GARP
CME aims to offer client UST cross-margining internally in 2027
CCP has filed initial proposal with SEC; wants to offer more products than joint FICC programme
Traders remain on alert as Kospi-KRW decoupling wanes
Negative equity-FX correlation normalises as vol subsides, but funds poised for future opportunities
FDIC relearns SVB lessons in resolution tinkering
Paring back requirements gets thumbs up from some, but concerns linger
AI trained on fundamentals says which stocks will crash in sync
Neural net models correlations without a returns history and could improve stress testing
Stablecoin consortia may be ‘interim’ step to solo bank issuance
Former Citi payments head and Ubyx founder says all G-Sibs will issue their own coins
Risk managers grapple with hazards and benefits of intraday repo
Expected increase in collateral velocity and re-use could also boost leverage and risk in markets
CFTC accused of ‘double standards’ on compute futures
Duffy questions ‘long review’ of CME’s contract when Kalshi already offers similar product
NatWest bridges FXPB and clearing for regional banks
New model maintains traditional OTC market access with added direct clearing option
ECB finds gaps in geopolitical stress-testing frameworks
Current methods fail to properly capture impact of geopolitical stress on liquidity
Ucits funds ramped up macro trades in latest data
Counterparty Radar: FX forwards and rate swaps set records last year, with inflation and index CDS books also booming
FCMs back CFTC proposal granting opt-out from CME oversight
New rules aim to address conflicts of interests at vertically integrated exchange groups
Banks urge Singapore to relax exposure limit on crypto assets
Lower capital for tokenisation and stablecoins welcomed, but cap will curb bank involvement for now
Goldman gobbles up credit options
Counterparty Radar: Q1 surge comes as US mutual funds and life insurers pile into index CDSs
Chinese exporters step up FX sophistication
Onshore corporates traded record FX options volumes in June and are tapping experienced bank traders
US buy side flocked to FX forwards and options in Q1
Counterparty Radar: Pimco led $187 billion rise in forwards notional among funds, while TIAA drove insurer activity
New CLO charges for insurers miss tail risks, critics say
Revisions to US capital rules underestimate correlations within loan pools and across CLO portfolios, some argue
US funds become fixed-rate payers in swap market
Counterparty Radar: Since 2021, receiver swaps have dominated US mutual fund positions; in the latest data, the sector’s book flips round
BoE’s leverage ratio rejig to hit HSBC and StanChart
Proposed changes aim to rebalance scales in favour of domestic lending
Small UK lenders set to escape leverage ratio ratchet
BoE’s planned economic indexation of tougher prudential thresholds could ease capital planning
Clearing members want more from HKEX on collateral rates
The CCP has cut handling fees on posted margin, but is still paying members less than global peers
MSIM retools renminbi options wager
Counterparty Radar: US manager rebuilds USD/CNH call book to $15.7bn with strikes closer to spot and cheaper premiums
How Pimco, Capital Group funds bet on falling US rates
Counterparty Radar: Inflation hedge would soften impact for Capital Group; Pimco’s swaptions structures targeted modest decline
CLS to launch CNH PvP settlement service
Plan will involve settling offshore renminbi in Hong Kong via separate PvP session
China opens door to CGBs as initial margin
CCDC’s new rules expected to drive use of CGBs as collateral in non-cleared and cross-border trades