News
NatWest bridges FXPB and clearing for regional banks
New model maintains traditional OTC market access with added direct clearing option
SEC gunning to take over Cat in 2027
Regulator's bid for control of market surveillance apparatus splits industry participants
Europe’s banks can’t agree on how to fix the output floor
Some want market risk excluded, while others push for greater savings from credit modelling
Banks join forces for stablecoin builds
Three regional consortia gain traction; SG and Standard Chartered stay on solo track
ECB finds gaps in geopolitical stress-testing frameworks
Current methods fail to properly capture impact of geopolitical stress on liquidity
UK’s benchmark rewrite threatens access to Asia NDF fixings
Key offshore rates likely to fall in scope of new regime, potentially pushing them out of bounds
EU banks shrug off mooted minimum reserves increase
Doubling of unremunerated reserves would curb Eurosystem losses, but banks doubt it will pass
Ucits funds ramped up macro trades in latest data
Counterparty Radar: FX forwards and rate swaps set records last year, with inflation and index CDS books also booming
FCMs back CFTC proposal granting opt-out from CME oversight
New rules aim to address conflicts of interests at vertically integrated exchange groups
Citadel, Millennium lead US funds to JSCC as JGB yields soar
Ten US funds represent 25% of client-cleared yen swaps at Tokyo CCP after CFTC relief
On buy side, equity index options tilted bullish in Q1
Counterparty Radar: Share of notional in short positions hit new low for US life insurers; mutual funds also reported smaller short books
Banks urge Singapore to relax exposure limit on crypto assets
Lower capital for tokenisation and stablecoins welcomed, but cap will curb bank involvement for now
Dealers shun yen barriers after joint US-Japan action
Market-makers retreat from exotic structures amid intervention risk, with funds in wait-and-see mode
Goldman gobbles up credit options
Counterparty Radar: Q1 surge comes as US mutual funds and life insurers pile into index CDSs
Chinese exporters step up FX sophistication
Onshore corporates traded record FX options volumes in June and are tapping experienced bank traders
US buy side flocked to FX forwards and options in Q1
Counterparty Radar: Pimco led $187 billion rise in forwards notional among funds, while TIAA drove insurer activity
People: NatWest gets new group CRO, JPM tunes up top team, and more
Latest job changes across the industry
US housing law delivers good news for insurers
Congress added curbs to institutional property ownership; insurers are more interested in the underlying loans
Cyber audit leaves Eiopa with a credibility problem
Dora supervisor charged with overseeing critical tech vendors critiqued for IT security failings
Nomura weighs launching own stablecoin
Bank says issuing its own token is on the table, but wants to use stablecoins as a customer first
New CLO charges for insurers miss tail risks, critics say
Revisions to US capital rules underestimate correlations within loan pools and across CLO portfolios, some argue
US funds become fixed-rate payers in swap market
Counterparty Radar: Since 2021, receiver swaps have dominated US mutual fund positions; in the latest data, the sector’s book flips round
Frontier AI poses new cyber risks – BIS study
National and international co-operation needed to tackle increased threat
BoE’s leverage ratio rejig to hit HSBC and StanChart
Proposed changes aim to rebalance scales in favour of domestic lending