Articles by Paulina Pielichata
FICC to launch new default fund before UST repo clearing mandate
Clearing members expected to welcome FICC’s plans to separate loss mutualisation from margin
How US hedge funds won big on permission to clear at JSCC
But CFTC no-action letter won’t allow netting of Japanese trades with those cleared at US FCMs
FMX-LCH arrangement delivers first portfolio margining
Marex enables client to reduce clearing margin owed across swaps and futures portfolio
Accounting fix brings FICC agent clearing a step closer
SEC accepts Sifma interpretation, but firms still need their own opinion and capital clarity
Ice’s VAR migration reignites debate on margin levels
CCP says IRM 2 is more sensitive to portfolio risk, but banks fear increased risk to clearing members
Dora delay leaves EU banks fighting for their audit rights
Regulation requires firms to expand scrutiny of critical vendors that haven’t yet been identified
Future proof: can FMX-LCH platform prevail?
A year into FMX Futures Exchange, Treasury futures volumes are low, and firms aren’t cross-margining
Ice’s US Treasury clearing proposal earns positive reviews
Rule book ticks many of the right boxes on default management – a prerequisite for ‘done-away’ clearing
ECB may force banks to rethink cloud just months after Dora
EU regulator pushes multi-cloud strategy for banks, but guidance will not be binding
FICC’s new clearing model sparks praise – and intrigue
Some think collateral-in-lieu concept could be applied to a wider range of trades, beyond MMF repos
Why margin transparency is always somebody else’s problem
As Esma pushes for clearing clients to receive better information, no-one wants to provide it
EU firms want clarity on new active account operational test
Final Esma rules reduce burden, but require firms to prepare for higher onshore clearing volumes