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Can US perpetual futures solve their identity crisis?
Market could fall under four different regulatory categories, with sharply diverging outcomes
Securitisation exposures surge 80% at European banks as risk density falls
RWAs grow just 52% over four years as synthetic positions more than double
Little consensus on how banks manage FVA
Risk Benchmarking: Majority of dealers still mix and match methodologies for funding adjustments
The quadratic rough Heston+ model for short-dated options
Skew and curvature of 0DTE are captured with an extended Heston model
Banks want AML data upgrade to complement US regulatory reform
FinCEN’s proposed overhaul sparks debate on whether it will lead to smarter or weaker supervision
Calamos combines rival structures with new autocall ETF
Generic local vol model allows exotic payoff to be packaged in index without vol target
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Rates
Swap spread swings push US corporates to rethink locks
Volatile swap spreads have issuers weighing a shift from swap locks to costlier Treasury locks for pre-issuance hedges
Hedge funds shelved yen basis bet on US deal
Funds exited USD/JPY flatteners tied to Japan’s $550bn pledge and new funding may not revive the trade
Kalshi seeks CFTC approval for 10-year US Treasury perp
Extended review period for first-of-its-kind contract will run until November 29
Hedge funds return to JGB flatteners after brutal stop-outs
Funds bet repatriation of assets by Japan’s pension funds will driver further long-end yield compression
Risk Quantum
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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.
Securitisation exposures surge 80% at European banks as risk density falls
RWAs grow just 52% over four years as synthetic positions more than double
Risk Benchmarking
Little consensus on how banks manage FVA
Risk Benchmarking: Majority of dealers still mix and match methodologies for funding adjustments
Artificial intelligence
Barclays built a system to spot AI agents that might go rogue
Research setup ‘reads the mind’ of LLM-based agents and flags if they’re about to do something risky
Podcast: Ariye Shater and Hariom Tatsat on AI explainability
Barclays quants discuss their method for monitoring AI with mechanistic interpretability
AI boom turns Morgan Stanley into a hot commodity
Talking Heads 2026: Data centres need long-dated power and gas hedges that only a big bank can provide
An agentic bank? Not so fast
With no clear definition or way to gauge ROI, claims of AI adoption should be taken with a pinch of salt
Imminent US shake-up of LCR slated to include discount window
Adding Fed liquidity facility to bank regulation may help overcome stigma, raise lending capacity
Tokenisation
Ripple builds ‘one-stop’ payments shop
Flurry of acquisitions marks latest step in digital payments specialist’s masterplan to crack trad-fi
BIS’s Hernández de Cos on AI, non-bank risk and tokenisation
General manager talks about how the BIS is navigating a complex global environment
HSBC’s Orion sees cash leg challenge to tokenised bonds
Tradeweb and others agree more work needed before atomic settlement is achieved
Pioneers split over future of UK’s digitalised market
Tokenisation provider urges industry to stop waiting for magic to make digitally issued securities possible
Canton: has Wall Street found its blockchain?
Network and privacy behind Digital Asset spin-off’s tilt at next-gen settlement
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