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Degree of Influence 2025: Derivatives pricing dominates; quants don’t follow the AI herd
Rates and volatility modelling, as well as trade execution, top quants’ priorities
Wells Fargo posts fastest assets growth among US G-Sibs
Post-cap assets climb to $2.15 trillion, outpacing peers
CGB repo clearing is coming to Hong Kong … but not yet
Market wants at least five years to build infrastructure before regulators consider mandate
Regionals tap FHLB advances as Fed eases liquidity stance
Borrowing rose in the fourth quarter of last year, despite regulatory push on discount window
Market-makers seek answers about CME’s cloud move
Silence on data centre changes fuels speculation over how new matching engine will handle orders
Ardagh CDS outcome satisfies some, but presents more questions
Early restructuring trigger and asset-package delivery could signify a new era for European trades
Neural networks unleashed: joint SPX/VIX calibration has never been faster
SPX and VIX options can be jointly calibrated in real time with deep neural networks
FICC-cleared MMF repos hit record share in December
Trades routed via clearing house hit $1.3trn, outpacing overall MMF repo expansion
Nomura’s new global markets strategy: less risk, more return
Japan’s top dealer is moving away from risk warehousing, chasing real money clients and going global
Rethinking model validation for GenAI governance
A US model risk leader outlines how banks can recalibrate existing supervisory standards
Investors turn to costly ‘all weather’ hedging strategies
Geopolitical and technology risks spur demand for multi-strategy QIS tail hedges
FX options API trading takes off at quant hedge funds
Systematic players behind surge in direct execution, say dealers
Norinchukin most exposed to rate rises on EVE among Japanese banks
Parallel upward shock would reduce bank’s EVE by almost 30% of Tier 1 capital
FCMs warn of regulatory gaps in crypto clearing
CFTC request for comment uncovers concerns over customer protection and unchecked advertising
UK clearing houses face tougher capital regime than EU peers
Ice resists BoE plan to move second skin in the game higher up capital stack, but members approve
There’s a punt factor in stocks that investors might be missing
Speculative trading creates linkages between crypto and equities that vary depending on the stocks in question
US banks tread carefully after record stress buffer cuts
Lower SCBs take effect, but capital deployment remains restrained
Wild dollar swing upended FX options hedges
Banks chased vol higher as last week’s EUR/USD surge knocked out barrier trades
How US shutdown set off long-awaited basis bet
Hedge funds dust off a years-in-the-making relative value trade to profit from fallback mismatch
Bridging credit transitions and spread dynamics
A fast-to-calibrate model to simulate a credit rating transition matrix is presented
Passive investing and Big Tech: an ill-fated match
Tracker funds are choking out active managers, leading to hyped valuations for a dangerously small number of equities
ECB seeks capital clarity on Spire repacks
Dealers split between counterparty credit risk and market risk frameworks for repack RWAs
Concentrated pullback drags mid-tier EU clearing rates to seven-year low
Few large European dealers drove clearing rates down, while US and UK banks increased reliance on CCPs
FSB chief defends global non-bank regulation drive
Schindler slams ‘misconception’ that regulators intend to impose standardised bank-like rules
People: You’re fired! US agency rejig, new CROs at ING, StanChart, and more
Latest job changes across the industry
Malkiel’s monkeys: a better benchmark for manager skill
A well-known experiment points to an alternative way to assess stock-picker performance, say iM Global Partner’s Luc Dumontier and Joan Serfaty
FXSpotStream expands into US Treasuries trading
Bank-owned streaming venue targets mid-year launch, offering “all you can eat” subscription fees
MMF investments hit new high after $1trn gained over 2025
Outright UST holdings drive surge with $900bn rise in six months
Fed fractures post-SVB consensus on emergency liquidity
New supervisory principles support FHLB funding over discount window preparedness
Crisis-era CDO protection keeps on giving for Athene
Apollo-owned insurer still sees payments from sold CDS protection on a 2006 synthetic resecuritisation
Barclays, JPM drive surge in FCM funds in 2025
Futures, options and swaps customer funds log biggest annual jump since 2020
Will lifer exodus kill Taiwan’s NDF market?
Traders split over whether insurers’ retreat from FX hedging is help or hindrance
PNC emerges as top regional player in private credit
Lender ranks second only to Bank of America for loans to business credit intermediaries
Why UPIs could spell goodbye for OTC-Isins
Critics warn UK will miss opportunity to simplify transaction reporting if it spurns UPI
How Australia’s inflation overhaul could lure global traders
Australia’s move to monthly inflation reporting set to revitalise local inflation-linked bond and swap markets
Calamos brings popular US autocall ETF to Europe
Dublin filing points to Q1 launch for Calamos Autocallable Income Ucits ETF
Apple credit card acquisition pushes JP Morgan above Collins floor
Modelled RWAs overtake standardised output for first time since Q3 2016
EC’s closing auction plan faces cool reception from markets
Participants say proposal for multiple EU equity closing auctions would split price formation
The state of IMA: great expectations meet reality
Latest trading book rules overhaul internal models approach, but most banks are opting out. Two risk experts explore why
SocGen’s PB clearing head departs for SwapAgent role
Jamie Gavin takes external consulting role for LSEG’s non-cleared swaps platform
How geopolitical risk turned into a systemic stress test
Conflict over resources is reshaping markets in a way that goes beyond occasional risk premia
Non-cleared derivatives margining jumps after framework rollout
Margin-to-notional ratio trails early regulatory estimates
Many banks see obstacles to options-based IRRBB hedging
Liquidity, accounting treatment and culture seen as impediments to wider use of swaptions, caps and floors
Aussie inflation traders call for linker buyback scheme
Firms fear liquidity bifurcation as market transitions to new indexation formula
Deutsche Bank returns to US swaps client clearing
Re-entry comes after Basel III endgame proposals sparked capacity concerns among global clients
ALM has no formal role in capital planning at a third of banks
Risk Benchmarking study finds banks split three ways on policy mandates, with G-Sibs as likely as small regionals to assign ALM formal responsibility
Fed pivots to material risk – but what is it, exactly?
Top US bank regulator will prioritise risks that matter most, but they could prove hard to pinpoint
Pinnacle-Synovus merger could create cat IV bank by year-end
$100bn threshold breach looms, but Fed’s Bowman plan could blunt impact
SpectrAxe steps into FX forwards and swaps
US regulatory filings show options Clob is expanding into linear instruments
MTS eyes 2027 launch for dealer-to-client swaps trading
Plans for US Sef licence could address missing piece in defunct WeMatch swaps tie-up
