Committees: Derivatives Operations Committee
May 14, 2008 OTC Derivatives Market - Vendor Profiles
As an important part of the derivatives processing initiative, the AMF is soliciting product/service profiles from vendors in the OTC Derivatives markets in order to educate asset management firms on the many available options to automate the processing of OTC derivative transactions as well as position reconciliations, novations and other processing aspects. For more information click here.
March 27, 2008 — OMG Letter to the Federal Reserve on Credit and Equity Derivatives
The Operations Management Group submitted today a letter to the Federal Reserve Bank of New York, which outlines its commitments to improve credit and equity derivatives processing. In the letter, the OMG commits to:
improve levels of timeliness and accuracy in the immediate post-trade process
automate novations processing by the end of 2008
universal use of standard reference data and,
full implementation of centralized settlement among major dealers by September 2008.
Asset managers commit to helping the process by submitting correct allocations on trade date.
Click here to read the OMG Letter to the NY Fed
Click here to read the Fed’s Press Release
Click here to read SIFMA’s Press Release
These topics will be among several items discussed at the next AMF Derivatives Ops Meeting on Tuesday, April 22, 2008.
Asset managers increasingly use OTC derivatives to manage portfolio risks and to improve portfolio performance. As the growth and complexity of the OTC derivative market continues to increase, the buy side faces new operational challenges. One of the top priorities for asset managers is to continuously seek improvements in the derivatives processing environment and identify opportunities to reduce related operational risks.
The AMF Derivatives Operations Committee strives to address the current key operational challenges affecting OTC swaps and derivatives, streamline and automate the derivatives processing environment and work with broker-dealers, utilities, vendors and service providers to represent the needs of the asset management community.
The Committee is co-chaired by Ila Eckhoff of BlackRock and Neil Wright of State Street. The Committee’s AMF Steering Committee liaison is Lara Gilman of Fidelity Investments.
For more information regarding this Committee please contact Joe Sack of the SIFMA/AMF staff.