News
CFTC bows to agency desk concerns with further relief letter
In a time-limited relief letter issued last week, the CFTC recognises concerns expressed by agency firms over the implications of the external business conduct rules
People: RBS drops equity derivatives and retail structured products
RBS cuts businesses it saved from the axe last year; O'Connor takes up Isda chairman's role full time; Deutsche's Wayne takes on US forex role; new role for Lipton at Bank of America; Williams swaps Allen & Overy for Milbank
Energy should be exempt from benchmark rules, argues EC official
Benchmark indexes in energy markets are already well regulated and do not need further oversight, argues EC director-general for energy
Retail account switching carries business risk, expert warns
Complying with new account-switching rules not enough without consideration of business risk
CME finalising plans for swaptions clearing
Swaptions said to have passed CME’s risk committee, and may now be included in CME Clearing Europe’s application to Esma for reauthorisation
Basel leverage ratio would double up collateralised OTC positions
Ratio could be a 'game-changer', dealers warn, as Basel Committee proposes counting received collateral as well as derivatives exposures
OpRisk Asia: Data privacy laws 'will be cumbersome and costly' for industry
Data privacy laws will continue to pose challenges for banks, conference hears
OpRisk Asia: Loss data collection faces pitfalls, panel warns
Loss data is vital to op risk management - but the process is flawed and uncertain, Singapore conference hears
FCA to scrutinise funds' op risk, expert warns
EU Alternative Investment Fund Managers Directive requires greater formality over op risk
Increased activity in coking coal spot trade raises hopes of a swaps market
The stalled coking coal swaps market may benefit from increasing spot coking coal trade, with more players reportedly belatedly switching over to shorter-term pricing contracts
FCMs split over capital for client clearing promises
Some banks believe capital is - or will be - needed to support guarantees to clients
Sefs worry MAT rules will create ‘race to the bottom’
Tradeweb and other would-be Sefs say they have been given too much power to decide which swaps are mandated to trade on platforms
Risk China: PBoC needs to 'adhere to stability' in managing liquidity risk
China central bank "blind" to potential capital market reaction in its attempts to clamp down on the shadow banking sector
Standardised global regulatory approach creates concentration risk
Current regulatory approach makes further financial crises as "certain as the amen in the church"
Solvency II volatility balancer ‘will fail to immunise insurers’
Calls for new dampener on capital requirements amid disagreement over Eiopa’s figures
OpRisk Asia: Remuneration and evaluations not the whole answer on culture
Culture is a priority for op risk managers – but the tools needed remain elusive
OpRisk Asia: Companies must keep IT up to date
Internal and external IT risks are often the result of companies falling behind, conference told
OpRisk Asia: Business continuity more vital than ever, conference hears
Lean banks and financial institutions are more fragile in the face of disaster, warns Nomura business continuity head
Lack of cross-border clarity could be threat to US, says CFTC’s Wetjen
Key CFTC ruling on scope of Dodd-Frank will arrive "very, very close" to July 12 expiry of current exemptive relief, Wetjen warns - and may not be finalised before that date
US power traders expect rebound in hedging activity
Power hedging activity could increase with rising prices and greater regional variation across the US
German insurers turn to CPPI and volatility control to back new guaranteed policies
Ergo dynamic hybrid product leads new wave
Investors await action on Reyker plan management charges
Investors in the dark about action on Reyker plan management charges
Agency brokers ‘encouraged’ by CFTC response to concerns
Lobbyists are hopeful a resolution will be reached to their concerns over external business conduct rules that have forced agencies to retreat from FX derivatives
PRA reserves right to review internal models after Icas+ approval
Entry requirments for transitional regime will be high, says PRA official