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Local laws may save legacy swaps from Brexit migration
Exemptions from local authorisation may open a backdoor to servicing UK-EU contracts after Brexit
Euribor can stay if reforms succeed – ECB’s Holthausen
Regulator also sees no clear favourite in array of Ibor fallback approaches
Brexit: banks consider four ways to move swaps en masse
Statutory business transfers in frame as bilateral novation may take too long
Latest
Quotes
[The common domain model project] is an attempt to strip out all the rent-seeking parasites that have set up in this market over the years
Post-trade technology firm’s chief executive
It’s important to give dealers the option to do as much [SOFR] activity as they can in a cleared environment
Philip Whitehurst, LCH
People were pulling the US swap rate levels manually using their own electronic trading data and Tradeweb data as alternatives
Senior rates trader at a buy-side firm
Editor's Choice
Vol virus: how a CCP basis leapt from swaps to swaptions
A clearing house basis has opened up between JSCC and LCH on yen swaptions – despite neither clearing the product
Big Figure
Dwindling debt demand
Repricing has been seen in products linked to US dollar Libor, such as three-month AA financial commercial paper, where rates moved from 1.65% at the end of 2017 to 2.31% by March 30. Investor demand for these products and one- to three-year debt has dwindled, thanks primarily to US tax reform and large-scale debt issuance by the US Treasury, which has shifted US dollar-funding pressures out of the forex market and into Libor, according to Zoltan Pozsar, a macro strategist at Credit Suisse.
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Interbank benchmarks, Brexit and conduct risk in Asia
The week on Risk.net, May 12-18, 2018
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