Articles by Joe Rennison
Experts split on MAT determinations
Rules allowing Sefs to make available-to-trade determinations continue to cause concern, but some think an aggressive approach is justified
Fed discount window could resolve CCP collateral liquidity concerns, say clearers
US regulatory concerns about liquidity of government securities collateral could be resolved by access to the Fed’s discount window, CCP officials say
Sefs have work to do on impartial access - Gensler
Some Sefs are not offering equal terms to all market participants, CFTC chairman tells industry conference
5,000 trades: Basel III's magic number squeezes swaps books
There is a magic number in bank capital rules – 5,000 trades – below which portfolios qualify for a lower margin period of risk. Some dealers are now trying to cut their books down to size. Others claim that’s impossible. Joe Rennison reports
Risk USA: Buy-side prepares for fixed-income storm
Artificially low volatility leaves firms nervous about the future – and looking for fixed-income alternatives
Risk USA: Few options to manage CCP exposure, says RBS chief credit officer
Senior executives at RBS have weighed up the bank's potential exposure to CCPs
Clearing: Third time lucky
The third US clearing deadline caused relatively little fuss. But the problems that emerged ahead of the first two deadlines haven’t entirely been solved, and some firms sought to postpone their first cleared transactions. Joe Rennison reports
Sefs questioned on plans for erroneous trades
Swap execution facilities have been rushing to meet an October 2 deadline for registration, but more thought is needed on how platforms will deal with trade failures, say conference participants
Non-US platforms shun US banks over Sef rules headache
Isda conference in New York hears some trading platforms outside the US are turning away US persons to avoid registering as a Sef
Looming Emir deadline prompts race to comply
Hundreds of corporates amend OTC documentation this week, ahead of September 15 portfolio reconciliation deadline – but market participants warn of "massive non-compliance"
Detroit swaps spark fight between dealers and insurers
Detroit spinners
Single-name CDS clearing held up by fears over SEC regime
Temporary rules for portfolio margining by clients are set to expire in December. Hedge funds say they will stay on the sidelines until they know what happens next
HMRC grappling with impact of UK bank levy on clearing
HM Revenue & Customs "does not wish to discourage" client clearing business, which is caught by UK balance sheet tax
Detroit prepares for court hearing on swaps termination
Court will rule on compromise agreement between bankrupt city and swaps counterparties
CME vs LCH.Clearnet: Clients may face CCP-specific pricing, warn FCMs
The two biggest clearing houses for interest rate swaps, CME and LCH.Clearnet, have different margin models – which may affect the prices charged to clients by clearing members. It could also affect the contest between the two venues. Joe Rennison reports
Quant Congress USA: Derivatives have had negative social utility, says Dupire
Dealers have sold products their clients did not need, says top quant – and industry must refocus on legitimate risk transfer
Trade rejections spark clearing document rethink
Industry group considers changes to the standard cleared derivatives execution agreement, following concerns that dealers have the unilateral right to terminate rejected cleared trades
All aboard: The trials and triumphs of the June 10 clearing deadline
A combination of hard work, caution and some luck saw the industry through the second of the three US clearing deadlines on June 10. But while it was a triumph for many, it proved testing for some. Joe Rennison reports
FCMs split over capital for client clearing promises
Some banks believe capital is - or will be - needed to support guarantees to clients
OTC Derivatives Clearing Summit: Clearing incentives "are not there" - Goldman's Frankel
Regulators want capital and margin rules to encourage central clearing, but analysis suggests costs may currently be higher in the cleared world
OTC Derivatives Clearing Summit: Bank examiners will push dealers away from bespoke trades, says Fed
Supervisors should ask dealers to prove they are favouring standardised products, says Fed official
Into the unknown: Risk OTC client clearing survey
Into the unknown
US securitisation groups seek clarity on June 10 clearing deadline
US clearing rules do not exempt SPVs, but industry is split on whether other exemptions - for unclearable swaps - would apply
Small banks search for FCMs as June 10 deadline looms
Small banks, big needs