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	<title>Risky Business</title>
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	<link>http://blog.reval.com</link>
	<description>All Things Derivatives &#38; Hedge Accounting</description>
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		<title>Clearing the Way for Clearing: Cost vs. Benefits to End-Users</title>
		<link>http://blog.reval.com/posts/clearing-the-way-for-clearing-cost-vs-benefits-to-end-users-2</link>
		<comments>http://blog.reval.com/posts/clearing-the-way-for-clearing-cost-vs-benefits-to-end-users-2#comments</comments>
		<pubDate>Fri, 27 Apr 2012 17:18:09 +0000</pubDate>
		<dc:creator>Jiro Okochi</dc:creator>
				<category><![CDATA[General]]></category>
		<category><![CDATA[Dodd-Frank]]></category>
		<category><![CDATA[ISDA]]></category>
		<category><![CDATA[OTC derivatives]]></category>
		<category><![CDATA[swaps]]></category>

		<guid isPermaLink="false">http://blog.reval.com/?p=267</guid>
		<description><![CDATA[ISDA put out a great summary of some of the key issues on the future of clearing OTC derivatives versus the current benefits of bilateral collateral arrangements that exist today (http://isda.derivativiews.org/2012/04/24/the-bilateral-world-vs-the-cleared-world/), highlighting additional margin, capital charges, documentation and players.
There has been much discussion already about the initial margin hit that end-users will take and hopefully [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Back to the Future: House Votes to Put Margin Exemption Back into Dodd-Frank</title>
		<link>http://blog.reval.com/posts/back-to-the-future-house-votes-to-put-margin-exemption-back-into-dodd-frank-3</link>
		<comments>http://blog.reval.com/posts/back-to-the-future-house-votes-to-put-margin-exemption-back-into-dodd-frank-3#comments</comments>
		<pubDate>Thu, 29 Mar 2012 21:10:49 +0000</pubDate>
		<dc:creator>Jiro Okochi</dc:creator>
				<category><![CDATA[General]]></category>
		<category><![CDATA[CFTC]]></category>
		<category><![CDATA[corporate end-users]]></category>
		<category><![CDATA[Derivatives]]></category>
		<category><![CDATA[Dodd-Frank]]></category>
		<category><![CDATA[Jiro Okochi]]></category>
		<category><![CDATA[margin]]></category>
		<category><![CDATA[reval]]></category>
		<category><![CDATA[Swap Dealers]]></category>

		<guid isPermaLink="false">http://blog.reval.com/?p=253</guid>
		<description><![CDATA[This week the U.S. House of Representatives voted 370-24 to amend Dodd-Frank to allow non-financial end users to be exempt from being required to post margin for OTC derivative trades.]]></description>
		<wfw:commentRss>http://blog.reval.com/posts/back-to-the-future-house-votes-to-put-margin-exemption-back-into-dodd-frank-3/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Ready to Report?  Swap Dealers May Need to Report to SDRs as Early as July 2012</title>
		<link>http://blog.reval.com/posts/ready-to-report-swap-dealers-may-need-to-report-to-sdrs-as-early-as-july-2012</link>
		<comments>http://blog.reval.com/posts/ready-to-report-swap-dealers-may-need-to-report-to-sdrs-as-early-as-july-2012#comments</comments>
		<pubDate>Mon, 30 Jan 2012 18:06:41 +0000</pubDate>
		<dc:creator>Jiro Okochi</dc:creator>
				<category><![CDATA[General]]></category>
		<category><![CDATA[CFTC]]></category>
		<category><![CDATA[Dodd-Frank]]></category>
		<category><![CDATA[Swap Data Repository (SDR)]]></category>
		<category><![CDATA[Swap Dealers]]></category>
		<category><![CDATA[swaps]]></category>

