Articles by Lukas Becker
Issuers change their tune on structured note disclosures
Open to disclosure
Repo netting curbs threaten government bonds, say dealers
Repo netting criteria in the revised leverage ratio may be less forgiving than banks first thought
EC bank reforms would leave lenders unable to hedge
European proposal limits risk management tools to clearable swaps only, preventing options-based hedges
Basel leverage ratio may force CSA restructuring
Cash collateral can only reduce derivatives exposure if it matches the currency of the underlying swap, threatening existing CSAs and even the new standard CSA
Industry welcomes footnote 513 no-action extension
Industry sources have welcomed CFTC decision to extend no-action relief for its non-US swap dealer requirements and to consult on definitions
CVA desks could struggle with Volcker correlation tests
Banks turn to lawyers for advice as CVA functions face tougher conditions than other trading desks
Basel said to be weighing leverage ratio U-turn
Cash collateral may be allowed to bring down derivatives exposure - and repo treatments could also be softened, according to three industry sources
CFTC correct in row over US Treasury liquidity - Risk.net poll
A poll of Risk readers finds that 56% agree the CFTC should require CCP holdings of US Treasuries to be backed by committed liquidity facilities
PRA protects clearing from leverage ratio hammer-blow
Banks say leverage exposure "could be halved" after PRA acts to safeguard business
SwapClear to restart compression in leverage boon for banks
Banks hope for leverage exposure relief after interest rate swap clearer fixes clash with CFTC rules
Massad to replace Gensler as CFTC head, and other recent job moves
Changing hats – December 2013/January 2014
Italy follows Ireland in retaining AFS bond filter
Banca d'Italia proposes to allow its banks to ignore some government bond volatility
JP Morgan names new divisional CFOs
The US bank appoints David Hudson as global markets CFO, while Mike Santomassimo is named banking and risk CFO
CME threatens to flee US as regulators challenge liquidity of US Treasury collateral
US CCPs may need committed funding to count US Treasury collateral as liquid
Central Bank of Ireland diverges from Basel III on AFS bonds
Irish bank capital numbers would filter out unrealised gains and losses on government bonds
Search for new OTC underlyings gets tougher
The history of the derivatives market has been punctuated by regular attempts to find new underlyings – never an easy task. But would-be innovators now face regulatory and political obstacles too. Lukas Becker reports
Leverage rumpus: Banks protest impact of ratio revisions
Client clearing, repo markets, credit derivatives – the leverage ratio casts a shadow over them all. But the overarching complaint is that the ratio should remain a backstop, and it’s a point on which many regulators agree. Lukas Becker and Tom Newton…
IMF: Making Basel III work in emerging markets
For many countries, Basel III is not an all-or-nothing choice. Part of Michaela Erbenova's job at the IMF is to help them work out which bits make sense. By Lukas Becker
Futures reporting delay 'will not take place', says EC's Pearson
Industry had been banking on one-year postponement - Esma now looking for solution to reporting impasse, according to senior EC official
Emerging market volatility not a sign of crisis, says Malaysian supervisor
Emerging markets are much better prepared to deal with foreign investment outflows, says Securities Commission Malaysia chairman
WGMR rehypothecation rules unclear and confusing, say lawyers
Final WGMR rules allow collateral on uncleared derivatives to be rehypothecated under strict conditions, but lawyers say they are unclear on how the rules will work in practice
Banks could quit CCPs that miss Esma deadline
A world of confusion
Leverage ratio changes threaten European clearing model, industry warns
Proposed revisions appear to catch back-to-back trades that are used to get exposure into European CCPs