Last year was a landmark for the derivatives reforms laid out by the Group of 20 nations in 2009, with clearing, trading and reporting rules all coming online in the US. But it was also just the start of efforts to co-ordinate and align the rules internationally....
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
The French bank will house up to 600 RBS staff after winning auction; SG CIB provides new CEO for Newedge; US futures business at Deutsche gets new boss; JP Morgan promotes divisional CFOs; SGX splits regulatory and risk roles
From collapsing equity repo rates to footnote 88, and from the leverage ratio to new clearing house liquidity rules, the year has been full of surprises, many of them unpleasant. By the end of 2013, an industry that had seemed to be back on its feet was...
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
Politicians may be unwilling to consider it, but the eurozone’s problems could be solved through a slight twist on debt monetisation, argues Marcello Minenna
Americas EQD business gets new head and new head of sales; Higgins joins RBS as head of European fixed income; Nomura adds staff across Asia; four equity flow hires at SG CIB
Without working European rules, a system of equivalence testing will fall flat
Dealers and pension funds still waiting for clarity on whether hedging vehicles are covered by Europe's swap clearing exemption
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...
BAML fixed-income co-head departs after 18 years
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
Esma unable to approve repositories for new regime because applications are incomplete, regulator says
Exodus of traders from Brevan Howard
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