		<guid isPermaLink="false">http://blog.reval.com/?p=238</guid>
		<description><![CDATA[It is hard to see how Swap Dealers, MSPs, SEFs and DCOs can realistically and properly plan and implement a technology undertaking of this magnitude without having SDRs approved, let alone ready to go themselves.]]></description>
		<wfw:commentRss>http://blog.reval.com/posts/ready-to-report-swap-dealers-may-need-to-report-to-sdrs-as-early-as-july-2012/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>OTC Derivative Volumes Rise: But Do We Know Why?</title>
		<link>http://blog.reval.com/posts/otc-derivative-volumes-rise-but-do-we-know-why</link>
		<comments>http://blog.reval.com/posts/otc-derivative-volumes-rise-but-do-we-know-why#comments</comments>
		<pubDate>Tue, 29 Nov 2011 17:09:45 +0000</pubDate>
		<dc:creator>Jiro Okochi</dc:creator>
				<category><![CDATA[General]]></category>
		<category><![CDATA[Bank of International Settlements]]></category>
		<category><![CDATA[BIS]]></category>
		<category><![CDATA[CDS market]]></category>
		<category><![CDATA[commodities]]></category>
		<category><![CDATA[credit default swaps]]></category>
		<category><![CDATA[Foreign exchange]]></category>
		<category><![CDATA[OTC derivatives market]]></category>
		<category><![CDATA[reval]]></category>
		<category><![CDATA[Swap Data Repository (SDR)]]></category>
		<category><![CDATA[swaps]]></category>

		<guid isPermaLink="false">http://blog.reval.com/?p=233</guid>
		<description><![CDATA[The Bank for International Settlements reported that OTC derivative volumes increased to a record $708 trillion, up 18% for the first half of 2011. I have some theories on why.]]></description>
		<wfw:commentRss>http://blog.reval.com/posts/otc-derivative-volumes-rise-but-do-we-know-why/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Will CDS Survive the European Debt Crisis?</title>
		<link>http://blog.reval.com/posts/will-cds-survive-the-european-debt-crisis</link>
		<comments>http://blog.reval.com/posts/will-cds-survive-the-european-debt-crisis#comments</comments>
		<pubDate>Tue, 22 Nov 2011 16:57:14 +0000</pubDate>
		<dc:creator>Jiro Okochi</dc:creator>
				<category><![CDATA[General]]></category>
		<category><![CDATA[bonds]]></category>
		<category><![CDATA[CDS market]]></category>
		<category><![CDATA[credit default swaps]]></category>
		<category><![CDATA[european debt crisis]]></category>
		<category><![CDATA[Greece]]></category>
		<category><![CDATA[Italy]]></category>
		<category><![CDATA[sovereign debt]]></category>
		<category><![CDATA[swaps]]></category>

		<guid isPermaLink="false">http://blog.reval.com/?p=228</guid>
		<description><![CDATA[Governments and large issuers hate them, regulators wrestle with them and the general public do not have a clue of what they are, but Credit Default Swaps are the cleanest way to hedge credit risk.  They also promote liquidity (ok, and sometimes volatility) into the bond markets as bond holders can buy CDS protection instead of selling bonds in the open market.  But as Greece and other issuers start to test the waters with voluntary bond swaps, where large investors take a significant haircut on the principle value of the bonds in order to stem a default, CDS holders are crying foul.  ]]></description>
		<wfw:commentRss>http://blog.reval.com/posts/will-cds-survive-the-european-debt-crisis/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Dodd-Frank Wider Bid Offers Already Here</title>
		<link>http://blog.reval.com/posts/dodd-frank-wider-bid-offers-already-here</link>
		<comments>http://blog.reval.com/posts/dodd-frank-wider-bid-offers-already-here#comments</comments>
		<pubDate>Fri, 14 Oct 2011 18:41:02 +0000</pubDate>
		<dc:creator>Jiro Okochi</dc:creator>
				<category><![CDATA[General]]></category>
		<category><![CDATA[Basel III]]></category>
		<category><![CDATA[Currencies]]></category>
		<category><![CDATA[Dodd-Frank]]></category>
		<category><![CDATA[Swap spread market]]></category>
		<category><![CDATA[swaps]]></category>

		<guid isPermaLink="false">http://blog.reval.com/?p=221</guid>
		<description><![CDATA[Although final rules for Dodd-Frank have a ways to go and Basle III capital requirements are years away, the market is already reacting.]]></description>
		<wfw:commentRss>http://blog.reval.com/posts/dodd-frank-wider-bid-offers-already-here/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Death &amp; Taxes on Derivatives?  Hopefully Not a Certainty For UK Bankers</title>
		<link>http://blog.reval.com/posts/death-taxes-on-derivatives-hopefully-not-a-certainty-for-uk-bankers</link>
		<comments>http://blog.reval.com/posts/death-taxes-on-derivatives-hopefully-not-a-certainty-for-uk-bankers#comments</comments>
		<pubDate>Fri, 07 Oct 2011 02:22:33 +0000</pubDate>
		<dc:creator>Jiro Okochi</dc:creator>
				<category><![CDATA[General]]></category>
		<category><![CDATA[European Commission]]></category>
		<category><![CDATA[Financial Transaction Tax]]></category>
		<category><![CDATA[FTT]]></category>
		<category><![CDATA[Swap Dealers]]></category>

