has the role of the collateral manager changed in the last decade? 

·       What are the main skills that collateral managers have today?

·       What are the opportunities for career advancement or pivots for professionals working in collateral management today?

·       What can collateral managers do to enrich their careers or ensure they are evolving to keep up with changes in their roles? 

·       How can collateral management professionals get the specific education required to enrich one's career?

·       How will the collateral management role change in the next two years?

·       Why is it a good time to be a collateral manager? 

·       What advice would you give a collateral professional today?

About Chetan Joshi

Chetan Joshi has an impressive 26-year journey in the realm of collateral management, he has had the privilege of working alongside industry trailblazers. As a seasoned public speaker and master trainer, Chetan harnesses his deep and deliberate expertise to reshape collateral management landscapes in both Business and Technology, offering innovative solutions that cater to the evolving demands of the Financial Markets. Beyond the professional sphere, you'll find him coaching football, venturing into the great outdoors with family and friends, and continually refining his reflexology skills.

About the Series

Professional Pivots – Next Steps for Compliance, Collateral and Risk

This series of DerivSource Living the Trade Lifecycle podcast explores how financial professional roles are evolving amidst market change, technological advancements, and a shake-up in work dynamics in a post-pandemic corporate workplace. With a focus on professionals working in compliance, collateral management and risk, podcast episodes will cover how each of these roles are changing and what are the current opportunities for career advancement. Tune in to hear also some common professional pivots that individuals can consider when looking to carve out an enriching and successful career.

Related reading and resources:

For more information on Margin Reform's E.L.E.V.A.T.E solution for its Institute of Collateral (IOC): ELEVATE system: https://www.marginreform.com/landing-pages/elevate 

DerivSource Professional Pivots Series - see previous episode for regulatory compliance professionals here

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New regulation, market trends and greater use of technology means compliance departments are constantly changing. These changes also present opportunities for compliance professionals to elevate their careers.

In the first episode of DerivSource's "Professional Pivots" podcast series, we explore how the career path for compliance professionals is evolving. Specifically, we discuss what skills are necessary for the role now (hint – it's technology) and what opportunities are available to support future career advancements or strategic professional pivots.

Tune in to hear Joe Schifano, a compliance veteran, and current global head of regulatory affairs at Eventus, share his own experience with professional pivots in his career. He also discusses the various ways professionals can advance their careers through opportunities in education, technology training and pivoting to other roles or industries.

Listen to hear more about:
•How have compliance roles changed in recent years?
•How can compliance departments and professionals better manage a greater use of newer technologies?
•How does greater use of technology impact compliance roles?
•What are the opportunities for more junior compliance professionals today?
•Why is it a good time to be working in compliance?
•Who is well suited for working in compliance and why?

About Joe Schifano

Joe Schifano is Global Head of Regulatory Affairs at Eventus.

Joe brings 20 years of experience to Eventus, where he partners with client stakeholders, champions their needs, and concerns, communicates regulatory trends, offers insights to maximize effectiveness, and helps compliance and supervisory staff build best-in-class surveillance and monitoring capabilities. He most recently served as Deputy General Counsel and Global CCO at Tower Research Capital. He successfully led the global compliance team for this proprietary trading firm with 30 trading teams and activity in over 80 electronic markets globally with staff in New York, London, Gurgaon and Singapore. At Tower, he also served as CCO for Latour Trading LLC and TRC Markets LLC from 2016 to 2018, and as Counsel from 2014 to 2015. Earlier in his career, he was a Vice President on NYSE’s legal team, and held front-office, supervision, and compliance roles at Barclays Capital and UBS Securities. Joe received his J.D. from New York Law School and holds a B.S. in Applied Social Sciences and Business from Binghamton University.

About the Series

Professional Pivots – Next Steps for Compliance, Collateral and Risk

This series of DerivSource Living the Trade Lifecycle podcast explores how financial professional roles are evolving amidst market change, technological advancements and a shake-up in work dynamics in a post-pandemic corporate workplace. With a focus on professionals working in compliance, collateral management and risk, podcast episodes will cover how each of these roles are changing and what are the current opportunities for career advancement. Tune in to hear also some common professional pivots that individuals can consider when looking to carve out an enriching and successful career.

