Articles by Duncan Wood
In-depth intro: Risk management
From Berlin to Birmingham, risk functions are increasingly relying on low-level number crunchers in low-cost locations
Why collateral research misses the point
There may be an aggregate collateral surplus, but pension funds and other firms that would face big margin calls in a rising-rate environment are not reassured
FCMs stunned by $1.75 billion client buffer at Credit Suisse
Swiss bank is tying up too much capital in immature business, rivals claim, after new NFA data shows it to be an outlier
CME threatens to flee US as regulators challenge liquidity of US Treasury collateral
US CCPs may need committed funding to count US Treasury collateral as liquid
In-depth introduction: Government bonds
Central bankers and supervisors want to break Europe's bank-sovereign feedback loop. Politicians don't seem so sure
Cross-border OTC reforms: No path forward
Without working European rules, a system of equivalence testing will fall flat
Risk USA: Regulators cannot hide from bank models, says Osfi’s Zelmer
Leverage-only approach would set prudential rules back 50 years, warns senior Canadian regulator
Secretive start-ups eye uncleared OTC risk reduction
Dividing the over-the-counter market into cleared and uncleared products creates extra risk and inefficiency, critics claim – it also creates an opportunity for services that can repair the damage. Start-ups and established firms alike are now jockeying…
Regulators pine for the simple life
Prudential regulation is too complicated, the Basel Committee has conceded - but that does not mean it will embrace an all-powerful leverage ratio. By Duncan Wood
In-depth introduction: Innovation
The post-crisis years have shut down the over-the-counter derivatives market's incessant search for new underlyings, but a new phase of innovation has replaced it.
FCA quizzes hedge funds on interest rate exposure
Regulator wrote to large hedge funds in August, following volatility in UK interest rates market
The downgrade trigger trap
Trigger trap
Profile: Network Rail sings the praises of two-way CSAs
Getting there
RVA proving a struggle for derivatives counterparties
In this video discussion, Duncan Wood, editor of Risk, talks to Nick Sawyer, Risk’s editor-in-chief, about attempts to price in a replacement valuation adjustment on derivatives trades
Barclays leverage explosion baffles experts
Regulatory specialists unable to explain jump in leverage exposure at UK bank - the incoming ratio lacks clarity, say critics
What's the difference between issuers and borrowers?
Look beyond loans
Risk on extraterritoriality
The CFTC published its final cross-border rules on July 12. Nick Sawyer and Duncan Wood discuss some of the implications
Gottex Brokers: The allure of the illiquid
As competition in standardised products gets increasingly fierce, brokers can either slug it out, or diversify into illiquid markets. Gottex Brokers is doing both, its chief executive, Raphaël Moreno, tells Duncan Wood
Basel leverage ratio would double up collateralised OTC positions
Ratio could be a 'game-changer', dealers warn, as Basel Committee proposes counting received collateral as well as derivatives exposures
Backlash on the EU CVA exemption continues
The decision by European legislators to exempt EU banks from the CVA capital charge when trading with certain counterparties has infuriated regulators at home and abroad. Nick Sawyer discusses the issue with Duncan Wood
Dealers plan standard margin model for WGMR regime
Fight over margin requirements for uncleared trades is not over, banks vow, but Isda will develop a standard model for use under the rules
OTC volumes shrink as category two clearing begins in US
Clearing volumes dip as hundreds of new firms are caught by US clearing rules, but activity rebounded on June 11