Settlement
VM changes cut billions from US bank swaps values in 2017
Effects on potential future exposure (PFE) mixed
Legal woes drain Barclays' capital
A $2 billion fine from the US Department of Justice contributed to a 60bp CET1 capital ratio decline
DLT offers new possibilities for securities settlement, say ECB and BoJ
Second phase of ‘Project Stella’ looks at delivery versus payment on three DLT platforms
Distributed ledger technology in payments, clearing and settlement
This paper examines how DLT can be used in the area of PCS, and identifies both the opportunities and challenges associated with its long-term implementation and adoption.
DRW calls for physical settlement of bitcoin futures
Prop shop’s head of market structure says underlying spot exchanges are not transparent enough
Huge capital savings at stake in STM swaps debate
Estimates show portfolio would generate 250% more capital in worst-case version of new margining treatment
Goldman swaps assets drop $140bn after margin change
Move follows guidance from US regulators; no word from Goldman on capital impact
London likely to lose all euro repo clearing business
Fear of post-Brexit curbs on clearing and netting concerns propel shift to eurozone
National curbs hit budding pan-EU settlement market
As T2S approaches final migration, restrictions on primary dealers undermine efficiencies
Eurex urges more regulators to endorse VM capital savings
CME, Ice and LCH treat variation margin as settlement; Eurex awaits further guidance
VM change helps Barclays cut derivatives by $113bn
Three factors slashed size of book by 25%, including move to treat margin as settlement
Fed weighing VM capital cut for cleared swaps
Powell implies support for practice that saved UBS $300m in capital
Innovation of the year: Energy Settlement Network by Aquilon Energy Services
Energy Risk Awards 2017: Aquilon's cloud-based settlement platform redefines automation
Netting no problem for blockchain, tech firms tell regulators
Firms say DLT can sit with current market practice, but instantaneous settlement 'not desirable'
Mortgage and auto loan securitisations inflict op risk losses
Megan van Ooyen from SAS rounds up the top five operational risk losses for March 2017
Intesa Sanpaolo takes $235 million hit for AML failures
Megan van Ooyen from SAS rounds up the top five operational risk losses for December 2016
Granularity, a blessing in disguise: transaction cycles within real-time gross settlement systems
The authors of this paper take us into the world of granular time series data.
Icap plans to streamline SSI processing through automation
AI and blockchain may not be way forward, sceptics warn
Experts question CPMI-Iosco cyber guidance
Speedy settlement and resumption of services after cyber attack could be counterproductive
Wait a minute: the efficacy of discounting versus nonpecuniary payment steering
This paper investigates to what extent it is possible to steer consumers away from using credit card.
US, EU uncleared margin rules ‘impossible’ for Asia
US, EU insistence on next-day variation margin settlement criticised by Apac lenders
Blockchain faces obstacles in uncleared swap market
Isda AGM: Technology may have applications but will take time to gain market's confidence
Accounting puts brake on move to daily settled swaps
New margin approach threatens hedge accounting status, could hurt effectiveness