News
Banks and clients clash over novation MVA charges
Some banks swallowing new margin funding costs, others forcing clients to pay up
US year-ahead oil hedging up 9% on 2015: study
Hedging revenue set to plummet in 2017
Banks dismiss margin rule threat to synthetic prime brokerage
Growth in synthetic financing versus physical sees UBS, ING boost investment in prime brokerage units
Julius Baer calls for private bank margin rule exemptions
Existing client collateral provision sufficient, says firm
Credit Suisse and StanChart cut Asia derivatives staff
Both banks have cut derivatives headcount by a dozen
CFTC looks to strengthen oversight of trading obligation
Chief counsel at CFTC highlights weaknesses of bottom-up approach to MAT determinations
EC signals staggered entry for Mifid II trading obligation
Rules for derivatives may take effect after January 2018 to allow for US equivalence deal
Closer ties between banks could mean more risk-taking
Model points to risks of core-periphery structure
People: SGX’s new fixed-income origination head
Plus: ANZ Taiwan CEO; DBS Private Bank hires Ioannou; global risk head for ADS Securities
Bond ETFs ‘a source of liquidity’ in stress events
ETF volumes jumped after US election, while bond volumes remained constant
FCA urges progress on equivalency for derivatives trading
US and EU regulators should base recognition decisions on outcomes, not technical details
Giancarlo: March VM deadline is ‘massive challenge’
CFTC commissioner calls on regulators to address buy-side concerns if needed
UK banks under pressure to use IFRS 9 in stress test
Banks unable to calculate impairments under extreme scenarios must answer to regulator
Deutsche Bank loses EMEA clearing head
German bank has seen a string of departures from its clearing business
Risk retention ‘substantially diluted’ for STS proposal
Parliament compromises to pass STS securitisation proposal, but industry is still pessimistic
Indonesia urged to go further to build hedging market
Banks warn that bringing call spreads onshore is not enough and could produce distortions
Mixed views on Dodd-Frank rollback
No need to dump central clearing and electronic trading mandates, market participants say
Isda touts CSA standardisation in margining countdown
But scale of challenge becomes clear in early tussles between dealers and clients
Isda Amend faces rival in CSA repapering effort
AcadiaSoft to launch new tool in January, but protocol approach attracts wider criticism
People: Deutsche’s Leake heads to Goldman
Gill departs CME; Mizuho bolsters quant ranks
CSRC: commodity futures speculation not moving spot prices
Eye-watering one-day moves on China spot commodity markets due to “supply and demand”
FRTB survey: banks fear high bar for P&L test
One bank expects all of its desks to fail the P&L attribution test
Singapore fines two foreign banks for 1MDB-related breaches
Investigations continuing into Goldman Sachs’ role, regulator says
US banks fear margin rules could hit emerging Asia liquidity
Unequal margining requirements may be a turn-off for local counterparties