Articles by Lukas Becker
The great unwind: Buy-side fears impact of market-making constraints
Some buy-side firms are already calling it the great unwind – the migration out of the huge bond portfolios buy-side firms have built up in recent years, as rates eventually rise. But with dealers less able to play the role of liquidity provider, it…
Basel faces challenge on charge for interest rate risk in the banking book
Rates expectations
Basel Committee has work cut out on interest rate risk charge
Basel Committee taskforce starts work to develop a Pillar I charge for interest rate risk in the banking book, but some bankers and former regulators say the challenges will be too great
FCA narrows AIF definition for SPVs
The UK regulator calms reclassification fears by exempting SPVs that issue debt securities from being classed as alternative investment funds
No CVA exemptions in US Basel III rules
Europe isolated as US regulators opt for broad counterparty risk charge
Basel tries to create clearing pull with new capital rules
Dealers say rules for default fund exposures are an improvement, but risk weights are not tied to "real default probabilities"
Securitisation is "dead in Europe", say critics of new EBA proposals
Rules would require banks to allocate all securitisation exposure by individual, underlying obligor
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
Bank supervision gets personal as UK focuses on accountability
Regulators and politicians in the UK want bankers to be more accountable for mistakes made by themselves and their teams. But while supervisors are trying to expand the existing sanctions regime, politicians are seeking a more radical overhaul. Lukas…
CVA exemption ignored in UK's capital shortfall exercise
Risk-weighted assets at Royal Bank of Scotland would have been £36 billion lower if exemption agreed earlier this year had been recognised
UK regulators plan to "hold individuals to account"
The FCA and PRA are toughening up their approved persons regime for senior execs, risk managers and traders
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
European OTC client-clearing docs arrive after nine-month delay
Complete agreement proved impossible, but participants see new legal template as a good base for negotiations, Isda says
Prop index growth sparks legal fears
Frying pan to fire?
Committed quotes an answer to Libor problem?
Votes for quotes
Cross-currency flap leaves cloud over IFRS 9
Purely hypothetical
Banks and EBA join forces over liquidity buffer accounting
Banks and industry groups have been joined by an unlikely ally in their protests about the accounting treatment of assets held in liquidity buffers – the European Banking Authority. By Lukas Becker and Matt Cameron
Banks fear loss of hedge accounting for CCP novations
Trades cleared voluntarily would not be protected by hedge accounting under IASB proposals
Central banks weigh use of OTC clearing houses
Survey finds nearly 40% of central banks are considering clearing their OTC derivatives
The struggle for consensus on European clearing addendum
The move to central clearing poses a huge documentation challenge. A standard template has been developed for European derivatives users – but will this solve the problem? By Duncan Wood and Lukas Becker
Legal clouds hang over RWA-driven netting push
New capital requirements are making it more difficult for banks to trade with counterparties that are not covered by a netting opinion. That is spurring attempts to expand coverage, but can leave banks and lawyers on uncertain ground. By Lukas Becker
Basel Committee seeks netting-friendly replacement for CEM
Consultation on alternative to much-criticised current exposure method could start in June
UniCredit hit by ‘dangerous’ ruling in Russian swap dispute
Court sets "dangerous precedent" in allowing local corporate to walk away from swap without compensating UniCredit
Active funds list causes furore
Listed firms complain about breach of confidentiality – others say they are victim of human error – after Risk publishes list of fund managers that face March 11 clearing deadline