Cover story
Meet the new OTC market-makers
New swap trading platforms are often seen as a way of levering open the OTC market for a range of non-dealer market-makers – from opportunistic buy-side firms to aggressive Chicago prop shops. But how many of these firms are serious, and what difference…
Numerix takes top spot in Structured Products Technology Rankings 2014
Structured Products Technology Rankings 2014
Fed probes catastrophic risks in bank physical commodity trading
The US Federal Reserve has moved to tighten the rules on physical commodity trading by banks, citing fears they might suffer huge losses as a result of an environmental disaster. How valid are such concerns and what steps is the Fed likely to take?…
Paquin: AIFMD a ‘concentrating catalyst'
Coping with complexity
GE Capital dealing with Sifi status and AMA push
Systemically important status is hard enough when you're a bank – for non-bank institutions such as GE Capital, meeting the mark can be even more challenging. Enterprise and operational risk leader Ann Rodriguez discusses the reform process with OpRisk
Cross-border vortex: Dealers freeze plans to move staff
Bordering on chaos
India steers offshore investors away from P-notes towards direct market access
Sebi tries to exert greater control over foreign investment by tightening rules governing P-note issuance and streamlining foreign investor approval process
Closing the gap between structured products and funds
Rise of the chameleons
Insurers seize opportunities in European corporate funding markets
As European insurers increasingly invest in illiquid corporate debt, credit funds and partnerships with banks are helping them overcome their lack of expertise and tap into a market that offers high-yields and a chance of diversification. But markets…
Finisterre denies Ucits rules will hamper returns
Finisterre Capital founder Paul Crean says Ucits rules do not impose significant restrictions on its new fund launched in October
China readies physical ETF market for offshore investment
Getting physical
Not too big to fail: Has US crossed bank resolution Rubicon?
Not too big to fail?
Insurers to ramp up private equity exposure in 2014
Insurers are rethinking their investment strategies and beginning to increase their exposure to private equity. Some are even looking at it from an asset-liability management perspective.
AMA, RCSAs and dealing with Libor at Rabobank
Dutch bank Rabobank has shaken off its Libor label pretty quickly, leaving it to focus on its co-operative roots, the AMA and its RCSA roll-out. Anne Snel-Simmons, head of operational risk management at Rabobank, talks to OpRisk about the challenges of…
Fear the repo: funds face up to rate-contingent liquidity risks
As interest rates rise, big fixed-rate receivers such as pension funds will all slide out-of-the-money at the same time, potentially triggering huge margin calls. Some are already trying to soften the blow, rather than relying on a repo market that could…
Insurers upgrade management actions models
The missing piece
Building better benchmarks in Dubai: DME's Chris Fix on running an oil exchange
Top of the agenda for the Dubai Mercantile Exchange and its chief executive, Christopher Fix, is assuring the integrity of its crude oil benchmark. He talks to OpRisk about the operational challenges stemming from the exchange’s unique regulatory…
RBS agrees to sell £175bn structured product portfolio to BNP Paribas
BNP Paribas wins bid to acquire the multi-billion-pound structured products portfolio put up for sale by Royal Bank of Scotland
Sovereigns look to hedge fuel imports after Morocco deal
More energy importing countries are in talks about hedging fuel purchases after Morocco’s sovereign hedging deal, say bankers
Sefs cause two-tier market as Asia OTC liquidity splits
Divide and rule
Napier Park exploiting Volcker opportunities
Hedge fund Houdinis
BNP Paribas named best in Europe for structured products
Structured Products Europe Awards 2013
Timing tension – Europe clearing deadline set to slip
Mandatory clearing in Europe is widely expected to start from next year, but the complex authorisation process, combined with the variety of collateral segregation models, means the start date for some clients could be much later. Tom Osborn reports