First shots fired in new EU battle over CVA
The European Banking Authority is planning to kill off a credit valuation adjustment capital exemption for trades with sovereigns and corporates – reigniting a battle hedgers thought they had already won
It was one of the great tussles of Basel III implementation in Europe, but don't worry if you missed it, a rematch is on the cards.
In the blue corner, still bruised, are the continent's bank supervisors. Like their peers internationally, they believe banks should be holding capital today against future changes in derivatives counterparty risk. In the red corner, wearing sparkly shorts and an unfeasibly large belt, are non-financial companies, which fought for and won an exemption for their
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