Issue: Nov 2011
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COVER STORY
Think locally, act locally: Anger over US plans for foreign banks
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Source: Risk magazine
The Federal Reserve is planning a radical departure from traditional supervision by requiring the local offshoots of foreign banks to meet US capital and liquidity rules. Overseas banks are furious...
EDITOR'S LETTER
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The date: October 27. The scene: a dining room at one of the world’s biggest banks. The starter: grilled salmon. While glasses of sparkling water were...
EDITOR'S CHOICE
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Source: Risk magazine
Firms used to be able to throw anything they liked into the hypothetical derivative that is used to test cashflow hedge accounting, but standard-setters...
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Latest issue - Features
CFTC urged to rethink rules that threaten cross-margining
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In a world where central clearing and bilateral collateral posting are mandatory, margin efficiency will be a big draw, and one obvious way to achieve...
From micro to macro: Basel III tools eyed as systemic risk controls
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Source: Risk magazine
Systemic regulators want to use Basel III’s micro-prudential tools to steer the wider economy, but no-one knows how these controls work – and bank supervisors...
Despite hurdles, clearers map out forex ambitions
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Source: Risk magazine
With a range of foreign exchange products expected to move towards clearing, several central counterparties are jockeying for a slice of the business...
Margin minutiae at issue in Jefferies v IDCG suit
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Source: Risk magazine
Jefferies is suing International Derivatives Clearing Group over claims the central counterparty’s futures contracts would replicate over-the-counter...
Credit Suisse and UBS on Basel 2.5: Half a world away
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Source: Risk magazine
Swiss banks had to switch over to Basel 2.5 at the start of 2011, but they are still wrestling with elements of the new trading book rules – from educating...
Sefs in stasis as final rules edge closer
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Source: Risk magazine
Final US Commodity Futures Trading Commission rules on swap execution facilities (Sefs) are to be published in early 2012, a full year after the original...
Block trade allocations: FCMs and CCPs prepare for new regime
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Source: Risk magazine
Big asset managers face some challenges in the move to central clearing – specifically, executing block trades and then allocating them across tens...
Illiquidity holding back CCDS, despite Basel III endorsement
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Source: Risk magazine
Basel III allows contingent credit default swaps (CCDSs) to be used as a mitigant when calculating credit value adjustment. Advocates of CCDSs hope...
Dealers face up to OTC clearing's tech revolution
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Source: Risk magazine
Build or buy? It’s a key decision in every big IT project, and the shift to over-the-counter clearing is one of the biggest the industry has ever faced...
Latest issue - More articles
Foreign exchange
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Source: Risk magazine
Of all the derivatives asset classes destined for central clearing, the outlook for foreign exchange has arguably been subject to most change over the...
Profile: CLS Bank's Bozian on regulatory co-ops and CCP settlement risk
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Source: Risk magazine
Regulators are struggling to ensure they have oversight of over-the-counter market infrastructure without losing the benefits of centralisation. CLS...
Q&A: Stefan Walter on Basel III, RWAs, 'anti-American' rules and CVA
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After five years as secretary-general, Stefan Walter left the Basel Committee at the end of October. He accepts regulators had the wrong pre-crisis...
In defence of cross-product margining
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Source: Risk magazine
Clients are currently able to agree with their clearing members to receive portfolio benefits on initial margin across cleared and uncleared positions...
Europe's democracy deficit contributing to crisis
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Source: Risk magazine
The eurozone is grappling with a fiscal crisis, but David Rowe argues its ability to cope is being hampered by a democracy deficit
Cutting Edge introduction: the DVA debate
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Banks profiting from a widening of their own credit spreads is causing more scrutiny of the debit value adjustment, with some viewing it as an accounting...
Eris Exchange: Brady's bunch aims to make swap futures a hit
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Source: Risk magazine
Swap futures have had some bad press in recent weeks, but Eris Exchange insists it can make them work - and add diversity to the OTC market as a result...
Getting CVA up and running
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Source: Risk magazine
The credit value adjustment that crystallises counterparty risk in a derivatives price is generally thought of as an upfront payment, but could equally...
In the balance
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Source: Risk magazine
Funding costs and counterparty credit risk adjustments have become increasingly important contributions to the total value of derivatives positions...
Latest issue - News
People: Apra's Wayne Byres named to Basel role
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Byres replaces Stefan Walter as Basel Committee secretary-general; UBS rogue trading fall-out claims more senior execs; Maguire takes charge of SwapClear...
ECB threatens to stop trading swaps with US counterparties
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Source: Risk magazine
ECB invokes US legal amendment providing it with broad immunities and says it might stop using US dealers unless granted exemptions from Dodd-Frank...
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