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EU eases non-cleared margin rules for smaller players
New proposals aim to cut compliance and reporting requirements for phase five and six firms
Perps extend the menu to tempt TradFi diners
Expiry-less futures are spreading from bitcoin into gold, equities and FX. Institutions are watching, not buying
Market RWAs surge across Chinese banks in Q1
Eleven of 13 lenders report increases as total hits record 2.97 trn yuan
Optimal quoting under adverse selection and price reading
A market-making model is introduced to account for significant real-world effects
Morgan Stanley joins Goldman below old 5% SLR threshold
Four US G-Sibs reach record-low ratios as leverage requirements ease
BoE backs away from mandatory gilt clearing
Discussions with industry shift to portfolio-based repo haircuts and ways to encourage voluntary clearing
NatWest bridges FXPB and clearing for regional banks
New model maintains traditional OTC market access with added direct clearing option
SEC gunning to take over Cat in 2027
Regulator's bid for control of market surveillance apparatus splits industry participants
Europe’s banks can’t agree on how to fix the output floor
Some want market risk excluded, while others push for greater savings from credit modelling
Japan Post’s unrealised losses surge to new record in Q2
Markdowns on HTM book account for nearly a sixth of face value
Op risk data: Japanese restaurant payments firm swallows $700m loss
Also: Bank of Baroda fraud filing, Wells’ Ponzi woes, and Swedbank’s Panama Papers payout. Data by ORX News
Repo tokens won’t be cleared. Or will they?
Uncertainty lingers over clearing status of tokenised Treasuries, with decision likely devolved to DTCC
European banks rebuild AT1 capital stock
Additional Tier 1 capital up 26% since end of 2023
CCR RWAs spike across Asian banks in Q1 2026
Singapore and Hong Kong lenders see sharpest rise in a category banks disclose little detail on
ECB finds gaps in geopolitical stress-testing frameworks
Current methods fail to properly capture impact of geopolitical stress on liquidity
Banks join forces for stablecoin builds
Three regional consortia gain traction; SG and Standard Chartered stay on solo track
Burnett and Piau on their comprehensive framework for XVAs
Barclays quants explain the bank’s approach to a long-standing problem
Middle East risks lift StanChart Stage 2 loans
Early alert exposures rise $1.5 billion as conflict-related downgrades mount
UK’s benchmark rewrite threatens access to Asia NDF fixings
Key offshore rates likely to fall in scope of new regime, potentially pushing them out of bounds
EU banks shrug off mooted minimum reserves increase
Doubling of unremunerated reserves would curb Eurosystem losses, but banks doubt it will pass
Cross-border credit posts biggest rise since Covid
Derivatives claims on overseas NBFIs rise 16% to $2 trillion
Rapid-fire repo raises hopes of cheaper, faster trading
Tokenised Treasuries piloted by DTCC could squash settlement cycles and enable 24/7 repo
Ucits funds ramped up macro trades in latest data
Counterparty Radar: FX forwards and rate swaps set records last year, with inflation and index CDS books also booming
FCMs back CFTC proposal granting opt-out from CME oversight
New rules aim to address conflicts of interests at vertically integrated exchange groups
Swaps traders spot their e-FX chance – finally
Swaps and forwards dealers are increasingly using spot e-FX techniques for pricing and risk management
A tidal wave of token costs threatens landfall
Soaring token usage is forcing financial firms to rethink the economics of modern enterprise AI
Mizuho bucks trend with ¥5.7trn JGB build-up
Valuation losses ease as those at SMFG and SMTG climb
Citadel, Millenium lead US funds to JSCC as JGB yields soar
Ten US funds represent 25% of client-cleared yen swaps at Tokyo CCP after CFTC relief
A rookie’s guide to tokenised Treasuries
What are DTCC’s digital US government debt securities? How do tokenised repo and other transactions work? These questions, and others, answered
UBS VAR nearly doubles to hit decade high
Hedging activity behind spike as equity markets withstood Iran turmoil
On buy side, equity index options tilted bullish in Q1
Counterparty Radar: Share of notional in short positions hit new low for US life insurers; mutual funds also reported smaller short books
Digital deposits blunt India’s LCR overhaul
Higher run-off rates drive up stressed outflows at HDFC and ICICI, offsetting relief for wholesale funding
Banks urge Singapore to relax exposure limit on crypto assets
Lower capital for tokenisation and stablecoins welcomed, but cap will curb bank involvement for now
Dealers shun yen barriers after joint US-Japan action
Market-makers retreat from exotic structures amid intervention risk, with funds in wait-and-see mode
Goldman gobbles up credit options
Counterparty Radar: Q1 surge comes as US mutual funds and life insurers pile into index CDSs
FICC-cleared MMF reverse repos hit record high in June
Non-Fed reverse repos exceed $3 trillion for the first time
Chain reaction: can the UK drive demand for digital gilts?
Market will need regulatory clarity, fungibility with traditional issuance and interoperable protocols
Barclays LCR hits three-year low as outflows rise
Net stressed outflows rise £9.4 billion while liquid assets hold steady
Larger EU players move slower on clearing relocation, says Esma
Active accounts rule driving smaller firms onshore; regulator ready for bigger role if lawmakers want
Chinese exporters step up FX sophistication
Onshore corporates traded record FX options volumes in June and are tapping experienced bank traders
Private credit risk doesn’t have to be systemic to be serious
Risk management leader outlines three cracks in the consensus that risk in the private credit sector is contained
US buy side flocked to FX forwards and options in Q1
Counterparty Radar: Pimco led $187 billion rise in forwards notional among funds, while TIAA drove insurer activity
Huntington non-performing asset ratio hit highest since 2020
Non-accrual commercial and industrial loans rise 20% to record $986 million
Basis trade loses its bite as banks move in
Returns on popular hedge fund strategy dwindle to as little as three basis points, while dealers make use of softened capital rules to replicate the trade
BoE’s crisis lending plan hits buffers
Scepticism greets regulator’s proposal to increase releasable leverage capital buffers
AOCI losses widen at US regional banks
Rising Treasury yields put renewed pressure on AFS valuations
People: NatWest gets new group CRO, JPM tunes up top team, and more
Latest job changes across the industry
Perpetual futures: when expiry disappears, governance is key
Perps solve the futures roll problem, but run market-structure and regulatory risks, warns Vishal Gupta
Qatar National Bank write-offs hit $1.8bn in Q2
Stage 3 clean-up eclipses previous quarterly high set at end-2025
Banks building GenAI governance in parallel to model risk
Risk Benchmarking: Majority have established AI governance committees, but ownership is fragmented
