Articles by Nick Sawyer
In depth: Has the US succeeded in its OTC reforms?
The bulk of the Dodd-Frank reforms were implemented last year. Now it is Europe's turn. Is there anything Europe can learn from across the Atlantic?
Too early to declare victory on TBTF?
Too early for TBTF call
Op risk, FVA and OIS - Risk.net’s top stories of 2013
Operational risks, funding valuation adjustment and the money made by one dealer in the early days of OIS discounting – the top stories of the year on Risk.net
Pension funds and the collateral crisis
Rising interest rates could leave pension funds facing huge margin requirements, creating an acute liquidity crisis
European clearing mandate likely to start in 2015 – Risk.net poll
Clients aren’t expected to be subject to a clearing mandate until 2015, according to a Risk.net poll
Start of EU clearing mandate could drag into 2015
Nick Sawyer, editor-in-chief of Risk, and Risk staff writer Tom Osborn discuss the timeline for clearing in Europe, and the tensions this could create with other regulators
Leverage and CCP capital proposals will hurt clearing – Risk.net poll
Four fifths of respondents to a new Risk.net poll think proposed changes to the leverage ratio and CCP capital rules will make it uneconomical to become a clearing member
CFTC substituted compliance process not clear enough – Risk.net poll
The majority of respondents to a Risk.net poll say they do not understand how CFTC substituted compliance determinations will be made
Cross-border stricter-rule-applies approach causing confusion
Global regulators have agreed to cooperate when implementing new derivatives rules on a cross-border basis, but market participants are unsure as to how this will work in practice
Risk on the WGMR rules
The WGMR published its final rules on uncleared margin on September 2. Nick Sawyer and Matt Cameron discuss the implications
More co-operation needed to avoid footnote 88 fallout
More regulatory co-operation is needed to ensure footnote 88 doesn’t hurt liquidity inside and outside the US
First substituted compliance determinations by year-end, says Gensler
CFTC chairman confident that first entity-level determinations will be complete by December 21, but is less certain about transaction-level requirements
Gensler not ruling out targeted Sef relief
CFTC chairman recognises difficulty in meeting October 2 Sef deadline, but says platforms need to be targeted in requests
Non-US clients shun US bank foreign branches
Non-US customers are refusing to trade with foreign branches of US banks ahead of an October 9 clearing deadline. Uncertainty over whether these entities are ‘bona fide’ foreign branches has added to the problems
Industry ‘won’t bother’ with one-time rehypothecation
Critics say a limited provision in new WGMR rules for dealers to rehypothecate client collateral is impractical and offers no benefit to clients
RVA proving a struggle for derivatives counterparties
In this video discussion, Duncan Wood, editor of Risk, talks to Nick Sawyer, Risk’s editor-in-chief, about attempts to price in a replacement valuation adjustment on derivatives trades
Risk on extraterritoriality
The CFTC published its final cross-border rules on July 12. Nick Sawyer and Duncan Wood discuss some of the implications
Profile: Standard Chartered's Feder on Singapore benchmark changes
A charter for change
Backlash on the EU CVA exemption continues
The decision by European legislators to exempt EU banks from the CVA capital charge when trading with certain counterparties has infuriated regulators at home and abroad. Nick Sawyer discusses the issue with Duncan Wood
Risk’s OTC clearing survey
In this video, Nick Sawyer talks to Risk’s editor, Duncan Wood, about clearing mandates in the US and a new Risk survey on client clearing
DBS: Asian backlash over regulatory fragmentation
The crisis did not start in Asia, but Asian countries have been among the first to implement the resulting capital and liquidity regime – while the US and Europe have yet to move. The result is an unlevel playing field, says Elbert Pattijn, chief risk…
Europe should consult on Emir equivalency – SEC official
The EC and Esma should consult on the process for determining equivalency with Emir, says Eric Pan of the SEC
FX prime brokers welcome CFTC relief
CFTC provides last-minute relief for FX prime brokers, having listened to arguments that the market could be seriously impeded by business conduct rules
Isda AGM: Industry to address negative interest rates under CSA
Industry group will launch a best practice document confirming that negative interest rates apply under CSA