External Meetings: Position Limits - IECA
External Meetings: Position Limits - IECA
Discussion of proposed position limits rule, in particular definition of economically equivalent swaps.
External Meetings: Position Limits
External Meetings: Position Limits
Discussion of the proposed position limits rule
External Meetings: Conference Call with Louis Dreyfus
External Meetings: Conference Call with Louis Dreyfus
Discussion of 2020~proposed rulemaking on position limits with focus on: i) cotton market; and ii)~hedging issues.
External Meetings: Call with Citadel, DRW, FIA PTG, ICI, MFA, SIFMA AMG and Vanguard
External Meetings: Call with Citadel, DRW, FIA PTG, ICI, MFA, SIFMA AMG and Vanguard
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Discussion of proposed rule to prohibit post-trade name give-up on SEFs
External Meetings: Conference call with Louis Dreyfus
External Meetings: Conference call with Louis Dreyfus
Discussion of 2020~proposed rulemaking on position limits with focus on: i) cotton market; and ii)~hedging issues.
External Meetings: Meeting with Commercial Energy Working Group
External Meetings: Meeting with Commercial Energy Working Group
Discussion of 2020 proposed~rulemaking on position limits with focus on: i) referenced contracts; ii)~natural gas market; and iii) hedging issues.
External Meetings: Meeting with American Cotton Shippers Association
External Meetings: Meeting with American Cotton Shippers Association
Discussion of 2020~proposed rulemaking on position limits with focus on: i) cotton market; and ii)~hedging issues.
External Meetings: Conference Call with ICE
External Meetings: Conference Call with ICE
Discussion of 2020~proposed rulemaking on position limits with focus on: i) aggregation; and ii)~hedging issues.
Risk Appetite and Intermediation by Swap Dealers
- Swap dealers intermediate the swap exposure of their clients and hedge some residual risk using futures
- We present evidence using novel data on WTI swap positions and futures of swap dealers
- Dealers are faced with imperfect hedges and basis risk
- Equilibrium amount of basis risk taken and amount of intermediation services is correlated with risk appetite of swap dealers