Blog

27 - Apr - 2021

Article - AIMA Journal Edition 125, March 2021 - Revisiting issues in transferring positions

Revisiting issues involved in transferring positions (published in AIMA Journal Edition 125, March 2021)

This article will revisit issues involved in transferring trading positions. We will begin with a refresh on the legal differences between assignment and novation. We will then consider how different categories of trading positions (or ‘asset classes’) can be transferred. Finally, we will examine some issues to watch out for when reviewing transfer provisions in trading agreements.

Counterparties will frequently wish to transfer positions for a host of reasons, including acquisitions and restructurings, ceasing to provide a particular service, and tax and regulatory issues. Recently, in the context of Brexit, counterparties may have been novating contracts from a United Kingdom (UK) entity to a European Union affiliate.

30 - Oct - 2019

HFMGlobal: initial margin requirements in the EU

HFMGlobal Article (HFM): October 2019

What are the initial margin requirements in the EU?

Antony Bryceson and Richard Chapman of AB Trading Advisors lay out the margin requirements and their incoming phases.

20 - Jun - 2019

HFMGlobal: Shifting tides of advisory

HFMGlobal Interview (HFM): June 2019

Antony Bryceson, of AB Trading Advisors, lays out the firm’s vision and the changes they’ve been seeing since their inception.

06 - Feb - 2017

Documentation 'processes' overwhelming market participants

LexisNexis Interview - 06/02/2017

Banking & Finance analysis: Antony Bryceson, principal at AB Trading Advisors, says there is a growing feeling that the 1 March 2017 deadline for documenting, and hence achieving regulatory compliance with, the new variation margin (VM) requirements, is unachievable.

20 - Sep - 2016

Uncleared derivatives - initial margin (IM) and variation margin (VM) credit support documentation

LexisNexis Q&A - September 2016

Banking & Finance analysis: The International Swaps and Derivatives Association (ISDA) recently published a series of credit support documents in relation to margin requirements. Antony Bryceson, managing partner and Jelena Novakova, senior associate at AB Trading Advisors, explain the new documentation and connected issues…

28 - Feb - 2016

The hidden structural risks in Exchange-Traded Funds

Article for Butterworths Journal of International Banking and Financial Law - February 2016 - Antony Bryceson

This article focuses on explaining what Exchange-Traded Funds (ETFs) are, how “physical” and “synthetic” ETFs differ, and, with reference to the types of legal contracts used, what sorts of risks lie in the practices which some ETFs engage in

18 - Feb - 2015

HFMWeek: Focus on Boutique Advisors

HFMWeek article: Focus on Boutique Advisors - February 2015

HMFWeek speaks to Antony Bryceson, managing partner with AB Trading Advisors, to discuss the vital role played by boutique business advisers.

10 - Oct - 2014

Goodbye OTC Hello MiFID II and MiFIR

Article for CTA Intelligence:  August 2014

By Antony Bryceson, AB Trading Advisors

New rules agreed under the recast Markets in Financial Instruments Directive (known as MiFID II) and the new Markets in Financial Instruments Regulation (known as MiFIR) are set to revolutionise trading in over-the-counter (OTC) derivatives markets.

25 - Jun - 2014

The Future: Margining uncleared derivatives

Article for Butterworths Journal of International Banking and Financial Law - December 2013 - Antony Bryceson

In September, the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) released the final framework (“Framework”) for margin requirements for non-centrally cleared derivatives. The Framework is designed to provide guidance to regulators in implementing G-20 commitments for uncleared derivatives margin requirements.

25 - Jun - 2014

Clearing OTC derivatives: the Dodd-Frank Act and the new EU Regulation

Article for PLC Cross-border Capital Markets Handbook 2011

The European Commission’s proposal for a new EU regulation (titled the European Market Infrastructure Regulation) on OTC derivatives, central counterparties and trade repositories (EU Regulation) was published on 15 September 2010, precisely two years
after the commencement of the Lehman Brothers bankruptcy.

25 - Jun - 2014

Cleaning up from 2008 - Preparing for OTC derivatives clearing

Regulatory Background

The recent financial crisis, culminating in the insolvency of Lehman Brothers in 2008, highlighted risks within the over-the-counter (OTC) derivative markets, in particular in relation to counterparty credit risk and lack of transparency. Reforms initiated by the Group of 20 leading nations in September 2009 to push ‘standardised’ OTC derivatives into clearinghouses are now being implemented following the passing of the Dodd-Frank Act in the United States and the proposed European Union regulation on OTC derivatives, central counterparties and trade repositories.

25 - Jun - 2014

Shadow banking risks in securities lending and repos

Article for Butterworths Journal of International Banking and Financial Law - January 2014 - Antony Bryceson

On 29 August 2013, the Financial Stability Board (FSB) published its policy recommendations in its paper “Policy Framework for Addressing Shadow Banking Risks in Securities Lending and Repos” concerning strengthening oversight and regulation of shadow banking activities in the securities lending and repo markets (“repo” being shorthand to describe a “repurchase transaction”) (the “Recommendations”).

25 - Apr - 2014

Futurisation of Swaps Set to Continue

Article from 2013 - Antony Bryceson

‘Futurisation’ is a new term coined to describe the trend of parties using futures contracts, instead of using OTC derivatives, to achieve their hedging or other trading objectives. Futures are designed as commoditised contracts of standard durations, which are transacted on futures exchanges and cleared through clearing systems.OTC contracts, on the other hand, can be as bespoke as the parties desire.