Articles by Lukas Becker
Pimco: Cleared for take-off
Pimco: Cleared for take-off
Banks plan to relaunch off-balance-sheet derivatives units
At least six banks are talking to lawyers and rating agencies about reviving derivatives product companies, although AAA ratings may now be off the table
CDS market faces iTraxx clearing obstacle
Restructuring credit events would cause non-clearable contracts to spin out of cleared index trades
Saving structured finance: Dealers vie for SPV replacement swaps
The SPV swap replacement game
CFTC rules could force European funds to break the law
Breaking the rules
OTC Derivatives Clearing Summit Europe: Corporates could be source of eligible assets for clearing
Cash-rich corporates could replace capital-constrained dealers as providers of collateral transformation services, according to one asset manager
CFTC could force funds to break US or European law
The CFTC's broad definition of a US person could leave European hedge funds facing conflicting rules
Time running out for buy-side clearing docs negotiation, dealers warn
Buy-side firms need to begin negotiating OTC clearing documentation now or risk being forced to adopt one-size-fits-all standard templates
Standard docs may not prevent clearing contract crunch
Preventing a clearing contract crunch
Gazprom Marketing & Trading: Powering up for clearing
Powering up for clearing
European OTC clearing documentation faces delay
Complications over close-out mechanisms and segregation models will delay the European addendum by up to three months, say dealers
New Isda protocol may not fix business conduct bottleneck
Dealers hope to comply with new business conduct rules by amending thousands of Isda master agreements – but a standardised protocol published last month is expected to leave some clients cold
Sefs hit by Dodd-Frank disclosure rules
New trading platforms must enable dealers to make pre-trade disclosures – but industry doesn't know what information needs to be provided
Reprieve for dealers as CFTC extends business conduct deadline
Ten-week extension comes as welcome surprise to dealers, but industry still has concerns about timing and content of new rules
Downgraded banks struggle to find replacement swap counterparties on ABS deals
A number of downgraded banks are required to find swap counterparty replacements for over 300 structured finance transactions – but this is proving difficult, with few candidates willing or able to step in
Relief for dealers as Basel reins in capital for cleared trades
Basel Committee addresses long-standing complaints over default fund exposures and client clearing
US large exposures rule could stop banks trading with RBS
Federal Reserve proposals limiting counterparty risk could put RBS and the UK government in one pot – potentially forcing US banks to cut exposure to both
Rethinking client-money protection
Segregation games
CCPs wary of covered bonds despite Esma proposal
LCH.Clearnet and Eurex will not accept own-name covered bonds as collateral, despite green light from Esma
JP Morgan loss highlights lack of risk experts on bank committees
A committed committee?
BAML reshuffles European risk roles
Bank of America Merrill Lynch's European CRO to co-head counterparty credit in New York
Lehman Brothers ruling changes equation for creditors and clients
Protection racket