Infrastructure
European CCPs overhaul futures margin models
Some clearing houses are pushing up margin requirements to address procyclicality concerns - but no change is planned at CME or Eurex
HSBC deregisters Asian arm as a swap dealer due to lack of US person trades
Unlikely that any Japan or Australia banks will follow suit
Shanghai Clearing House becomes fifth in Asia to start OTC clearing
First CNY interest rate swaps cleared in China
From big data to smart data
Sponsored forum: State Street Global Exchange
OTC client clearing service of the year: Barclays
Barclays has retained its leading market share in client clearing, despite the onset of mandatory clearing in the US and the entrance of new players. It also found time to score a few market firsts
Corporate risk manager of the year: Microsoft
The first US clearing mandates came into force last year in three separate phases. While most corporates looked to take advantage of the corporate hedging exemption, Microsoft decided right from the start to voluntarily clear everything
Pension funds call for clearing exemption extension
Funds cite inability to post non-cash variation margin as grounds for further relief
EBA: Common credit risk definitions vital
European regulators have overhauled bank reporting standards to ensure comparability, with new Finrep and Corep templates to be rolled out from this month. The latest step has been to agree common definitions for forborne and non-performing exposures…
Clarification needed on CCP close-out netting in India
Current netting statutes only apply to clearing members and not the CCP itself
HMRC excludes client clearing from UK bank levy
UK tax authorities exclude client collateral received as a result of clearing activities from bank levy, after complaints it would act as a disincentive to clearing
Japan dealers stop back-loading to CCPs due to de minimis uncertainty
CFTC rule potentially captures legacy trades novated to CCPs
Trading OTC may be costlier than you think
Debate continues to rage about the merits of clearing, with some market observers arguing that the benefits of using central counterparties are outweighed by the precipitous costs involved. But such criticisms fail to take the full burden of over-the…
Australia dealers face Sef time zone issues
CFTC rule poses clearing challenges for dealers whose markets close before clearing operations in London open
FSB: work needed on consistent data standards
Public- and private-sector experts have worked hard over the past three years to develop the framework for a global legal entity identifier system, but more effort is needed to create consistent data standards for financial instruments and transactions,…
Liquidity not margins will determine clearing house success: SGX
Competitive pressures will impact CCPs but not with respect to margins
Europe looking 'dysfunctional and extreme' over Esma equivalency procedure
No guarantee of equivalence being granted to Asian clearing houses
Pension funds and the collateral crisis
Rising interest rates could leave pension funds facing huge margin requirements, creating an acute liquidity crisis
Footnote 513 exceeds CFTC's statutory brief: O'Malia
Failure to define a "significant or direct" threat to the US economy has brought regulatory overreach
Standard Chartered to offer client clearing for non-US persons
UK bank looks to offer clearing option outside US regulatory requirements
SwapClear to restart compression in leverage boon for banks
Banks hope for leverage exposure relief after interest rate swap clearer fixes clash with CFTC rules
OTFs and Sefs: equivalence in doubt
European legislators are close to finalising their derivatives execution rules, but trading platforms are concerned the OTF framework may be sufficiently different to US Sef rules to scupper any chance of equivalence determinations. By Tom Osborn
Initial margin to significantly impact development of Asian derivatives markets: Asifma
Asifma head Austen wants exclusion of initial margin from Asian jurisdictions’ derivatives market regulation
Regulators clash on Mifid waivers
Some regulators and brokers have expressed fears that exemptions included in Mifid may mean European rules on trade execution are not equivalent to the US – but a key parliamentarian disagrees