Subject: Locks, blocks, and new buy-side hassles

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THIS WEEK'S TOP STORIES
Risk management
Barclays built a system to spot AI agents that might go rogue
Research setup ‘reads the mind’ of LLM-based agents and flags if they’re about to do something risky
19 Oct 2026   |  News
Markets
Swap spread swings push US corporates to rethink locks
Volatile swap spreads have issuers weighing a shift from swap locks to costlier Treasury locks for pre-issuance hedges
22 Oct 2026   |  News
XVAs
Sell side losing fight over dirty CSAs, data shows
Risk Benchmarking exercise finds growing buy-side push for collateral flexibility
21 Oct 2026   |  Special
Markets
Hedge funds shelved yen basis bet on US deal
Funds exited USD/JPY flatteners tied to Japan’s $550bn pledge and new funding may not revive the trade
16 Oct 2026   |  News
Markets
Ripple builds ‘one-stop’ payments shop
Flurry of acquisitions marks latest step in digital payments specialist’s masterplan to crack trad-fi
20 Oct 2026   |  Profile
STAT OF THE WEEK

JP Morgan, Wells Fargo AOCI losses double in Q3

JP Morgan’s negative accumulated other comprehensive income more than doubled to $19.8 billion on September 30, from $7.7 billion three months earlier, while Wells Fargo’s almost doubled to $16.5 billion over the same period, from $8.3 billion. Both figures were the highest recorded since at least 2014.

QUOTE OF THE WEEK

Calamos combines rival structures with new autocall ETF

“The beauty of this innovation is that it brings together the exotic world, which is model dependent, and the QIS world, which is fully deterministic and formulaic” – Guillaume Flamarion, Citi

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