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Ex-Citi banker’s ‘perfect marriage’ with Franklin’s crypto unit
Investment giant throws weight behind Chris Perkins’ plan for investing in digital markets
JSCC faces pushback on plans to merge futures default funds
Members say commodities products should be kept fully segregated because of different risk profile
Citi, Goldman and Wells Fargo drive $74bn AFS securities surge
AFS share at US G-Sibs rise for 12th straight quarter as Treasury holdings climb to record high
Issuers wrap prediction market bets for European clients
Structured notes from Marex and Otala offer prediction market exposure to European firms shut out of the raw contracts
DB USA’s cleared OTC notional surges eightfold in Q2
Revival of FCM propels Deutsche’s cleared OTC derivatives to fourth-largest among non-G-Sibs
Dealer rankings 2026
It’s not easy to look under the hood of the OTC derivatives market, but mutual fund, ETF and life insurer filings in the US allow a peek.
The Dealer Rankings use a full year of this data to examine the footprint of each sell-side firm named in the filings. In its fourth edition, the exercise shows the top US banks expanding; it also raises questions about capacity.
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Tokenisation
Risk managers grapple with hazards and benefits of intraday repo
Expected increase in collateral velocity and re-use could also boost leverage and risk in markets
Repo tokens won’t be cleared. Or will they?
Uncertainty lingers over clearing status of tokenised Treasuries, with decision likely devolved to DTCC
Stablecoin consortia may be ‘interim’ step to solo bank issuance
Former Citi payments head and Ubyx founder says all G-Sibs will issue their own coins
Rapid-fire repo raises hopes of cheaper, faster trading
Tokenised Treasuries piloted by DTCC could squash settlement cycles and enable 24/7 repo
Risk Quantum
Data insights, delivered daily
Risk Quantum tracks thousands of data points across hundreds of metrics from organisations that represent a cross-section of the financial system. Published daily, articles are short and broken into chunks – the facts, the context and a brief commentary – and use data visualisations to get each story across.
Citi, Goldman and Wells Fargo drive $74bn AFS securities surge
AFS share at US G-Sibs rise for 12th straight quarter as Treasury holdings climb to record high
Counterparty Radar
Matchmaking and benchmarking for OTC derivatives
Counterparty Radar is based on position data from around 20,000 US mutual funds and ETFs, rolled up to the manager level – it shows the OTC derivatives they have on their books, and who they traded them with, providing unique insights into an important market segment. More info
More dealers enter OTC market – but are there enough?
Dealer Rankings 2026: Data shows bigger list of sell-side names in many markets; also suggests largest buy-side firms may be short of options
Clearing
CME aims to offer client UST cross-margining internally in 2027
CCP has filed initial proposal with SEC; wants to offer more products than joint FICC programme
Perps extend the menu to tempt TradFi diners
Expiry-less futures are spreading from bitcoin into gold, equities and FX. Institutions are watching, not buying
Risk managers grapple with hazards and benefits of intraday repo
Expected increase in collateral velocity and re-use could also boost leverage and risk in markets
BoE backs away from mandatory gilt clearing
Discussions with industry shift to portfolio-based repo haircuts and ways to encourage voluntary clearing
Big investors turn to off-exchange prediction markets
Millions of OTC event contracts are being traded monthly, with individual deals as big as $10 million
Capital requirements
EU’s plan to get competitive faces big legislative hurdles
Large and controversial legislative package may be too amorphous to deliver results quickly
Europe’s banks can’t agree on how to fix the output floor
Some want market risk excluded, while others push for greater savings from credit modelling
EU banks shrug off mooted minimum reserves increase
Doubling of unremunerated reserves would curb Eurosystem losses, but banks doubt it will pass
ECB finds gaps in geopolitical stress-testing frameworks
Current methods fail to properly capture impact of geopolitical stress on liquidity
FDIC relearns SVB lessons in resolution tinkering
Paring back requirements gets thumbs up from some, but concerns linger
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