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.
Market participants detect new mood on cross-border issues: "The two clearing regimes aren't really compatible, but neither side wants to start a shooting war"
Open to disclosure
Repo netting criteria in the revised leverage ratio may be less forgiving than banks first thought
European proposal limits risk management tools to clearable swaps only, preventing options-based hedges
Industry sources have welcomed CFTC decision to extend no-action relief for its non-US swap dealer requirements and to consult on definitions
Banks turn to lawyers for advice as CVA functions face tougher conditions than other trading desks
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
Banks say leverage exposure "could be halved" after PRA acts to safeguard business
Banks hope for leverage exposure relief after interest rate swap clearer fixes clash with CFTC rules
Changing hats – December 2013/January 2014
Banca d'Italia proposes to allow its banks to ignore some government bond volatility
US CCPs may need committed funding to count US Treasury collateral as liquid
Irish bank capital numbers would filter out unrealised gains and losses on government bonds
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…
Industry had been banking on one-year postponement - Esma now looking for solution to reporting impasse, according to senior EC official
Emerging markets are much better prepared to deal with foreign investment outflows, says Securities Commission Malaysia chairman
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