Latest
Cyber insurance premiums dropped unexpectedly in 2025
Competition among carriers drives down premiums, despite increasing frequency and severity of attacks
China-led pullback drags Apac cross-border credit lower
Emerging Asia posts $46bn outflow as other EMDE regions expand
Podcast: Pietro Rossi on credit ratings and volatility models
Stochastic approaches and calibration speed improve established models in credit and equity
Esma to issue guidance on active account reporting
Briefing and Q&A aims to clarify how firms should report data ahead of RTS adoption
Forex looks to flip the (stable)coin
Friction-free foreign exchange is the prize offered by stablecoins such as Tether and USDC. But the prize remains elusive
Market warns BoE against blanket mandatory gilt repo clearing
Official says proposals receiving push-back on one-size-fits-all approach and limited netting benefits
Op risk data: Kaiser will helm half-billion-dollar payout for faking illness
Also: Loan collusion clobbers South Korean banks; AML fails at Saxo Bank and Santander. Data by ORX News
Ram AI’s quest to build an agentic multi-strategy hedge fund
The Swiss fund already runs an artificial intelligence model factory and a team of agentic credit analysts
CaixaBank lifts structural deposit hedges to two-year high
Receiver swap notional climbs to €68bn as bank guards NII
Banks eye cost cuts ahead of RateStream Treasuries push
FX SpotStream’s move into rates seen as both fee-saver and potential boost to streaming execution
DFAST 2026 softens again, but SCB freeze blocks capital gains
Banks to miss out on any capital relief from gentler scenario
Real money investors cash in as dispersion nears record levels
Implied spreads were elevated to start 2026. Realised levels have been “almost unprecedented”
Huntington’s CRE loans spike 42% after Veritex acquisition
Criticised loans hit five-year high following $1.3bn portfolio expansion
JP Morgan gives corporates an FX blockchain boost
Kinexys digital platform speeds cross-currency, cross-entity client payments
China eases cross-border grip in new derivatives rules
Lawyers hail return to a “more orthodox territorial approach” to regulating the market
Market doesn’t share FSB concerns over basis trade
Industry warns tougher haircut regulation could restrict market capacity as debt issuance rises
Fannie, Freddie mortgage buying unlikely to drive rates
Adding $200 billion of MBSs in a $9 trillion market won’t revive old hedging footprint
Beyond the hype, tokenisation can fix the pipework
Blockchain tech offers slicker and cheaper ops for illiquid assets, explains digital expert
NBFIs dominate US cross-border credit growth in Q3
Cross-border lending to US shadow banks rose $157 billion, second-highest level in five years
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
Market-makers seek answers about CME’s cloud move
Silence on data centre changes fuels speculation over how new matching engine will handle orders
Regionals tap FHLB advances as Fed eases liquidity stance
Borrowing rose in the fourth quarter of last year, despite regulatory push on discount window
FICC-cleared MMF repos hit record share in December
Trades routed via clearing house hit $1.3trn, outpacing overall MMF repo expansion
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
Ardagh CDS outcome satisfies some, but presents more questions
Early restructuring trigger and asset-package delivery could signify a new era for European trades
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
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
FX options API trading takes off at quant hedge funds
Systematic players behind surge in direct execution, say dealers
Investors turn to costly ‘all weather’ hedging strategies
Geopolitical and technology risks spur demand for multi-strategy QIS tail hedges
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
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
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
Bridging credit transitions and spread dynamics
A fast-to-calibrate model to simulate a credit rating transition matrix is presented
ECB seeks capital clarity on Spire repacks
Dealers split between counterparty credit risk and market risk frameworks for repack RWAs
FSB chief defends global non-bank regulation drive
Schindler slams ‘misconception’ that regulators intend to impose standardised bank-like rules
FXSpotStream expands into US Treasuries trading
Bank-owned streaming venue targets mid-year launch, offering “all you can eat” subscription fees
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
People: You’re fired! US agency rejig, new CROs at ING, StanChart, and more
Latest job changes across the industry
MMF investments hit new high after $1trn gained over 2025
Outright UST holdings drive surge with $900bn rise in six months
Barclays, JPM drive surge in FCM funds in 2025
Futures, options and swaps customer funds log biggest annual jump since 2020
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
