News
Hazy guidance causes chaos on first day of VM regime
"We don’t know what the rules are," says one senior banker
Vague VM relief criteria creates trading uncertainty
Banks face lack of clarity on extent of margin rule forbearance
EC rebuffs euro clearing relocation policy in Emir review
UK pushes back against French demands to shift CCP business post-Brexit
Esma to referee AMF-FCA dispute over inducements
EU authority set to clarify whether buy side needs to pay for macro research in Mifid II
Treasury: SLR 'reducing stability' in US repo markets
Treasury study found leverage ratio is making bank repo funding “fragile”
JFSA eases VM rules for cross-border trades
Japanese firms with non-compliant CSAs can trade with certain foreign counterparties from March 1
EC: regulators could adapt rules to protect bond liquidity
Official recognises regulatory hit to corporate bond and repo markets, but rejects Mifid delay
Regulators relent ahead of VM big bang
Firms with 'significant exposures' must stick to March 1 deadline, however
Clearing portability under threat as FCM pool shrinks
Failure of big clearing brokers could see clients unable to move to stable competitors
Statoil braces for increased oil volatility
Changing market dynamics increase importance of trading, says Norwegian oil firm
Collateral issues see Korea opt for six-month VM transition
Move will bring country into line with Australia, Hong Kong and Singapore
Sebi sets out commodities framework
India’s securities regulator aims to give market a clearer structure, and attract more players
Banks fear fresh burden from new EU branch supervision plan
EBA insists enhanced supervision of largest branches will not bring additional requirements
VM push fails to deliver cleaner CSAs
Dealers have softened stance on collateral terms as March 1 deadline approaches
Uniform EU stress test backed by CCPs and banks
Second Esma test will apply three scenarios to 17 clearing houses, but concerns remain
EC to miss Mifir equivalence deadline
Draft timetable would leave some jurisdictions inaccessible to European Union firms from January 2018
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