		<guid isPermaLink="false">http://blog.reval.com/?p=217</guid>
		<description><![CDATA[The EC's Financial Transaction Tax, however politically tempting, is not the answer to stimulate growth and create jobs]]></description>
		<wfw:commentRss>http://blog.reval.com/posts/death-taxes-on-derivatives-hopefully-not-a-certainty-for-uk-bankers/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Hurricane Irene: Operational Risk Can Hit Close to Home</title>
		<link>http://blog.reval.com/posts/hurricane-irene-operational-risk-can-hit-close-to-home</link>
		<comments>http://blog.reval.com/posts/hurricane-irene-operational-risk-can-hit-close-to-home#comments</comments>
		<pubDate>Wed, 31 Aug 2011 16:12:35 +0000</pubDate>
		<dc:creator>Jiro Okochi</dc:creator>
				<category><![CDATA[General]]></category>
		<category><![CDATA[disaster recovery]]></category>
		<category><![CDATA[hurricane irene]]></category>
		<category><![CDATA[operational risk]]></category>
		<category><![CDATA[reval]]></category>

		<guid isPermaLink="false">http://blog.reval.com/?p=213</guid>
		<description><![CDATA[I originally started this blog as I watched the Tsunami tragedy unfold in Japan. But then thought it may not relate well with readers in the US or Europe, far away from nuclear reactors built on the “ring of fire.” Then in July, I was stranded in New Zealand by excessive snowfalls and watched as [...]]]></description>
		<wfw:commentRss>http://blog.reval.com/posts/hurricane-irene-operational-risk-can-hit-close-to-home/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>What is the Swap Market Telling us about a U.S. Credit Rating Downgrade?</title>
		<link>http://blog.reval.com/posts/swap-market-u-s-credit-rating-downgrade</link>
		<comments>http://blog.reval.com/posts/swap-market-u-s-credit-rating-downgrade#comments</comments>
		<pubDate>Tue, 26 Jul 2011 14:03:15 +0000</pubDate>
		<dc:creator>Jiro Okochi</dc:creator>
				<category><![CDATA[General]]></category>
		<category><![CDATA[credit rating]]></category>
		<category><![CDATA[debt ceiling]]></category>
		<category><![CDATA[downgrade]]></category>
		<category><![CDATA[swaps]]></category>

		<guid isPermaLink="false">http://blog.reval.com/?p=209</guid>
		<description><![CDATA[The swap market is very early predictor of a U.S. credit rating downgrade if this event does indeed result from the game of chicken the government is playing with the debt ceiling.]]></description>
		<wfw:commentRss>http://blog.reval.com/posts/swap-market-u-s-credit-rating-downgrade/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Reval Comments to CFTC on Margin Rules</title>
		<link>http://blog.reval.com/posts/reval-comments-cftc-margin-rules</link>
		<comments>http://blog.reval.com/posts/reval-comments-cftc-margin-rules#comments</comments>
		<pubDate>Tue, 12 Jul 2011 20:05:41 +0000</pubDate>
		<dc:creator>Jiro Okochi</dc:creator>
				<category><![CDATA[General]]></category>
		<category><![CDATA[CFTC]]></category>
		<category><![CDATA[corporate end-users]]></category>
		<category><![CDATA[Dodd-Frank]]></category>
		<category><![CDATA[Major Swap Participants]]></category>
		<category><![CDATA[margin]]></category>
		<category><![CDATA[Swap Dealers]]></category>
		<category><![CDATA[swaps]]></category>

		<guid isPermaLink="false">http://blog.reval.com/?p=206</guid>
		<description><![CDATA[Comments to the CFTC on Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants closed on Monday. Reval's comment letter outlines potential impacts to end-users.]]></description>
		<wfw:commentRss>http://blog.reval.com/posts/reval-comments-cftc-margin-rules/feed</wfw:commentRss>
		<slash:comments>0</slash:comments>
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