Feature
Structured products platforms face capture in the RDR net
Sins of commission
AML KYC data collection brings benefits as well as challenges
Establishing a coherent system of legal entity identifiers has been an important challenge for the swaps industry over the past two years. Now, in the face of regulatory pressure, anti-money laundering teams face the same challenge – but meeting it could…
Singapore faces double-oversight confusion
Servant of two masters
Awaiting the arrival of the 'meta' platform
Platforms on parade
Inventory limits behind collapse in equity repo rates
Delta-one desks say their arbitrage business has been cut back – contributing to an unprecedented collapse in implied equity index repo rates. Inventory pressures created by bank regulation are being blamed. Matt Cameron reports
Rates volatility buoys hopes for currency forwards desks
Going forwards (checking backwards)
Unclear on substituted compliance
The US Commodity Futures Trading Commission’s final cross-border guidance, published on July 12, provides answers to some long-running puzzles, but also generates a host of new questions. Critics say the rules are rushed and full of ambiguities – not…
The great unwind: Buy-side fears impact of market-making constraints
Some buy-side firms are already calling it the great unwind – the migration out of the huge bond portfolios buy-side firms have built up in recent years, as rates eventually rise. But with dealers less able to play the role of liquidity provider, it…
CME vs LCH.Clearnet: Clients may face CCP-specific pricing, warn FCMs
The two biggest clearing houses for interest rate swaps, CME and LCH.Clearnet, have different margin models – which may affect the prices charged to clients by clearing members. It could also affect the contest between the two venues. Joe Rennison reports
Tax questions cloud prospects for CME swap future and Mac swaps
Early users of CME’s deliverable swap futures contracts fear the products will be taxed as loans in some situations. And with features of those contracts being used in other new instruments, it could become an issue for the entire industry. Tom Osborn…
OCC's DuChene warns smaller banks to beware of cyber threat
As cyber threats continue to grow for financial institutions, it’s no surprise that regulators are becoming increasingly concerned about the operational risks they give rise to. The OCC’s Carolyn DuChene talks to OpRisk about banks’ increased reliance on…
Simple, but sensitive: challenges face standard uncleared margin model
Simple, but sensitive
Paloma’s Sussman forecasts growth for hedge fund industry
Promise to deliver
Danske Bank RWA spat worries modelling experts
Model-bashing
Noble Group swipes E.on and JP Morgan heads
Morgan Stanley commodity marketing head leaves; APX names new chief executive; Citi expands European power and gas sales; Clean Energy hires senior energy trader; Barclays names head of US power and gas trading
Basel faces challenge on charge for interest rate risk in the banking book
Rates expectations
Liquidity improves in Canadian heavy oil derivatives
Trading in derivatives linked to Western Canadian Select (WCS) heavy crude oil has jumped in the past few years, giving the country's producers improved opportunities to hedge. But the lack of a unified WCS price index has made it difficult for liquidity…
Low yields force Asian insurers to reassess ALM strategies
With long-term bonds in short supply and falling interest rates putting pressure on earnings, Asian insurers are considering giving up on asset-liability matching in order to chase yield. Blake Evans-Pritchard reports
Europe's carbon market begins long road to recovery
A critical July 3 vote in the European Parliament has brought the world's largest carbon market back from the brink of collapse. But participants say structural reform remains necessary to secure its future – and this is a long way off. Mark Nicholls…
Uncertainty rules in Australian electricity derivatives market
Australia's electricity derivatives market had been picking up since the global financial crisis, but volumes have declined in recent years. Firms blame the slowdown on a combination of slim trading opportunities and uncertainty over plans to curb…
Esma rules unlikely to impact securities lending
Living on borrowed time