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First SOFR swaps traded
JP Morgan thought to be a counterparty in first three OTC trades linked to new benchmark
Branching out: foreign banks seek shelter from Fed rules
Foreign banks stashing repo businesses within their branches, outside Fed’s full gaze
US swaps users want CFTC rules lifted in Libor switch
Dodd-Frank should not catch contracts amended as part of move to new rates, letter argues
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Risk Quantum
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Risk Quantum finds insights in data. The service tracks the public disclosures of over 120 banks, funds, insurers, corporates, and central counterparties – as well as reports from prudential and markets regulators – in Asia, Europe and North America.
Editors' choice
Rise of the cyborgs: tech remakes the front office
Dealers “have no choice” but to change, says UBS’s Orcel – and plenty of changes are coming
Big Figure
DB USA flunks Fed stress test
Deutsche Bank (DB) USA failed the latest round of the Federal Reserve’s annual stress tests, while Goldman Sachs, Morgan Stanley and State Street were handed conditional passes that will limit their capital distributions in upcoming quarters. The US operations of Deutsche Bank flunked the Fed’s Comprehensive Capital Analysis and Review on qualitative grounds, as a result of “widespread and critical deficiencies across the firm’s capital-planning practices”. This was despite DB USA acing the quantitative tests by reporting a post-stress common equity Tier 1 capital ratio of 12.2% – far above the 4.5% required minimum.
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7 days in 60 seconds
Digital offices, Brexit swaptions and forex derivatives
The week on Risk.net, July 7-13, 2018
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