Feature
South Korean power outage fears loom high on agenda
Planning a new Korea
WGMR proposals raise procyclicality fears
Proposals on the margining of uncleared over-the-counter derivatives trades have been revised to dampen the potential liquid impact
The struggle for consensus on European clearing addendum
The move to central clearing poses a huge documentation challenge. A standard template has been developed for European derivatives users – but will this solve the problem? By Duncan Wood and Lukas Becker
Dealing with CCP proliferation
A variety of clearing houses are emerging in Asia – in some cases, backed by domestic clearing requirements for local currency derivatives. That poses some difficult questions for participants active across the region. Should they sign up to all of them…
Swaps vs futures: OTC market speaks out
Swaps vs futures: OTC market speaks out
New standard CSA could be hurt by WGMR rules
Some dealers have started trading under the standard credit support annex, but a requirement in new uncleared margin rules could subject many trades to a haircut, potentially causing a re-think. By Matt Cameron and Nick Sawyer
Primes push synthetics as Basel III bites
Synthetic benefits
The black art of FVA: Banks spark double-counting fears
Dealers broadly agree that funding costs and benefits should be priced into uncollateralised trades, and some banks have started recognising this in their financial statements. But there is no standard practice, and there are fears of double-counting. By…
Late nights and illegality – but start of clearing in US goes well
The days either side of the first US clearing deadline saw last-minute decisions by clients and regulators, operational niggles and some illegality
Legal clouds hang over RWA-driven netting push
New capital requirements are making it more difficult for banks to trade with counterparties that are not covered by a netting opinion. That is spurring attempts to expand coverage, but can leave banks and lawyers on uncertain ground. By Lukas Becker
Sefs find liquidity comes at a cost
Banks have been reluctant to pick winners and losers from the array of new derivatives trading platforms being set up, but with Citi and Morgan Stanley taking equity stakes in two venues at the end of last year, it looks like some dealers are finally…
Europe goes its own way on CVA
Europe goes its own way on CVA
European CVA rules put Asia banks at disadvantage
Competitive disadvantage
Renminbi liberalisation reduces demand for NDFs
The NDF of the line?
Insurers increase equity exposure despite risk management challenges
Joining the equity rotation
Singapore NDF probe hits market liquidity
Suspect delivery
Bond wave boosts fixed-income ETF issuance
Bonding agents
China ETFs surge as offshore investors look to avoid QFII restrictions
Chasing the dragon
Volatility structurers turn to FX and rates as equity disappoints
The volatility merry-go-round
Perpetual sub debt from insurers appeals to investors
Perpetual dawn
Sefs: Dead on arrival?
Bloomberg is threatening to sue the US Commodity Futures Trading Commission over uneven margin rules that it fears will drive the market away from swaps and into new futures contracts. Peter Madigan reports
