www.risk.net Open in urlscan Pro
104.18.126.68  Public Scan

Form analysis
2 forms found in the DOM

GET /search/articles

<form block="block-headermobilesearch-2" action="/search/articles" method="get" id="im-search-header-mobile-form" accept-charset="UTF-8" data-hs-cf-bound="true">
  <input class="submit_style button js-form-submit form-submit" data-drupal-selector="edit-search-submit" type="submit" id="edit-search-submit" value="">
  <span><input placeholder="Search here..." class="search-head-input form-search" autocomplete="off" data-drupal-selector="edit-query" type="search" id="edit-query" name="query" value="" size="60" maxlength="128">
  </span><span class="visually-hidden"><input data-drupal-selector="edit-header-search" type="text" id="edit-header-search" name="header_search" value="true" size="60" maxlength="128" class="form-text">
  </span>
</form>

GET /search/articles

<form class="im-search-header-form main-search-form" data-drupal-selector="im-search-header-form" novalidate="novalidate" action="/search/articles" method="get" id="im-search-header-form" accept-charset="UTF-8" data-hs-cf-bound="true">
  <input class="loop button js-form-submit form-submit" data-drupal-selector="edit-search-loop" type="submit" id="edit-search-loop" value="">
  <span class="loading show"></span><span id="search-panel-input" class="search-icon"><input placeholder="What are you searching for?" class="search-head-input form-search" autocomplete="off" data-drupal-selector="edit-query" type="search"
      id="edit-query--2" name="query" value="" size="60" maxlength="128">
  </span><span class="visually-hidden"><input data-drupal-selector="edit-header-search" type="text" id="edit-header-search--2" name="header_search" value="true" size="60" maxlength="128" class="form-text">
  </span><input class="search-submit button js-form-submit form-submit" data-drupal-selector="edit-search-submit" type="submit" id="edit-search-submit--2" value="Search">
  <span class="search-submit-loading show"></span>
</form>

Text Content

Risk.net

 * ALL SECTIONS

 * Desks
   * Risk management
   * Derivatives
   * Regulation
   * Investing
   * Risk Quantum
   * Cutting Edge
 * Risk Data
   * Counterparty Radar
   * Credit: Index CDS
   * Credit: Single-name CDS
   * Credit: Credit options
   * Equity: Index stock options
   * Equity: Single-stock options
   * Foreign exchange: FX forwards
   * Foreign exchange: FX options
   * Rates: Inflation swaps
   * Rates: Interest rate swaps
   * Rates: Interest rate swaptions
   * Risk Quantum
   * Quantum database and charting
   * Risk Scenarios
   * Climate scenarios
   * Inflation scenarios
   * US election scenarios
 * Editors' choice
   * Rate-linked notes trigger ‘pain trade’ for dealers
   * Banks adopt Python for faster XVA data analysis and pricing
   * What’s up with the docs? Isda aims to set standard for crypto
   * LME chief: bourse could revamp margining after nickel kerfuffle
   * ‘Zero chance’ of US approving spot bitcoin ETF in 2022 – VanEck
 * Top stories by region
   * APAC
   * Europe
   * North America
 * Special features
   * Top 10 Op Risks
   * Quant Finance Master's Guide
   * Investing Risk Survey
   * Risk Awards
   * Asia Risk Awards
   * Markets Tech Awards
   * Risk Tech Awards
 * Upcoming events
   * Conferences
   * Training
   * Webinars
 * Risk Learning
   * Public courses
   * Books
   * Journals
 * Latest white papers
   * Risk Library
 * Market Access
   * Market Access home
   * Analytics Hub
   * Tech Directory
   * Meet Ignite
 * Marketing services
   * Media pack
   * Reprints
   * View all marketing services
 * Our digital network
   * Central Banking
   * FX Markets
   * WatersTechnology
   * Chartis Research

 * Access and account options
 * Sign in
 * Trials
 * Subscriptions
 * Apps
 * Help centre

End of drawer navigation content
Skip to main content
Search risk.net
Risk.net
 * Free trial
 * Subscribe
 * Sign in
 * My account
   * * Account details
     * Follow topics
     * Saved articles
     * Newsletters
     * Apps
     * Help Centre
     * Subscriber rewards
     * Sign out
 * Welcome
   
   * You are currently accessing Risk.net via your Enterprise account.
     
     If you already have an account please use the link below to sign in.
     
     If you have any problems with your access or would like to request an
     individual access account please contact our customer service team.
     
