Europe
SFT exposures surge at EU banks
Jump in repo and securities lending activity across 31 European dealers elevated total exposures to €802bn in H1
UK CCPs see gradual shift toward foreign clearing members
North America and Asia-Pacific clearing houses remain dominated by domestic members
Why banks don’t believe each other’s IRRBB models
Regulatory outlier test results prompt mutual suspicion of unrealistic deposit assumptions
Crédit Ag’s risk footprint swells faster than EU peers
Relative analysis of systemic scores suggests sticky step-up in G-Sib surcharge
JPM and MS offer US Treasury algos on Tradeweb
Dealer algos form part of broader execution strategy following acquisition of r8fin
BofA preps single-stock autocalls on new CHF indexes
SIX Group indexes slash implied forward cost for US underlyings including Nvidia and Microsoft
It takes two: bilateral price streaming takes hold in govvies
Large dealers offer direct API access to government bonds as alternative to request-for-quote trading
BNP Paribas poised for fresh G-Sib score cut via intra-EU waiver
Carve-out facing US pushback compressed bank’s cross-border footprint 51% in 2024
European banks swell stocks of complex instruments
Derivatives and hard-to-value holdings rose across the bloc in 2024
US dividend futures top $6bn on structured note boom
Traders also eye opportunities in options on S&P dividends as April rout creates skew dislocations
JP Morgan SE’s clearing rate plunged to 15% in 2024
US bank’s EU arm slashed €5.7trn in cleared notionals, while bilateral grew €11.4trn
PMT confirms move to new pension fund contract in 2026
Third-largest Dutch pension fund set to move to the defined contribution contract on January 1, in boost for euro steepener
UniCredit’s VAR cools as Commerz swaps convert to shares
Average reading down by over a third after Italian bank settles part of its stake in the German lender
Fewer than half of banks rate their GRC vendor as ‘good’
Enterprise Risk Benchmarking study shows banks juggling multiple systems, adding costs and complexity
Euro IR derivatives dethrone dollar as turnover hits new high
Latest BIS triennial survey shows euro-denominated contracts averaged $3trn a day in April
Reporting overhaul: the EU’s near-impossible balancing act
Regulators must weigh their desire to streamline derivatives reporting against the need to gather crucial trade data
JP Morgan SE, BPCE drive surge in European OTC derivatives
Foreign-owned dealer and French bank climb rankings on rapid notional growth in 2024
Most banks add ERM heads – but CROs keep control
Hiring tilts towards AI, cyber and model risk as enterprise risk’s remit grows faster than its reach
EU securitisation rethink to boost mortgage-bearing SRTs?
Insurer participation and a lower risk weight could help make capital savings attractive to banks
Required IM at top CCPs climbs 11% to record high in Q2
Tariff shocks and trading shifts propel surge across the board
EU reporting revamp may end up costing banks
Esma’s review into trade reporting promised to cut reporting burden and save firms money. Dealers aren’t convinced.
North American banks outpace Europeans in ERM
New research shows US, Canadian banks have more developed enterprise risk management functions
EU banks’ systemic indicators soared to record highs in 2024
Trading activity drives surge across 29 banks
Banks treat ERM as compulsory – even when it isn’t
More than 80% follow supervisory guidance or expectations for ERM, benchmarking shows