Structured products house of the year, Americas
House of the year, Latin America: BBVA Bancomer
US distributor of the year: Incapital
House of the year, Canada: Desjardins
Law firm of the year: Davis Polk & Wardwell
Technology innovation of the year: BNP Paribas
Returns of the Mac
Clearing – and present danger
Viva las vega
A family affair
The right tool for the job?
Min Park to retire
The rise of smart beta
Proposals on the margining of uncleared over-the-counter derivatives trades have been revised to dampen the potential liquid impact. But dealers warn the rules are still dangerously pro-cyclical and will lead to huge numbers of disputes. By Matt Cameron
The move to central clearing poses a huge documentation challenge. A standard template has been developed for European derivatives users – but will this solve the problem? By Duncan Wood and Lukas Becker
Swaps vs futures: OTC market speaks out
Some dealers have started trading under the standard credit support annex, but a requirement in new uncleared margin rules could subject many trades to a haircut, potentially causing a re-think. By Matt Cameron and Nick Sawyer
Dealers broadly agree that funding costs and benefits should be priced into uncollateralised trades, and some banks have started recognising this in their financial statements. But there is no standard practice, and there are fears of double-counting....
The days either side of the first US clearing deadline saw last-minute decisions by clients and regulators, operational niggles and some illegality. The industry expects breaches of the rules to get a pass for now, so the first phase of the new regime...