     Phone: 1+44 (0)870 240 8859
     
     Email: csqueries@infopro-digital.com
     
     * Sign in
 * Welcome
   
   * You are currently accessing Risk.net via your institutional login.
     
     If you already have an account please use the link below to sign in.
     
     If you have any problems with your access, contact our customer services
     team.
     
     Phone: +44 20 7316 9685
     
     Email: csqueries@infopro-digital.com
     
     * Sign in


 * Home
 * Risk management
 * Derivatives
 * Regulation
 * Investing
 * Cutting Edge
 * Quantum
 * Counterparty Radar
 * Market Access
 * Books
 * Journals
 * Learning
 * * Latest articles
      
     Topics
 *  * Events

 * Highlights
 * Bye-bye, IRB?
 * IM phase six
 * Cryptocurrencies
 * JP Morgan's prop data
 * Isda AGM 2022
 * New: credit options data
 * 


 * Tweet  
 * Facebook  
 * LinkedIn  
 * Save this article
 * Send to  

Search risk.net
 * Print this page  

 * Derivatives

Sponsored by ?

This article was paid for by a contributing third party.More Information.




THE NEXT CHAPTER IN THE SAGA OF DELAYED ETD TRADE ALLOCATIONS

   
 * 09 Mar 2022
   

 * Tweet  
 * Facebook  
 * LinkedIn  
 * Save this article
 * Send to  
 * Print this page  

Follow

i

Select a topic you're interested in and start building your own email alerts.
More information

    * Clearing
   
    * Operational risk

    * Risk-weighted assets (RWAs)

    * Derivatives

 * View more

A never-ending story where everyone waits in anticipation for the next
instalment – Oscar season is around the corner, after all – but, for those of us
immersed in the world of market infrastructure, there is a more esoteric
narrative developing that would rival any Academy Award-winning script.
While the story of enabling greater visibility and efficiency in exchange-traded
derivatives (ETD) markets is far from complete, there are more than a few signs
of progress

Joanna Davies, OSTTRA

In part one, this time last year, OSTTRA talked extensively about how the
industry, as a whole, needed to work together. Only through collaboration can
firms have real-time transparency into the status of the executions, and control
over the allocation of risk to the correct accounts at the clearing brokers.
This transparency is key in driving a significant reduction in operational risk
and cost for all participants, as well as significant capital cost reduction for
executing brokers (EBs).

Exploring these issues through industry dialogue and fostering a spirit of
collaboration, we are delighted to report that we have made real progress in
developing solutions to help mitigate these challenges. Take the issue of order
IDs as a prime case in point: by uplifting our services to support the matching
of order IDs from both buy-side brokers and EBs, clearing firms will no longer
be encumbered with an imperfect process of hunting for fills to pair off with
allocations submitted using average price, enabling a smoother and more
expedient give-up process and submission onwards for clearing. If
standardisation is the key to unlocking the door to success, as per the broader
blueprint published by the Futures Industry Association (FIA) in October, then
our uplifting of the trade order ID component takes the industry a further step
forward.

RELATED ARTICLES

   
 * {{item.title}}
   

RELATED ARTICLES

 * Bank-backed futures utility criticised as too ambitious
 * JP Morgan appoints new head of derivatives clearing
 * People moves: CRO role for SG’s Ricke, Barclays continues hiring spree, new
   SwapClear head, and more
 * People moves: Ritchie steps down at Deutsche; Lynch takes Emea role at TP
   Icap, and more

However, while finding a solution to the ID component is unquestionably a mark
of progress, there are additional chapters to come in the ETD trade workflow
story. Reconciling the correct execution commissions remains a significant
headache for the futures commission merchant community. In response, we are
enriching allocation records with the appropriate data, removing the need for
brokers to manually look up commission schedules and append trades with the
correct amounts.



We’re also looking to drive further efficiencies by connecting bi-directionally
to clearing houses to deliver two clear benefits. First, the further enrichment
of trade records by sourcing the exchange order ID will provide an irrefutable
link between EB fills, client allocations and the trade held at the clearing
house. Second, by directly submitting client allocations to clearing houses, we
can remove potential delays and provide investment firms with a direct view into
the clearing status of their trades across their entire broker network. We began
this journey by connecting to CME clearing and are working to integrate a
further four major central counterparties in the coming year.

