News
UK government promises more effort on cyber defence
Cabinet office minister warns of growing threat to UK banks from online attack
CRD IV at risk of non-compliance because of national exemptions, MEP warns
MEP Kay Swinburne warns that CRD IV is becoming too diluted by national exemptions
Member revolt forces SwapClear to revamp margin model
CCP is not collecting enough collateral, member firms say. New model is being reviewed by FSA
Small reinsurers ‘shortening bond durations’ to protect against interest rate volatility
Companies prepared to take ALM mismatch to access higher yields on reinvestment
BAML Asia commodities chief to leave
BAML Asia-Pacific commodities head Tsai is leaving the firm, say industry sources
HKMA mulls over charging for mandatory trade reporting service
The Hong Kong Monetary Authority has begun discussions with OTC derivative market players on whether to charge for use of its trade reporting service
New standard CSA to launch before end of the year
New standard CSA aims to reduce valuation disputes by eliminating the embedded optionality that exists in the current document
Lack of certainty over OTC clearing location a problem for Asia asset managers
Asset managers in Asia are being hindered in preparing for OTC clearing by a lack of clarity over location
Banks plan to relaunch off-balance-sheet derivatives units
At least six banks are talking to lawyers and rating agencies about reviving derivatives product companies, although AAA ratings may now be off the table
SEC appoints chief information security officer
Todd Scharf made chief information security officer at the SEC
Edhec-Risk Institute appoints new board member
Tomas Franzén appointed chairman of international advisory board
German insurers' life guarantee reserves 'to double' in 2013 as low yields bite
Increased ZZR reserves 'threat to insurers' business model'
France warns on use of derivatives to evade new transaction tax
Tax adviser to the French finance minister tells Risk the country's authorities will act on "tax evasion through synthetic instruments" if necessary, as cash equity volumes fall
Value of multi-peril cat bonds challenged
Combining uncorrelated perils does not necessarily make bond more attractive and presents valuation challenges, say bankers
Regulators in Asia target shadow banking sector
Regulators in Asia are striving to strike balance between regulating the shadow banking sector and letting Asian financial intermediation develop
US should show more respect over Fatca – PBoC official
The unilateral approach taken by the US to combat tax evasion is not the right one, says senior figure at the People's Bank of China
Bank of Thailand: LCR horizon should be a maximum of seven days
Experience of the Asian financial crisis leads Bank of Thailand's deputy governor to question the LCR parameters
Lack of inflation clearing could hit LDI community
A different track
Hong Kong regulator cautious about CoCos
The HKMA is unconvinced about banks issuing contingent convertible instruments, according to Arthur Yuen, deputy chief executive of the HKMA
Schapiro resignation not linked to lawsuit, SEC says
SEC chair Mary Schapiro steps down a week after former inspector-general files $20 million lawsuit against the agency
UBS fined £29.7 million for controls failures resulting in Adoboli losses
The UK FSA fines UBS for failures in systems and controls leading up to Adoboli's $2.3 billion losses
JP Morgan deserved “a very severe penalty”, says Ferc chairman
Tougher enforcement stance is justified and paying dividends, claims Ferc chairman
Korea to start mandatory clearing in October 2013
Legislative hold-up means Korea OTC derivatives clearing will be delayed
Deutsche creates Fic division under Amrolia and Felson
Zar Amrolia and Wayne Felson have been appointed co-heads of a new fixed income and currencies division at Deutsche Bank