Lukas Becker is the derivatives desk editor for Risk.net. His topics of interest include over-the-counter derivatives pricing, collateral management, market infrastructure and legal risk. He is based in London.
He was previously the Europe, Middle East and Africa editor of Risk magazine.
Interview: UK power giant uses option selling – and other tactics – to create hedging headroom
Redress scheme for victims of post-Libor valuation change may fail due to “cherry-picking” fears
Coronavirus outbreak and recession fears trigger frenzied trading in USD/JPY options
Options traders saw odd quotes by US bank months before losses were publicised
With the fallback possibly illegal in some EU states, loan system updates may become more complicated
Switch planned for Q2 of 2020, with a single cash payment to correct value transfers
An estimated $60 billion of structured notes are at risk of being called before year-end
CCPs say cleared swaps will move to new rates if Libor is no longer representative of markets
Move to new reference rates could hurt some swaptions holders, while others enjoy “windfall gain”
QE wind-down could boost Euribor, but panel bank expansion is unlikely
Market second-guesses spread for new risk-free rate, spicing up Libor-Sonia basis market
UK port operator converts swaps and bonds to Sonia, but loans proving more tricky
Landmark move sees Associated British Ports become first to amend legacy bond reference rate