Critics say a limited provision in new WGMR rules for dealers to rehypothecate client collateral is impractical and offers no benefit to clients
Final WGMR rules allow collateral on uncleared derivatives to be rehypothecated under strict conditions, but lawyers say they are unclear on how the rules will work in practice
Insurance Risk and BNY Mellon have conducted a survey to look at how insurance companies are preparing for the new regime and the opportunities and challenges that the changes will bring.
More Initial margin articles
The health of the financial system increasingly depends on the pricing models used at a handful of derivatives clearing houses. With these venues planning to take on trickier products, some sceptics are asking whether their models are up to the job. Laurie...
Clearing houses may have promised too much, too soon on the benefits of cross-product margining, leaving them at risk of under-delivering. Only a handful of clients have so far been able to benefit – and for most, the savings have been smaller than...
Temporary rules for portfolio margining by clients are set to expire in December. Hedge funds say they will stay on the sidelines until they know what happens next
The role played by rating agencies in the crisis is well documented, but the new regulatory framework gives similar powers and privileges to clearing houses – and leaves them exposed to the same weaknesses and temptations, argue Chris Kenyon and Andrew...
The two biggest clearing houses for interest rate swaps, CME and LCH.Clearnet, have different margin models – which may affect the prices charged to clients by clearing members. It could also affect the contest between the two venues. Joe Rennison reports...
The industry has started work on a standard margin model for uncleared derivatives trades, but it faces some significant obstacles and a tough deadline. Luckily, there already seems to be some consensus about the direction to take. By Laurie Carver
In the aftermath of the Libor scandal, Singapore’s financial industry has opted to overhaul its existing benchmarks to focus on transaction data. Lenny Feder, co-chairman of one of the industry groups behind the move and group head of financial markets...
This paper discusses a number of diverse considerations that risk managers need to incorporate into their thought processes and recurring procedures if they are to fulfill their role more effectively in the future
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