Our ongoing talks with many industry participants suggest that continuing to
adopt a pragmatic and expedient way to solve the functional issues is the right
approach and sets the ETD community on the path to implementing standards, as
guided by the FIA blueprint. It all comes down to bringing operational
efficiency, transparency and timely processing, while giving buy-side firms the
necessary flexibility to meet their mandates. Ultimately, the transformation of
the workflow should be the primary goal for all parties but, for ETD, most
participants are still talking about evolution as opposed to revolution – and
OSTTRA’s progress clearly aligns with that sentiment.

So, while the winners at this year’s Oscars may well feature exciting plot
twists and taut psychological drama, we’re backing a more predictable script for
our industry in the coming years. A storyline built on careful analysis,
step-by-step change and, above all, continued collaboration among all ETD market
participants.

For more information, visit Osttra.com


ABOUT THE AUTHOR

Joanna Davies, Managing Director, Head of FX and Securities, OSTTRA

Joanna Davies served as global head of Traiana since June 2019, prior to heading
up foreign exchange and securities at OSTTRA. She is responsible for strategic
direction and day-to-day management. Prior to this, Davies served as head of
product for NEX Optimisation, where she focused on optimising revenue and
maximising technology innovation for NEX Group’s six pre- and post-trade
businesses. She preceded this as managing director and head of product for
Traiana. Davies has 30 years’ experience in investment banking, working
predominantly in the exchange-traded derivatives space, with prior roles
including head of client relationship management, head of operations and voice
broker.

Disclaimer

Sponsor content


 * Tweet  
 * Facebook  
 * LinkedIn  
 * Save this article
 * Send to  
 * Print this page  

Copyright Infopro Digital Limited. All rights reserved.

You may share this content using our article tools. Printing this content is for
the sole use of the Authorised User (named subscriber), as outlined in our terms
and conditions -
https://www.infopro-insight.com/terms-conditions/insight-subscriptions/

If you would like to purchase additional rights please email info@risk.net

Copyright Infopro Digital Limited. All rights reserved.

You may share this content using our article tools. Copying this content is for
the sole use of the Authorised User (named subscriber), as outlined in our terms
and conditions -
https://www.infopro-insight.com/terms-conditions/insight-subscriptions/

If you would like to purchase additional rights please email info@risk.net

POPULAR NOW

{{ITEM.TITLE}}

POPULAR NOW

EMIR DATA MAY HAVE EXPOSED ARCHEGOS, BUT NOT IN REAL TIME

CURBS ON HEDGING THREATEN TO SHORT-CIRCUIT BULB SALE

PRIVATE EQUITY IS FINDING WAYS TO ATTRACT SMALLER INVESTORS






You need to sign in to use this feature. If you don’t have a Risk.net account,
please register for a trial.

Sign in
YOU MAY ALSO ENJOY

{{ITEM.TITLE}}

 * {{item['recs-iim-userfriendlytime']}}
   
 * 
   
   


YOU MAY ALSO ENJOY

LCH PLANS TWO-PART US LIBOR SWAP CONVERSION

 * 18 MAY 2022

EMIR DATA MAY HAVE EXPOSED ARCHEGOS, BUT NOT IN REAL TIME

 * 19 MAY 2022

CURBS ON HEDGING THREATEN TO SHORT-CIRCUIT BULB SALE

 * 20 MAY 2022

TOP 10 OPERATIONAL RISKS FOR 2022

 * 10 MAR 2022



Support

 * About us
 * Contact us
 * Help Centre

Services

 * Advertising
 * Media pack

Legal & Privacy

 * Privacy notice
 * Terms and conditions
 * California Residents – Do not sell my personal information

Useful links

 * Follow topics
 * Twitter
 * Linkedin
 * Newsletters
 * Facebook
 * Apps
 * Social hub
 * RSS

© Infopro Digital 2022

© Infopro Digital Risk (IP) Limited (2022). All rights reserved. Published by
Infopro Digital Services Limited, 133 Houndsditch, London, EC3A 7BX. Companies
are registered in England and Wales with company registration numbers 09232733 &
04699701.

Best Digital B2B Publishing Company 2016, 2017 & 2018

Best Digital B2B Publishing Company

Your privacy
We use cookies for a number of reasons such as keeping our sites reliable and
secure, personalising content and ads, and to analyse how our sites are used. To
find out more please read our updated privacy policy.

Accept and continue

You need to sign in to use this feature. If you don’t have a Risk.net account,
please register for a trial.

Sign in

YOU ARE CURRENTLY ON CORPORATE ACCESS.

To use this feature you will need an individual account. If you have one already
please sign in.

Sign in.

Alternatively you can request an individual account here: