Custody top story
Custodians see global assets rise an average of 9.6%
Safety remains the key concern of custodians keeping nearly $110 trillion in assets in Custody Risk's 2013 Global Custody Survey
WGMR rehypothecation rules unclear and confusing, say lawyers
Final WGMR rules allow collateral on uncleared derivatives to be rehypothecated under strict conditions, but lawyers say they are unclear on how the rules will work in practice
Legal uncertainty over netting in China threatens Shanghai QCCP status
Foreign banks operating in China's OTC markets face punitive capital charges
BBH disappointed burden of proof reversed in AIFMD
Quotes of the quarter
Custody Risk European Awards nominations open
The Custody Risk European Awards (formerly the ICFA European Awards) are recognised as the most prestigious in the securities servicing industry and identify the best companies in custody, fund administration and technology.
European CCP rules stricter than US, says Eurex Clearing chief
Thomas Book, chief executive of Eurex Clearing, says it remains to be seen whether the standards for central counterparties set in Europe will be matched around the globe
Citi heads mandate wins with £10 billion Nationwide appointment
Citi picked up a £10 billion custody mandate from Nationwide Building Society while RBC and BNY Mellon also registered major wins
KfW justifies exemptions from Emir
German government-owned development bank KfW managed to win an exemption from clearing and margin requirements under European derivatives regulation - a benefit not extended to its peers. Luke Clancy asks why
Clearstream COO: T2S will help plug Basel III capital hole
Mathias Papenfuss, chief operating officer of Luxembourg-based international central securities depository Clearstream and board member of its German central securities depository, tells Luke Clancy the Target2-Securities project has potential to help…
Leverage ratio changes threaten European clearing model, industry warns
Proposed revisions appear to catch back-to-back trades that are used to get exposure into European CCPs
CCP regulation needs to be regional, not national: SGX
SGX head of clearing risk urges greater cooperation among region's regulators
WGMR exemption for FX swaps and forwards expected imminently
Final rules on margin requirements for non-centrally cleared derivatives are expected within weeks, including a long-awaited exemption for forex swaps and forwards
DTCC announces executive management shake-up
The Depository Trust & Clearing Corporation has announced a shake-up of its executive management team
Single-name CDS clearing held up by fears over SEC regime
Temporary rules for portfolio margining by clients are set to expire in December. Hedge funds say they will stay on the sidelines until they know what happens next
CME default fund contributions likely to rise following CFTC move
A change in CFTC rules could lead to clearing members having to increase default fund contributions at CME and other US CCPs
HMRC grappling with impact of UK bank levy on clearing
HM Revenue & Customs "does not wish to discourage" client clearing business, which is caught by UK balance sheet tax
CCPs in Japan, Mexico, Singapore and US to jump through Esma hoops
Eleven CCPs say they will apply to Esma for approval – sparing European members a capital hit – but Canada's CDCC has no plans to go through the process
Risk Australia: Clearing broker collateral replacement mechanisms could put asset managers in breach of client mandates
Third-party collateral requirements not acknowledged in current standard clearing broker contracts
CPSS, Iosco and FSB publish reports on FMIs
CPSS and Iosco says member states are making ‘substantial progress’ towards establishing their principles for financial market infrastructures
Hubs will not fix clearing certainty issue, critics claim
Rival services from Markit and Traiana are gaining support, but detractors claim the hubs could be made redundant by CCP credit checks
RBI policy document pushes CCIL closer to QCCP status
Indian regulator takes explicit responsibility for supervising the Mumbai-based clearing house
Cross-margining at CME slowed by practical challenges
Only two FCMs are currently offering margin offsets between interest rate swaps and futures at CME
CFTC-SEC cross-border split could 'tarnish' US swap markets
Regulators "going in two different directions" says Republican senator – and may face fresh calls to be merged