Related reading and resources:

Compliance in Focus -  a content series on regulatory topics for financial markets and the challenges compliance officers face in address

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Collateral management remains in the spotlight this year and for good reason - market volatility, rising inflation and interest rates put greater pressure on collateral managers in the form of rising business costs, funding costs and an increase in the volume of margin calls.  In this episode of the DerivSource podcast, Living the Trade Lifecycle, David White, CloudMargin's chief commercial officer, we explore how collateral management operations, despite recent UMR-related investment, are still plagued by many challenges- some internal such as bifurcated processes, reliance on legacy technology and a lack of automation and now in recent months – external challenges due to market conditions. Tune in to hear more about how firms can take their collateral operations to the next level through upgrading their tech stack and utilising tools (e.g., collateral optimisation) to strategically and efficiently navigate turbulent market conditions brought on by rising inflation, interest rates and general volatility.

This podcast episode explores:
•How macro market conditions (volatility, rising inflation and interest rates) are impacting collateral management right now.
•How UMR-related investment in collateral management addressed regulatory compliance but now firms need to address operational challenges in the form of legacy tech, siloed collateral pools, rising costs.
•What is optimisation and how can this functionality help firms address challenges related to current market conditions?
•How can new technology solutions (Cloud, SaaS) help firms avoid big - multi-year operational overhauls?
•Now what and where to start? It starts with good data and technology!

Related Reading and Resources:

Register for the upcoming webinar on “Collateral resiliency in a turbulent market” on April 18th.

DerivSource Podcast page: https://derivsource.com/podcast/

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A Joint Podcast with DerivSource.com and sister publication, Global Trading

We begin the new year by reflecting on conversations of 2022’s past that set us up for continued success in 2023 and beyond. In this episode, Julia Schieffer, editor of DerivSource and host for DerivSource’s podcast, and Terry Flanagan, Managing Editor of Markets Media, and host for the GlobalTrading podcast reflect on the top 3 notable conversations of 2022. 

Some of the most influential discussions came from discussing the challenges and opportunities that come with continued market volatility with Derivative Path’s head of business development, Tom Loffreido, and head of balance sheet strategy, Isaac Wheeler. As well as, chatting with Gemma Hagen, Director of Technology at Aspect Capital, excavating the challenges and opportunities associated with the buy side modernizing its technology, and taking a fascinating deep dive into the connections between behavioral psychology and risk management with Hersh Shefrin, author, pioneer, and Mario L. Belotti Professor of Finance at Santa Clara University. 

After a year of rapid change and regulation, we felt inspired by the conversations discussing what lies ahead of 2023 for post-trade technology changes and those who shared their views on navigating the rapidly changing collateral management space.

Please go to the DerivSource or Global Trading podcasts to listen to the full episodes or your favorite podcasting channel. And don’t forget to subscribe!

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Distributed ledger technology (DLT) has been touted as a potential game-change for the post-trade processing space, yet many financial organisations continue to sit on the side lines waiting for the business case to be made. In 2022, we have seen the pioneers behind DLT adoption showcase the applicability of this technology to specific areas of post-trade and the benefits it yields. 

In this episode of the DerivSource podcast, Living the Trade Lifecycle,  Martin O’Connell, solutions architect at  HQLAᵡ   ,  explores a particular business case where the adoption of DLT is already making strides in one post-trade space – securities financing and collateral management. So, whether you’re at the heart of your firm’s digital innovation strategy or new to DLT, listen in today to hear more about what is working today and how it may shape 2023 and beyond.

Related Reading and Resources:

Digitalising Derivatives Post Trade: Hurdles and Blending of Old and New

About HQLAᵡ:

HQLAᵡ is an innovative financial technology firm founded by financial market practitioners.  Our vision is to be the distributed ledger for Securities Finance and Repo.

Our immediate goal is to provide capital savings to global banks by improving collateral mobility across market-leading triparty agents and custodians in Europe. Together with Deutsche Börse, we created a multi-layer operating model which enables our clients to exchange ownership of baskets of securities across disparate collateral pools at precise moments in time.  

The atomic nature of our Delivery vs Delivery (DvD) ownership transfers provides our clients with capital cost savings by reducing credit risk, intraday liquidity requirements, and operational risk.

For more information: https://www.hqla-x.com

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Legacy systems often get a bad rap, but are the newer technologies such as AI, DLT really the answer to all of your post-trade processing woes? In this episode of the DerivSource’s podcast, Living the Trade Lifecycle, Torstone Technology’s CEO, Brian Collings,  sheds light on the practical strategies financial organisations can consider when making significant improvements to their operational processing without ‘throwing the baby out with the bathwater.’

Tune in to hear his views on how changes to the middle office can extend the life of legacy systems, the role APIs play in establishing a flexible and agile post-trade operation, and the changes needed so post-trade operations can support new market needs such as digital assets and crypto currencies.

