News
People moves: ANZ makes senior changes in Apac
Also: Priestley leaves JPM; Hong Kong’s Insurance Authority staffs up; ABN Amro hires Simon Wood; and others
Banks turn to synthetic derivatives to cut initial margin
Options-based instruments can halve initial margin for some non-cleared products, say dealers
Three lines of defence model still evolving, say practitioners
Clearer split in responsibilities between first and second lines needed, say op risk chiefs
Energy firms say looming EU reporting rules too broad in scope
SFTR vagaries cause confusion over commodity-specific transactions
SEC and CFTC will align on derivatives rules, Cox tells funds
Ex-SEC head says hedge funds should expect greater harmonisation between regulators
US Treasury stance on CCAR a return to ‘bad old days’
Overhaul would kill test failed by eight banks in past three years
Cyber insurance not a risk management tool, say banks
Lengthy payout mechanism of cyber policies makes it ineffectual against large losses, dealers argue
Just six banks caught by phase two of IM regime
Four EU, one Japanese and one Australian bank to start posting initial margin on non-cleared trades from September
US Treasury’s leverage fix tipped to boost repo market
US Treasury plan to exempt US government bond exposures expected to help struggling market
Crapo: US Treasury reforms will be ‘complicated’
Democrats unlikely to back changes that benefit big banks, Senate banking committee chair says
ECB and Esma would call shots on euro clearing
Proposals give central bank and regulator the power to bar biggest third-country CCPs
People: HSBC’s Karl joins Isda
OCC names new chief information officer; Nex nabs JP Morgan’s Americas head of derivatives clearing
FRTB could hit syndicated loans, banks fear
Accounting classification would lump assets into regulatory trading book
Clashing bank resolution plans threaten to stall US reforms
Supporters of bankruptcy act want it separated from repeal of Dodd-Frank Title II
Benchmark fallbacks should be regulated, says industry
Fears of basis risk unless all users are obliged to write backup rates into legacy contracts
Canadian CROs play down threat of mortgage exposure
Burgeoning loan portfolios no cause for concern despite Moody’s downgrades, risk chiefs claim
FRTB threatens Canadian bond market, dealers say
Modelling the risk factors of Canadian corporate debt is “almost impossible”
Japan seeks speedy margin rule equivalence decisions
The country has equivalence agreements with Canada and the US, but not Europe
EU regulators stymied by Esma on electronic access
Treatment for third-country firms unknown until European Commission makes equivalence decision
EU rules delay sparks fears over indirect clearing
CCP members must offer new arrangements for exchange-traded derivatives in January 2018
World Bank bets on compression for EM currencies
NY-based start-up LMRKTS gets backing to support illiquid markets
Jeff Bandman leaves CFTC for private sector role
Former acting director of clearing and risk led negotiations with EC over CCP equivalence
Australia’s bank levy could squeeze TLAC drive
Issuing Tier 2 and senior unsecured debt will become more expensive for the top four banks in the country
A regulatory storm hits China
Regulators are imposing a new wave of tighter financial supervision