Articles by Luke Clancy
Bosses escape blame for options blow-up at Swedish bank
Court rules negligence by former managers and auditor of HQ Bank did not cause 2010 licence withdrawal
FRTB, CCAR and bonus caps for prop traders
The week on Risk.net, December 16-22, 2017
VM change, Libor fallback and DTCC blockchain
The week on Risk.net, November 10-16, 2017
New Brexit carve-out urged for legacy EU cleared swaps
Risk and default management of grandfathered portfolios required in any clearing relocation plan
LCH braces for repo clearing relocation
UK clearing house aims to retain swaps clearing even if sovereign repo business relocates to the eurozone
Deutsche Bank expects early 2018 decision on LCH exit
LSE chief slams clearing relocation proposals for trying to create captive European Union market
Leaked EU doc could shield legacy swaps from clearing grab
Council paper being debated today sets terms for swaps clearing landgrab
London likely to lose all euro repo clearing business
Fear of post-Brexit curbs on clearing and netting concerns propel shift to eurozone
EC official hints at partial relocation of euro swaps
Commission yet to work out details such as which products and what share of stock may have to move
National curbs hit budding pan-EU settlement market
As T2S approaches final migration, restrictions on primary dealers undermine efficiencies
Eurex urges more regulators to endorse VM capital savings
CME, Ice and LCH treat variation margin as settlement; Eurex awaits further guidance
Cross-border clarity, US position limits and MMF repo trades
The week on Risk.net, August 25–31, 2017
US regulators approve VM route to capital savings
Guidance tips balance in debate over interest payments in settled-to-market swaps
FRTB to create winners and losers on the buy side
Wider spreads could hit returns, but some funds eye opening in exotic and securitised markets
VM change helps Barclays cut derivatives by $113bn
Three factors slashed size of book by 25%, including move to treat margin as settlement
Esma backtracks on account segregation
Status quo protected for rehypothecation of collateral in tri-party, securities lending and prime brokerage
Dislocation policy: LCH exodus risks CCP basis blow-out
Questions about post-Brexit status of UK CCP could spark mass migration – and severe volatility
LCH users weigh early exit as fears grow of EU ban
Two CCPs report interest from LCH customers; banks expect first book transfers in early 2018
Fed weighing VM capital cut for cleared swaps
Powell implies support for practice that saved UBS $300m in capital
R3 claims progress on smart contracts standards
DLT consortium under pressure to show cohesion after JP Morgan departure
Trump reforms, euro clearing and FRTB
The week on Risk.net, June 9–15, 2017
ECB and Esma would call shots on euro clearing
Proposals give central bank and regulator the power to bar biggest third-country CCPs
Is it $5bn or $77bn? Data enters the euro clearing row
Eurex set to challenge LCH estimates of clearing relocation costs
IRB and Esma data, FRTB and hedge funds
The week on Risk.net, May 12–18, 2017