Related Reading and Resources:

Bringing the Middle Office into the Real-Time, Digital Age

Future-proofing Post-Trade: How to Get the Middle and Back Office Talking

About Torstone Technology:

Torstone Technology is a leading global SaaS platform for post-trade securities and derivatives processing technology. Our post-trade platform was originally built by and for a global investment bank. At the core of its design is the ability to flex to new requirements: to be fast, flexible and future proof. Using the Torstone Platform, you can manage the entire cross-asset post-trade workflow, from trade capture and confirmation through to reconciliation, all in a single, integrated platform. This helps you reduce costs, achieve greater control, minimise risk, and drive operational efficiency.

Torstone puts many decades of investment banking expertise together with in-depth global financial market and technology industry knowledge to offer agile, secure, scalable, and cost-effective solutions. Using our fully integrated cloud-based technology means you spend less time on manual processing and maintaining regulatory compliance, and more time with your customers.

We are a fast-growing company headquartered in London, with offices in New York, Toronto, Hong Kong, Singapore, and Tokyo. For more information, please visit the website.

You can find other information on this topic via DerivSource.com

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The collateral management space has changed at a rapid pace in recent years due to the introduction of new regulatory rules and best practices impacting both cleared and uncleared derivatives. Despite the pace of regulatory change slowly somewhat, this collateral management operations continue to evolve and respond to new market trends and operational drivers.

In this episode of DerivSource’s Living the Trade Lifecycle podcast, Shaun Murray, CEO of Margin Reform, offers us a quick view on the top three challenges collateral managers should be focused on now, the market trends (collateral trading and DeFI) to be aware of, and how collateral managers can best prepare for the next wave of changes.

Go to derivsource.com for our show notes page.

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The second phase of the CFTC position limits rules comes into effect in January 2023. In this episode of the DerivSource's podcast Living the Trade Lifecycle, we speak to Andrew Castello, vice president, head of reference data and  Justin Hasnat, senior manager, Databank operations at FIA Tech about how firms can harness data to comply with the new position limit rules and ensure they are making a "reasonable, good faith effort" determination of the economic equivalence of an OTC swap compared to any of the 25 core-reference futures contracts.

Tune in to hear about some of the common challenges firms face as they prepare for this second phase of the rules and how FIA Tech’s Databank can help.

See show notes pages here: https://derivsource.com/podcast/

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The first half of 2022 has been a rocky one. Rising inflation and interest rates, greater geopolitical risk and general market volatility are all creating a challenging environment for financial institutions who are focused on managing their risks in these rapidly changing market conditions. 

In DerivSource’s “Living the Trade Lifecycle” podcast, Tom Loffredio, head of business development, and Isaac Wheeler, head of balance sheet strategy at Derivative Path, discuss how banks can balance risk and reward by analyzing the risks they take in with specific customer requests and how derivatives can play a key role in risk management practices.

Tune in to hear more on both the challenges and opportunities banks face in today’s volatile market.

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 In the “Living the Trade Lifecycle” podcast, Stefanie Coleman, Principal, People Advisory Services, Ernst & Young LLP, speaks to DerivSource’s editor, Julia Schieffer about recent trends impacting the workforce including challenges both employees and employers face. Drawing in part on the results of the recently published “2022 Work Reimagined” survey from EY, Coleman shares views into how companies are extending their search to new talent pools, balancing a new agile working environment and the flexibility that employees have come to expect and thus, is essential for competitive edge. 

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Hersh Shefrin, author, Mario L. Belotti Professor of Finance at Santa Clara University, and a pioneer in the behavioural approach to economics and finance, speaks to DerivSource editor, Julia Schieffer, about the interconnectedness of behavioural psychology and risk management. Tune into this episode of "Living the Trade Lifecycle" to hear about the tools and techniques that can be applied at an organisational level to address common psychological pitfalls, such as confirmation bias and excessive optimism, as well as the risks and limitations with technology, such as AI.

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Keahn Gary, Senior Manager at Cognizant Research speaks with DerivSource Editor, Julia Schieffer about how to make hybrid working WORK for everyone. Tune in to hear more about some of the tactics managers and companies can adopt to customise work experiences and better manage a global team in a new hybrid environment.

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In this podcast series, we’ve discussed the high-level market aspects of the transition away from LIBOR, as...

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Episode 2 of LIBOR Transition podcast series with Murex In episode 2 of our LIBOR transition podcast...

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This is the third episode of our three-part podcast series on “Post-Trade Digitalisation – Evolution or Revolution?” ...

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This is the third episode of our podcast series on “Market Conduct, Personal Account Dealing: How to Keep...

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