News
US regulators cut FRTB’s IMA capital hit by 59%, Isda finds
Trade body pushes for further changes to cross-product netting, default risk charge
Clearing banks pick holes in VAR-based CCP margin models
New models ease cliff effects, but banks say they are less predictable and prone to undershooting
Europe ‘lagging behind’ US in crypto markets
Mica made Europe first mover, but rapid US adoption leaves the region trailing, market participants say
US FRTB glitch could spit out negative capital charges
Effort to recognise risk diversification between IMA and standardised approach went too far
EU lags UK on commodity position limits – RWE
German energy firm urges EU to follow UK in handing position limit powers to trading venues
We won’t copy UST clearing mandate wholesale in UK – BoE
Senior official also indicates that any minimum repo haircuts will likely be calculated at portfolio level
Euronext, LCH back Esma as exchange super-regulator
National oversight hurts Europe, exchange officials say – but some are not ready to accept a single watchdog
Treasury basis trade loses its allure as returns shrink
Tight spreads and rising funding costs are pushing the cash-futures basis trade out of favour
Portway leaves Barclays, destination unknown
Group operational risk head departs after 14 years at firm
XTX Markets’ US sales head joins rival IMC Trading
Benjamin Klixball takes up new role at Dutch prop trader in New York
Clearers face heavy lift on CME-FICC cross-margin service
Dual registration and regulation plus uncertainty over close-outs all weigh on client offering
Doubts swirl over future of FX cartel case
Group of banks accused of manipulation have filed for the class action to be dismissed
Liquidity on Kalshi, Polymarket ‘too thin’ for institutional use
Patchy trade flows cause outsize market impact for financial events, research from Risk.net shows
Illiquid assets pricing still needs expert judgement, say banks
EU regulators want more transparency in valuations, but some asset prices remain elusive
Fed to move tailored-capital goalposts soon, says Bowman
Banks hope agencies will index triggers for harsher capital rules to economic growth
Contract negotiation tops tech sovereignty for banks in Asia
Regulatory pressure is rising, but industry still focused on service agreements with third parties
Will SEC reporting proposal supercharge alt data providers?
Move that would allow companies to opt out of quarterly reporting disclosures welcomed
SocGen is getting into the systematic equity dispersion game
New single-stock options index is first step to plugging a gap in the bank’s QIS business
Ice sets up four-way race for Japan’s Tona futures
London joins Osaka, Tokyo and Singapore exchanges in battle for yen rates contracts
HK listing revisions may boost structured product diversity
Reduced minimum fees and size could temper ‘emulation’ issue dominance