Credit risk
Europe edges towards three-pronged CVA exemption
CRD IV set to exempt trades with corporates, sovereigns and pension funds
South Africa's securities lenders seek collateral clarity
Security in lending?
CLO market appeals to yield-hungry investors
Post-financial crisis structured credit has been in hiding: but 2013 has seen the re-emergence of the collateralised loan obligation (CLO) market, with yield-hungry Asian players demonstrating a strong appetite for the paper
Cutting Edge introduction: Wrong-way risk and the limits of correlation
Traditional models for wrong-way risk focus on the correlation between default and exposure – a blunt tool for a tail risk. Alternatives are thin on the ground, but a scenario-based approach may provide some fresh insight. Laurie Carver introduces this…
DVA for assets
DVA for assets
Wrong-way risk, credit and funding
Wrong-way risk, credit and funding
Family offices find an appetite for credit risk
Family wealth funds are dumping hedge fund positions and taking control of their own investment decisions. But as some move into direct lending – to replace retreating banks – they face new risk management challenges. Peter Madigan reports
SG plans to securitise €1.9 billion of derivatives exposure
Deal is said to pay a coupon of 11% for first-loss protection – which some investors say is too low
Cutting Edge introduction: Goodwill for DVA
Goodwill blunting
Effectiveness of new collateral forum questioned
Euroclear questions whether a new liquidity forum that brings together five central securities depositories will be anything other than a talking shop
DVA for assets
DVA for assets
Post-MF Global segregation reforms spark fierce debate
Searching for security
European swap margin rules won’t be retroactive, says Esma
Trades will not become subject to initial margin rules part-way through their life, rule-making body tells Risk
Insurers gear up for new derivatives clearing rules
All clear ahead
Return of the DPCs
Return of the DPCs
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
Sponsored video: Regulatory impact on collateral
New regulation will require more derivatives participants to post more collateral than ever before. In this video interview, David Little of Calypso discusses some of the implications
The impossibility of DVA replication
The impossibility of DVA replication
Asia can ease collateral squeeze, says Clearstream chief
The global thirst for high grade collateral resulting from OTC clearing will require Asia playing a greater role in future, according to Jeffrey Tessler, chief executive of Clearstream