Keep up-to-date with our latest news and insights.

Risk-Free Rate Transitioning plans

The Field Effect attended this year’s ICMA buy-side (AMIC) conference in London, where there was an active panel discussion on the use of Risk-Free Rates and the (L)IBOR transition.  The discussion centered on the need for firms to prepare now for the (L)IBOR transition in 2021 – for both new and legacy bond issuance, securitisation […]

Central banks call for an increase in trade data quality and coverage

Simon Davies – The new BIS / IFC report (here) on the use of captured derivatives transaction reporting to TRs and central banks from BIS, emphasises the need for increasing the quality of data reported. Financial Stability Board (FSB) jurisdictions feel that the data gathered on OTC and some exchange traded derivatives is good, but […]

Common Domain Model Frequently Asked Questions

Following the recent initiative from ISDA to develop and codify a Common Domain Model it seems that there is an opportunity to clarify and explain what a CDM may be and its possible uses. The FAQ document attached CDM FAQ_1 Nov Final is a preliminary look at a CDM and its potential application to the Securities Finance […]

The Securities Lending Times published its recent SFTR annual report 2018/19

In our article, The Field Effect explores some of the headwinds the industry is facing, and what can be done about it. Read the full article here The Field Effect – SFTR Industry impact To find out more, contact us at

CSDR an opportunity with a sting in its tail

Simon Davies writes – CSDR affects a broad range of asset classes involved in trading securities, collateral management, securities lending and repo TFE CSDR impacts analysis There is an opportunity for market participants to access harmonised, automated, continuous real-time matching and cash settlement instructions within the EU, with CSDs providing enhancements to their services and […]

IBOR replacement (end-2021) why firms need to act NOW

Jonathan Adams writes – The impact of the replacement of Interbank Offer Rates or IBORs is far reaching both geographically and by the sheer volume and diversity of products that use them as benchmarks (estimated 300 trillion USD equivalent).  Moreover, the operational impact to the banks, asset managers, insurers and their respective clients that issue, […]

The Bank of England Money Market Code and Securities Finance

The Bank of England Money Market Code challenges firms to comply with industry best practices in securities finance.  Simon Davies of TFE notes – The Bank of England has published its register of firms that have adopted the UK Money Market Code – The code sets out the standards and best practice expected from […]

What You Need to Know About SFTR Sponsored by DTCC, this item shares more info on SFTR activities and background

How will Brexit impact the securities finance industry?

Simon Davies – The number of large European financial firms (Banks, Asset Managers, Insurance) with entities operating in the UK that will be impacted as the UK leaves the EU is greater than UK firms with European entities.  So, both UK and European firms should consider how their operating model will be impacted by the […]

Initial Margin – OTC derivatives and collateral management

Simon Davies – With the next phase of Initial Margin counterparts due to go live in September 2018, and two further phases in 2019 and 2020, there is expected to be an explosion in the number of firms processing and using collateral to meet OTC derivatives’ insatiable appetite. What lessons can the industry learn from […]