Feature
L’exception française: why French banks dominate US repo trading
French banks are exploiting a quirk in the leverage ratio rules to expand repo trading
Firms aim to convince Basel on merits of op risk insurance
Lack of recognition in new SMA capital charge could cause market to shrink, worry insurers
In search of an edge: CTAs launch into swaps trading
Systematic hedge funds are looking to new markets for a competitive advantage
Technology: banks start thinking inside the box
Monolithic capital markets systems are giving way to microservices, containers and APIs
Voice-to-text software touted as Mifid II quoting fix
Quotes given over phone can be transcribed and broadcast, claim ‘soft turret’ firms
Matching adjustment repack structures revealed
Public company filings show details of Aviva’s single senior note structure, L&G’s £6 billion forex repack
Dealers grapple with netting valuation adjustments
Some banks are expressing netting uncertainty as a fair value adjustment to CVA
Banks prepare for bumpy ride as margin deadline looms
Banks and funds may have limited set of counterparties on September 1
Dealers warm to all-to-all CDX trading
Liquidity providers new and old want to build on Bloomberg Clob activity
Three lines of defence model comes under attack
Operational risk managers say idea is too formalised and beset by implementation challenges
CFTC has ‘incredible view’ into markets – surveillance chief
Ex-trader Hunter sheds light on agency’s monitoring and forensic analysis capabilities
Insurance capital standard can be forged on time – Cadoni
Chair of IAIS working group asserts ICS will not be mere capital backstop
First SEC whistleblowing chief leaves regulator
Old Mutual appoints new CRO; StanChart hires new head of regulatory reform; Ulster Bank appoints Ireland CRO
UK-EU power market integration in doubt after Brexit
Exclusion from market coupling could prove costly for UK
Mind the Gaap: US banks brace for $50–100bn capital hit
New loan loss accounting regime could shrink US banks' Common Equity Tier 1 ratios by 25–50bp
Nasdaq energy futures face questions over ‘artificial’ volume
One year on, NFX faces uphill battle to draw commercial hedgers
Data muddle fears follow EC adoption of key Mifid RTS
Industry wants to avoid the emergence of multiple identifiers and is worried ISINs will not be adopted globally for derivatives
Bond funds use derivatives to buy time for bargain hunting
Buy side turning to ETFs and CDSs to meet exposure targets, switching them for bonds later on
The P&L attribution mess
FRTB model approval regime dogged by confusion and controversy
Building credit: China's CDS market faces headwinds
Regulatory fragmentation threatens take-up of planned new credit instruments
MVA: swaps scale new heights in complexity
Banks are turning their attention to calculating a new derivatives valuation adjustment
Model firms vie to pinpoint ‘X factor’ in private equity, property
Difficulties gathering data plague efforts to determine correlation between private and publicly traded assets
DTCC’s Murray Pozmanter on repo clearing and HFT
Buy-side clearing a top priority following suspension of interbank GCF repo
Doomed loop: Europe gets creative on sovereign bond risks
Political and prudential risks in huge bond-holdings force experts to consider new ideas