News
Inconsistent FRTB model guidance vexes dealers
Risk models pulled in opposite directions by P&L attribution test and non-modellable risk factors
Yellen defends Basel co-operation before Congress
Fed chair rebuffs Republican lawmaker; dodges question on delaying VM rule
European Parliament vote on carbon market reforms seen as bullish
Energy traders welcome reforms seen as shoring up ailing EU carbon market
Japan holds firm on VM deadline as Fed tracks progress
JFSA says no “strong reason” for delay; Bafin and Fed monitor developments
Banks get no relief from CFTC’s variation margin delay
No-action letter will benefit only a dozen or so swaps brokerages and energy firms
CME’s European CCP to lower rates default fund burden
Firm hopes move will entice smaller players to join rates clearing service
People: Giancarlo makes new appointments at the CFTC
Recent changes at the CFTC, Ferc, Shell, LME, TriOptima, Blank Rome, Ice Clear Europe, Goldman and the DTCC
Three Japanese banks consider new CVA approach
Industry working group formed to discuss introducing accounting adjustment
Swiss rate reform set to trigger swap value change
Tois discounting rate set to be replaced in 2018 by Saron, which is 20bp lower
HSBC shakes up risk analytics team
Internal memo attributes changes to increased demand for analytics
Emir reporting updates put energy firms on alert
New reporting regime marks start of increased scrutiny for big players
Nodal plans power, gas options
Contracts to launch in 2017, while sceptics question ability of a new exchange to compete with incumbents
FRTB: Basel guidance on backtesting frustrates dealers
Dealers blast “illogical” carve-outs for backtesting exceptions
Securities lending by asset managers facing scrutiny
FSB concerns about regulatory arbitrage might prove tricky for the likes of BlackRock
February seen as crunch time for the EU ETS
Carbon price could soar by 2020, but traders bearish short-term as EU votes on final package
Banks voice fresh concerns over CCP non-default losses
Dealers could face cash calls to recapitalise an ailing CCP that suffers a critical non-default loss under FSB proposals
Philippines will allow proxies as IFRS 9 stopgap measure
Central bank to issue guidelines to help address the shortage of data for compliance
People moves: Credit Suisse’s Dainton departs
UniCredit promotions; Hazlewood leaves Deutsche; Goldman's CIO; senior forex hire at SG
Basel III has aided system stability, interbank models suggest
Model predicts future crashes will not be total wipeout
National authorities rebel against BRRD state aid limits
EU single resolution board will “never have any work to do”, lawyers predict
EU will stick to March 1 variation margin deadline
US regulators also unlikely to delay as a result, say dealers
Eurex tees up OTC forex clearing with CLS
Net settlement at CLS could slash liquidity risks for CCPs clearing OTC forex contracts
EBA's Enria seeks to plug the holes in EU bail-in rules
Struggling but solvent banks could delay the hit from NPLs under the plan
EC could use thresholds to squeeze London euro clearing
Most euro clearing could be repatriated after Brexit without hitting other jurisdictions