News
End-users face extra unwind costs from CSA rate floors
Dealers demanding compensation for extra funding costs
Dealers disagree over charge for CCP counterparty risk
Fed stress tests push US banks towards charging CVA for cleared derivatives
People: SocGen promotes Garnier to head of Apac global markets
Garnier replaces Drouet, who became global markets head; Agne leaves Goldmans; new governor for Bank Negara Malaysia
'Cherry-picking' claims fly in CSA rate floor negotiations
Traders accused of self-interest in negative rate floor discussions
CCP interoperability drive poses margin challenges
Chicago Fed researchers point to problems around issue of concentration margin
Forex market to adopt global code of conduct by end-Q3
Participants excited about conduct guidance, but say firms' internal behaviour will ultimately create change
Partial reprieve for package trades in Mifid II deal
Some trades will face transparency, but the outcome “could have been worse”
Structured products liquidity under threat from EU reforms
New regulation could shut down secondary markets in outstanding products
US exchanges will be caught in Priips dragnet, lawyers warn
Futures and options sales to EU retail clients will need key information documents
Esma hits back at "overly burdensome" Mifid II phase-in
Agency resists EC proposal for annual liquidity review
Hedge fund AQR hires Isaac Chang as co-head of global trading
Chang was formerly global head of FICC at KCG
Canabarro to join Barclays as model validation head
UK bank hires former Morgan Stanley risk analytics head
Iosco considering benchmark proportionality guidance
Chair says EU rules an example of how to avoid one-size-fits-all approach
Banks pitch auto-resetting CSAs to cut leverage ratio and XVAs
Regular settlement of margin would reduce swaps' residual maturity
Regional banks may benefit from Basel CVA surprise
Basel Committee decision removes potential source of competitive advantage for large dealers
People: Societe Generale loses two senior markets execs
Fields and Escoffier depart SG; Deutsche hires Citi EQD head; Nicola White joins Citadel
Lower UFR would be dangerously pro-cyclical – Bafin
Solvency II rate cut would crowd insurers into long-dated assets, says insurance chief
NSFR to hike hedging costs for end-users, industry warns
Costs could increase by 10–15%, House Agriculture Committee hears
Goldman Sachs' head of Japan securities division exits
Mark Agne leaves after 17 years
Japan struggling with negative rate impact on swaps
Dealers facing issues with collateral interest payments and loan mismatches
Internal model use may decline under FRTB, banks say
"The jury is still out on whether internal models are worth the effort" – HSBC's Jenkins
Just 3% of bonds deemed liquid in EC's Mifid II phase-in plan
Staggered implementation of transparency regime could allow further easing of regulation
India joins global move to tighten CCP capital standards
Putting CCP capital on the front line is a prerequisite for the EU granting clearing equivalence
Default risk floors threaten €72bn of RWAs in EU
Risk.net analysis finds PD floor would hit a swath of low-risk corporate loans at the biggest EU banks