Articles by Nick Sawyer
Isda AGM: Banks to blame for regulatory fragmentation, says Basel Committee’s Coen
Bank lobbying has encouraged national supervisors to water down global standards, says deputy secretary-general of Basel Committee
Isda AGM: Uncleared margin rules create dangerous distortions, say panellists
New margin rules for uncleared derivatives will distort behaviour and increase systemic risk, panellists say
Isda AGM: Closer international co-ordination needed, says MAS’s Ng
The potential for conflicting regulations could hamper cross-border trades, warns MAS official
Isda AGM: Asia clearing houses to dominate, says survey
Many derivatives users in Asia expect to clear through local CCPs, creating the potential for liquidity fragmentation and higher costs
Futures will not beat swaps on margin alone, say buy-side firms
Swap futures have a number of advantages, but OTC instruments will continue to be popular, leading buy-side firms say
Buy side struggling to pick forex platforms
Consolidation will shrink the number of competing platforms, but it is too early to pick winners, say panellists at FX Invest North America
Uncleared margin rules could hold back new CSA adoption
New proposals on the margining of uncleared derivatives trades could dampen take-up of the standard CSA
New standard CSA could be hurt by WGMR rules
Some dealers have started trading under the standard credit support annex, but a requirement in new uncleared margin rules could subject many trades to a haircut, potentially causing a re-think. By Matt Cameron and Nick Sawyer
Extraterritoriality, uncleared margin and futurisation – Isda on OTC derivatives reform
The first clearing mandates came into force in the US on March 11, but there is still plenty of uncertainty about how certain parts of the new regulatory framework will function. In this roundtable discussion, Nick Sawyer talks to two senior board…
Extraterritoriality: US person definition doubt
The Dodd-Frank Act requires any trade involving a US person to meet strict new regulatory requirements. The first mandatory clearing requirements are now in force – but the definition of US person is still not finalised, creating havoc for firms trying…
Broader US person definition could cause clearing avalanche, participants warn
A large number of offshore funds could be classified as US persons once a CFTC exemption expires in July, subjecting them to Dodd-Frank transaction-level rules
Scandal-hit banks must 'stop the rot', says Iosco’s Wright
Finance industry needs to focus on behaviour, corporate governance and ethics, Iosco secretary general tells conference
Risk.net poll: Regulators not giving enough information
The vast majority of respondents feel regulators have not provided them with sufficient information to implement new derivatives rules
Replacing VAR, OIS discounting and the future of quant finance – the top stories of 2012
The Basel Committee’s proposal to scrap VAR and the move to OIS discounting struck a chord with Risk.net readers in 2012
FVA should be included in derivatives pricing, say survey respondents
Nearly two thirds of survey respondents disagree with Hull and White’s argument that funding valuation adjustment should be ignored
New standard CSA to launch before end of the year
New standard CSA aims to reduce valuation disputes by eliminating the embedded optionality that exists in the current document
Lack of inflation clearing could hit LDI community
A different track
Uncleared FX not necessarily more risky, says BoE’s Cross
Proposed rules could result in relatively vanilla forex products attracting disproportionate margin and capital requirements, says BoE FX division head
Structured Products Europe: Prips scope could be extended, says EC official
European legislators are discussing the EC’s proposals on packaged retail investment products – and some believe the scope of the regulation should be extended
OTC Derivatives Clearing Summit Europe: CCP model secrecy is ‘wrong and unjustifiable’, says BoE official
CCPs should be required to make details of their models public, says the Bank of England’s payments and infrastructure division head
OTC Derivatives Clearing Summit Europe: EU clearing mandates unlikely before August 2013
The first clearing mandates are unlikely to be in place in Europe before August 2013, says Bank of England’s head of payments and infrastructure division
Asia Risk Congress: Local trade repositories are necessary, says HKMA’s Lee
The benefits of local trade repositories outweigh the possible disadvantages of multiple reporting requirements, says executive director of HKMA’s financial infrastructure unit
Quant Congress Europe: Quants should take share of blame for crisis
Quants should take their share of the blame for the crisis, and should focus on less mathematically complex models, said some panellists – although not everyone at Quant Congress Europe agreed
Solvency II: Lack of co-ordination on internal model approval, says Buecheler
European supervisors are taking different approaches to the Solvency II internal model approval process, says head of Solvency II project for Allianz