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Cross-currency swaps set to ditch Libor in ‘RFR first’ drive
A plan to oust Libor in September is expected to spur voluntary RFR adoption for euro legs
Ex-regulators back PTFs’ call to reform Treasuries clearing
G30 proposal comes just weeks after PTFs requested improvements to Ficc sponsored clearing
CME’s term SOFR rate gets the official nod
Endorsement comes just three days after ‘SOFR first’ drive, cementing availability in fallbacks
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Credit Suisse’s op risk up $6.5bn on subprime-era litigation
Increase offsets the removal of Archegos-related capital add-on by Finma
Editors' choice
Term SOFR gets cautious blessing for derivatives
ARRC use cases for forward RFR could accelerate derivatives' availability, though dealers must warehouse basis risk
Big Figure
Capital gains
Capital One’s Tier 1 leverage ratio increased by 70 basis points in the second quarter as the bank’s capital growth outpaced rises in exposures. Tier 1 capital rose 6.3% to $50.9 billion over the second quarter, faster than the 0.6% expansion in adjusted average assets, the leverage ratio’s denominator, which hit $411 billion. This boosted leverage adequacy to 12.4%, up from 11.7% the previous quarter.
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Risk Management
After bruising EU model review, banks ask: ‘Why bother?’
Post-Trim changes erode capital savings from internal models while raising their running costs
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Our Take
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