Paulina Pielichata is deputy editor, risk management at Risk.net, based in London. Before joining Risk.net she was senior reporter at Pensions & Investments, covering asset management, institutional investing and regulation in the UK and Europe. Before P&I, she worked at Euromoney Institutional Investor, where she covered asset management, securities finance and asset servicing for Global Investor/ISF and base metals for Metal Bulletin. She holds an undergraduate degree in journalism and history from Queen Mary University of London and a postgraduate degree in European Studies from University of Westminster.
New model will cut margin faster after stresses abate, but costs still high for directional trades
Network contagion could make cash calls systemically risky, but TLAC also controversial
Market participants welcome smarter margin requirements, but not the computational workload
Basel III, T+1 and EquiLend scandal all incentivise clearing, but also disintermediation
Stress loss over margin designed to ease procyclical behaviour seen during 2022 energy shock