負債主導型投資（LDI）
年金基金、日銀のバイサイド・レポ制度に躊躇
中銀のギルト流動性供給への意欲を抑制するレバレッジの低下と文書化の「ファフ
FSB幹部、NBFIsへのレバレッジ上限提案を却下
過度なレバレッジに対処するには、広範な上限ではなく、ニュアンスのあるアプローチが必要、とマーティン・モロニー氏
ECB高官、ノンバンクへの流動性支援に門戸を開放
リスク・ライブ英副長官、年金基金と生保へのレポ枠拡大計画を否定せず、差し迫った計画はなし
銀行はカウンターパーティの信用リスクに関するループを閉じるべき
市場や業界の信用リスクに関する一連の出来事を受け、カウンターパーティの信用リスク管理慣行に対する規制当局の監視の目は厳しさを増しています。今、銀行はこれまで以上に、信用リスク軽減のためのアプローチを最適化する必要があります。
JPM exec: post-Archegos disclosure rules tough in practice
Banks may struggle to get required details from clients under Basel proposals, says reg affairs executive
Nervous UK pension schemes want liquidity fixes – it’ll cost them
Asset managers are crafting new ways for schemes to raise cash in a crisis
Buy side would welcome more guidance on managing margin calls
FSB report calls for regulators to review existing standards for non-bank liquidity management
Pension schemes prep facilities to ‘repo’ fund units
Schroders, State Street and Cardano plan new way to shore up pension portfolios against repeat of 2022 gilt crisis
Legal & General to launch ABS funds amid rising pension demand
After 2022 gilt crisis, trustees and consultants turn to asset-backed securities to bolster portfolio liquidity and returns
LDI managers disagree on credit collateralised gilt repo
BlackRock and Schroders execute first trades, but others favour different ways to source liquidity
LDI firms update margin stress tests post-gilt crisis
For some managers, stress-testing models failed to reflect the convexity effects of the crisis on initial margin
Buy side still prefers bilateral repo despite LCH margin update
New model will cut margin faster after stresses abate, but costs still high for directional trades
Buy side reflects on BoE’s gilt liquidity lifeline
Lending facility could prevent repeat of last year’s LDI crisis if properly designed, pension and insurance experts say
LDI crisis could ‘certainly happen again’, pensions experts say
Wave of issuance and a shrinking buyer base likely to spur further volatility in gilts