Cherry-picking fears as banks pull negative rates commitments

As UK mulls negative rates, banks desert Isda protocol and traders warn of gaming the system

BoE-negative-rates-threat montage

As negative UK rates look more likely, a number of banks have pulled out of an industry commitment to make payments on collateral posted to cover mark-to-market derivatives losses in a negative rates environment – amid growing concerns about cherry-picking these payments. has learned that Citi, Commerzbank, Deutsche Bank, JP Morgan and Royal Bank of Canada have all revoked their adherence to an industry protocol – managed by the International Swaps and Derivatives Association – which

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