• Maris 2021 ya ga kashi 8.8% na duk haɗarin abubuwan da aka samo asali ana ciniki tare da RFR.
• Wannan ya ragu daga matakan da suka gabata a kusa da 10%.
• Sanarwa na kafin dakatarwar watan da ya gabata ba su da alama sun hanzarta ɗaukar RFR.
• An sami karuwar adadin ayyukan da ke da alaƙa da IBOR a watan da ya gabata.
• Gabaɗaya don Q1 2021, jimillar ayyukan RFR kusan iri ɗaya ne da Q1 2020.
• Mun kuma duba CCP tsare-tsaren canzawa, Bude Baya da ayyukan Abokin ciniki.

The latest ISDA-Clarus RFR Alamar Tallafawa An dai buga shi don Maris 2021. Ya ga raguwa zuwa 8.8%, da ɗan ƙasa da matakin ~10% da ya yi ta shawagi a cikin watanni 3 da suka gabata.

• Gabaɗaya Ma'anar Tallafi ya kasance a 8.8%, ƙasa da karatun 10.0-10.6% na watanni uku da suka gabata.
• An sami raguwar karɓar RFRs a cikin kowane ɗayan kuɗaɗe shida da muke saka idanu.
• Kasuwancin USD SOFR ya ragu zuwa 4.7% daga 5.1% na jimlar.
• Kasuwancin GBP SONIA ya ragu daga 45.8% zuwa 44.9%. Aƙalla wannan ya kasance a ƙananan matakan girma.
• CHF da JPY (SARON da TONA RFRs) sun ga kawai 6.4% da 2.4% na jimlar ƙimar haɗarin da aka yi ciniki azaman RFRs.

Rikicin LIBOR

Tare da sanarwar dakatarwa a watan da ya gabata, wannan blog ya sa ran saurin-sauri na Rahoton da aka ƙayyade na RFR don nunawa a cikin bayanan. Madadin haka, mun ga karuwa a LIBOR da sauran alamun da aka yi ciniki. Maris 2021 ya ga mafi girma DV01 kuma mafi girma na ra'ayi da aka yi ciniki a cikin samfuran nau'in 'IBOR tun daga Maris da ya gabata:

DV01 na samfuran haɗin IBOR:

Kuma samfuran samfuran da ke da alaƙa da IBOR:

Ya kamata a lura cewa Maris 2021 ne Wannan shafin ya dubi kwanakin IMM daki-daki." class=”glossaryLink” target=”_blank">watanni na IMM, saboda haka yana da alaƙa da mirgine kwangiloli daga Maris zuwa Yuni (ko ƙari). Lokacin da muka kalli wasu watanni na IMM a cikin jerin lokutanmu, ba yawanci muna danganta waɗannan tare da haɓaka adadin ayyukan da ke da alaƙa da IBOR (duk da nadi) ko tare da raguwar ayyukan RFR.

RFR Risk yayi ciniki

Duk waɗannan haɓakar samfuran IBOR an saita su gaba ɗaya raguwa a cikin DV01 an yi ciniki da samfuran haɗin RFR a watan da ya gabata:

Akalla da jimlar adadin haɗarin RFR a cikin Q1 2021 kusan daidai yake da Q1 2020 (a cikin 2%).

Don takamaiman kasuwanni na RFR, mun ga:

• Adadin rikodin da ke kusa da SOFR DV01 ya yi mu'amala a $954m. Wannan ya karu da kashi 6% idan aka kwatanta da watan da ya gabata kuma kawai ya inganta ta watan “babban bang” na Oktoba 2020.
• Adadin rikodin haɗarin gaba (ETD) RFR da aka yi ciniki. Ya haura $1bn DV01 na wata na biyu yana gudana (a duk faɗin kuɗaɗen kuɗi).

