Latest
Crypto’s missing CROs
More than two-thirds of top crypto exchanges lack a chief risk officer, although the picture is changing
US banks made no headway on EVE transparency in 2025
Morgan Stanley remains lone US G-Sib not disclosing key measure of long-term interest rate sensitivity
UK insurers turn up leverage on structured gilt trades
Par-par asset swaps give way to higher-leverage structures as funding costs increase
UBS to launch merger arb QIS
Bank partners with German asset manager First Private to screen deals using machine learning
One thing missing from US Basel III proposal: a deadline
Without a deadline, risk teams will struggle to secure resources to begin implementation projects
How AI agents can join the dots for risk managers
Citi risk expert outlines agentic AI tool that would pull together structured and unstructured data on trading and lending approvals to create single, unified view of risk
Hedge fund financing hits record $8 trillion despite year-end pullback
Surge in longer-dated funding offsets seasonal drop in overnight borrowing
Do banks still need to validate GenAI models?
Regulators carved out GenAI models from new risk guidance. Banks shouldn’t see this as a reason to stop validating them.
Traders revive emerging market carry trades on vol drop
Investors eye high-yield Latin America currencies as implied volatility falls
FCM target residual interest shrinks as customer funds surge
Nine firms hit all-time lows in February across multiple asset classes
In simplifying credit risk models, EBA could compound capital costs
Skipping hard yards of internal ratings-based approach might trip higher capital charges and implementation costs
FSB warns of ‘circles of risks’ in bank risk transfer deals
Credit lines, portfolio financing and NAV facilities for private credit funds could rebound on banks
Barclays built a risk framework for GenAI from scratch
Eleven teams contribute to assessing generative AI use cases in a system that includes 35 controls
JP Morgan repo reliance hits 15-year high after Q1 surge
Fed funds and repo liabilities climb 62% to $717 billion
Change fatigue could dim EBA’s credit risk simplicity drive
Revisions may be kept to a minimum as short-term implementation burden weighs on banks
Capturing smile dynamics with the quintic volatility model: SPX, SSR and VIX
A new model captures the term structure of SPX & VIX implied volatilities, ATM skew, and the skew-stickiness ratio
Hedge fund CIO flags risks from ‘fragile’ market structure
Next big market shock will lead to “liquidity driven bankruptcies”, says Adapt’s Maubourguet
JP Morgan’s race to simplify FX options trading
Fewer clicks, more automation win systematic clients and boost electronic volumes
IM concentration at CCPs hits multi-year high in Q4
Median tops 52% for first time since 2021 as average reaches record
Hopes, fears and ‘mass confusion’: the sudden end of SR 11-7
Banks welcome chance to prioritise model reviews, but fret over future policy changes and AI
Saudi National Bank equity RWAs surge on Basel phase-in
Year-end risk-weight rise of 60pp triggers 18.2% spike in risk charges
Custom index TRS booms at BlackRock
Isda AGM: Bespoke total return swaps span all mandate types but e-trading bottlenecks remain
Bootcamps and peer pressure: Goldman preps staff for AI future
Isda AGM: Tone from the top is not enough, says chief information officer Marco Argenti
SRT issuance hits €260bn as capital relief grows
Banks cut capital ratios by over 40bp on average via SRT deals, BIS research shows
Foreign banks can swerve US Basel op risk capital charges
New proposal offers category III and IV banks op-out from regime, but intragroup trades penalised
BoE’s Bailey expects global consensus on FRTB internal models
Isda AGM: UK is reviewing proposals from US and EU regulators before finalising its IMA rules
How Optiver is harnessing prediction markets
Isda AGM: Market-maker doesn’t trade event contracts, but it is using them to price other instruments
Tokenisation could boost repo capacity by up to 60%
Isda AGM: Digital Asset’s Rooz says intraday repo will deliver huge balance sheet efficiencies
CDS notional tops $8trn as clearing spike hits records
Investment-grade trades drive biggest weekly rise since 2013
FX options traders lost in Iran fog
Headline ‘ping-pong’ saps hedge funds’ conviction, though pockets of vol selling have re-emerged
DRW chief slams ‘ridiculous’ OCC stablecoin rule
Isda AGM: Wilson warns week-long redemption freeze would deter use of Genius Act coins as cash leg of tokenised repo
Dealers push for more revisions to Basel III endgame
Isda AGM: Goldman, JP Morgan bankers want changes on cross-product netting, CVA and default risk charges
StanChart: UK, EU should copy US ‘commercial’ Basel III
Isda AGM: Exec warns divergent Basel III rules will push trading into less-regulated entities
NBFI oversight ‘no longer adequate’, say BdF economists
Researchers call for stronger supervision of non-bank sector ‘before risks actually materialise’
US G-Sibs ease off TLAC build as buffers plateau
Loss-absorbing buffers edged lower across most major banks at end-2025
People: Mizuho trader exodus, Citi AI head departs, and more
Latest job changes across the industry
In Iran war, VAR models ease cliff effect on Ice and CME margins
At 105%, EEX – using Span model – saw largest single-day jump compared with those CCPs
BlackRock uses options to rewire AI bets
Counterparty Radar: Global Allocation Fund shifts from net short to net long derivatives as equity allocation falls
Why Brexit still stirs up trouble for cross-border business
As EU erects another obstacle, banks consider ways around it – or exit strategies
Large hedge funds push leverage to post-pandemic high
OFR data shows renewed build-up as regulators eye reporting changes
Super fund FX growth threatens dealer ‘tipping point’
Overseas assets – and hedge ratios – set to grow, but lack of collateral squeezes banks
Can US regulators keep Collins happy with one capital stack?
Legal experts say Basel III endgame redraft retains spirit if not letter of the floor
SLRs at four US banks sink to record lows on early rule switch
Goldman Sachs biggest beneficiary of softened minimum requirements
Korea’s leveraged ETF expansion aims to stem overseas outflows
Single-name products due in May with two times leverage and strict investor safeguards
Quants like Andrew Ang are making the case for AI agents
AI agents can boost human managers by analysing investments, risks and portfolio choices at scale
JGB sell-off drives late-2025 record markdowns at Japanese banks
Unrealised losses on Japanese government bonds hit ¥7.05 trillion
Isda’s Basel III playbook: speak softly and carry a big QIS
Scott O’Malia on capital reforms, repo markets and tokenised collateral
American Express crosses category II threshold
Cross-jurisdictional activity tops $75bn, but four-quarter average keeps bank in category III
LCH and ASX eye Australia repo clearing
CCPs in talks with dealers as bond boom fuels growing demand for financing
NeoClear enters battle for euro swaps clearing
Paris-based CCP to challenge Eurex and LCH with planned 2027 launch
