Surge in customer numbers caught the repository out, CEO admits
Asset managers, hedge funds and proprietary trading shops all want access to platforms that currently serve dealers only - a test for rules on impartial access and, potentially, the start of a long-awaited revolution in over-the-counter markets. By Duncan...
Nailing down mercury
Rising interest rates could leave pension funds facing huge margin requirements, creating an acute liquidity crisis
From Berlin to Birmingham, risk functions are increasingly relying on low-level number crunchers in low-cost locations
There may be an aggregate collateral surplus, but pension funds and other firms that would face big margin calls in a rising-rate environment are not reassured
Swiss bank is tying up too much capital in immature business, rivals claim, after new NFA data shows it to be an outlier
US CCPs may need committed funding to count US Treasury collateral as liquid
Central bankers and supervisors want to break Europe's bank-sovereign feedback loop. Politicians don't seem so sure
Without working European rules, a system of equivalence testing will fall flat
Leverage-only approach would set prudential rules back 50 years, warns senior Canadian regulator
Dividing the over-the-counter market into cleared and uncleared products creates extra risk and inefficiency, critics claim – it also creates an opportunity for services that can repair the damage. Start-ups and established firms alike are now jockeying...
Prudential regulation is too complicated, the Basel Committee has conceded - but that does not mean it will embrace an all-powerful leverage ratio. By Duncan Wood
The post-crisis years have shut down the over-the-counter derivatives market's incessant search for new underlyings, but a new phase of innovation has replaced it.
Regulator wrote to large hedge funds in August, following volatility in UK interest rates market
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
Regulatory specialists unable to explain jump in leverage exposure at UK bank - the incoming ratio lacks clarity, say critics
Look beyond loans
The CFTC published its final cross-border rules on July 12. Nick Sawyer and Duncan Wood discuss some of the implications
As competition in standardised products gets increasingly fierce, brokers can either slug it out, or diversify into illiquid markets. Gottex Brokers is doing both, its chief executive, Raphaël Moreno, tells Duncan Wood