LIBOR Buɗe Riba

Ka tuna cewa Alamar karɓowar RFR yana lura da sabbin ayyukan ciniki a cikin wata. Kuna iya karanta game da cikakken ginin Alamar a cikin farar takarda anan. Don haka yana da kyau a duba yadda buɗaɗɗen sha'awa a CCPs ya haɓaka kwanan nan a cikin samfuran haɗin gwiwar IBOR. Tare da haɗa ƙarshen kwata, ana amfani da mu don ganin raguwar fitattun fitattu:

Nunawa;

• Oh masoyi, fitattun samfuran samfuran da ke da alaƙa da IBOR yanzu sun kai kusan dala Tiriliyan 160.
• Wannan ya fi ƙarshen shekara ta 2020, kuma kusan daidai yake da $161-163Trn da muka gani a cikin makwannin da suka gabata a bara.

Akwai wani bangare na da ke fatan karuwar ayyukan da ke da alaƙa da IBOR da muka gani a watan da ya gabata ya faru ne saboda ɓangarorin haɗari a cikin LIBOR, wanda zai haifar da raguwar buɗaɗɗen sha'awa da zarar matsawa ta fara aiki.

Abin takaici, bayanan ba su goyi bayan wannan ba. Yana kama da yawancin ayyukan IBOR sabon ayyukan kasuwanci ne, ba aikin rage haɗari ba da ke da alaƙa da matsayi na gado.

Ina haɗarin Client RFR?

Kallon Buɗe Interest in OIS mun ga raguwar buɗaɗɗen sha'awa mai alaƙa da Abokin ciniki a cikin OIS a cikin kuɗaɗe shida:

Kuma a cikin dukkanin RFRs, an sami raguwa a Buɗaɗɗen Sha'awa a cikin Swaps yayin da Buɗaɗɗen Sha'awa a nan gaba ya tsaya akai:

Shirye-shiryen Juyawar CCP

LCH kwanan nan ya sanar da cewa duk wani fitaccen ciniki na LIBOR (ban da USD) za a canza shi daga baya a wannan shekara zuwa kasuwancin vanilla RFR (da kuma yada tarihi kamar yadda aka daidaita ta. ISDA). Wannan yana nufin cewa cinikin ba zai yi amfani da Fallbacks na ISDA ba.

Daga su madauwari na baya-bayan nan, kwanakin da suka dace don canza RFR na cinikin LIBOR da ke akwai sune:

• 3rd Disamba don CHF da JPY.
• Disamba 17 don GBP.

Abin sha'awa;

• Chanza ba zai zama free. Ina ɗauka don ƙarfafa mahalarta kasuwa su canza da son rai kafin lokaci, za a yi amfani da kuɗi. Har yanzu ba a bayyana kudaden ba.
• Daga 30 ga Satumba, kuma za a yi biyan kuɗi na wata-wata na £5 kowace kwangila da aka yi amfani da ita ga duk fitattun kwangilolin CHF, GBP da JPY LIBOR.

Full cikakkun bayanai suna nan. CME sun kuma buga kawai shawara a yau, wanda ya haɗa da kwanan wata ɗaya.

Ban san muhimmancin kuɗin da za su kasance a LCH ba ko kuma wasu CCP za su yi cajin.

Koyaya, idan aka ba da bayanan ga Maris, shin akwai hujjar da za a yi cewa haɗarin LIBOR na biyu zai sami hanyar sharewa don samun damar waɗannan ayyukan jujjuyawa? LIBOR na baya-baya a sararin samaniya tare da LIBOR a cikin sharewa zai aƙalla motsa canjin LIBOR zuwa samfuran vanilla RFR. Koyaya, za mu kuma ga canje-canje a cikin IM da sauransu hade da wannan.

Wanda za a sa ido a cikin bayanan…..

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Source: https://www.clarusft.com/what-happened-to-reduce-rfr-trading/?utm_source=rss&utm_medium=rss&utm_campaign=what-happened-to-reduce-rfr-trading