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Latest on Derivatives
Brevan Howard is first non-bank caught by margin rules, sources say
Non-cleared exposures thought to exceed $1.5 trillion
World Bank completes first SOFR bond hedge
The largest SOFR swap trades to date were executed on August 13
Shanghai CCP no-action relief clears way for US FCMs
Three-year relief may allow more clearing members to join, but hurdles to full recognition remain
Latest
Quotes
Anyone who says that as an industry we can novate all those positions from London to EU-based entities in time for go-live is wrong
Compliance director at a large US dealer
It’s idiotic. It’s absolutely insane. We get RFQs with 10-plus participants
Head of rates at one European bank
There is a chance that the reform of Euribor will be successful. In my view, in this case, contracts can continue referencing Euribor
Cornelia Holthausen, ECB
Editor's Choice
Rise of the cyborgs: tech remakes the front office
Dealers “have no choice” but to change, says UBS’s Orcel – and plenty of changes are coming
Big Figure
Margins of error
Clearing house CME reported two margin breaches totalling $79 million in the first quarter of the year. The CME attributed the shortfalls to increased volatility, without identifying either the parties or the positions involved. The bigger of the two breaches, $47 million in size, was the largest since public disclosure began in 2015.
Read the full article7 days in 60 seconds
Mifid II, RFQs and the future of Europe’s G-Sibs
The week on Risk.net, August 11-17, 2018
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Comment
Swaps data: OTC margin up; futures margin down
Swaps data: the big get bigger in cleared swaps
Our Take
Offshore Eonia? A weird idea for weird times
To Hull and back: a 20-year hiatus in bank e-trading plans