News
Non-cash collateral jump spurs tri-party VM expansion
BNY, Euroclear and JPM extend collateral platforms to variation margin as bonds and equities gain traction
Proposed stress protocol for collateral stirs debate
Isda Future Leaders recommendation seen as useful thought exercise, but difficult to implement
FMX set to extend trading hours for rates futures
New schedule matches CME’s hours, but some worry about clearing mismatch
People: Rustad to head SwapClear, Kimmel exits Citadel, and more
Latest job changes across the industry
Esma still open to minimum thresholds for onshore clearing
Final active account rules ease reporting burden, but no guarantees on outcome of 2026 review
NY Fed’s push for repo haircuts gets a tepid response
New risk management standards could make it harder to finance US Treasury purchases
Hedge funds scale back steepener positions as risks rise
Uncertainties around US Treasury issuance and timing of rate cuts see investors trim ‘consensus’ trade
Chinese corporates shunned hedging during tariff upheaval
High hedging costs and increasingly stable spot rate meant exporters opted not to add FX hedges as RMB rose
Numerix strikes Hundsun deal as China pushes domestic tech
Homegrown tech initiative – ‘Xinchuang’ – a new challenge for foreign vendors
Brain drain at OCC raises concerns about US model supervision
Quant team cull will reduce capacity to validate bank models, but that could be part of the plan
For variation margin payments, cash is no longer king
Dealers are being pressed to accept corporate bonds and even equities as collateral for non-cleared trades
Bank of England urged to rethink HHI concentration risk add-on
Experts think overhaul of credit risk measure should be part of PRA’s ongoing Pillar 2 review
Tariff turmoil tests limits of market risk playbooks
Risk Live: Volatile markets reveal need for quicker data and more dynamic risk limits
European supervisors showing ‘no mercy’ on SA-CVA approvals
Risk Live: Bank of America found the compliance workload similar to FRTB internal models
Risk managers say second line needs to identify its value-added
Risk Live: Risk functions must see themselves as problem-solvers, but first line should share responsibility
LCH plans Q4 launch for FCM-style clearing
UK clearing house will be first to offer Europe’s new agent model as Eurex faces tax hold-up
EBA mulls rule changes to speed up model approval process
Risk Live: Reducing compliance burden of credit risk model updates can aid banks and supervisors
Deutsche Bank casts a cautious eye towards agentic AI
Risk Live: “An AI worker is something that is really buildable,” says innovation and AI head
Regulators urged to use Dora reporting to track systemic risk
Risk Live: Bankers and regulator say governance requirements for new rules are complex to implement
BNP Paribas eyes selective algo white label tie-ups
The French bank struck its first FX algo white-labelling partnership with Lloyds
BoE official plays down fears of global regulatory fragmentation
Risk Live: UK expects close co-operation with US, while others express concern over Basel III endgame
Barclays takes selective approach to FRTB IMA applications
Risk Live: UK bank is applying for approval for parts of its portfolio most likely to pass approval tests
AI shows cognitive bias just like humans, tests show
Risk Live: New form of op risk may be “especially dangerous” for model validators, quant says
Ice: EU regulation simplification not happening in practice
Ice Clear Europe president says excessive EU checks distract firms from addressing real financial risk