Subject: Bessent’s T-bill tryst, Iosco’s pre-hedging twist, and CME-FICC cross-margining in sight

7 DAYS IN 60 SECONDS
THIS WEEK'S TOP STORIES
Markets
How Bessent learned to stop worrying and love the T-bill
Short-dated issuance shows no signs of slowing. Some fear it could end badly.
15 Dec 2025   |  Feature
Regulation
SEC poised to approve expansion of CME-FICC cross-margining
Agency’s new division heads moving swiftly on applications related to US Treasury clearing
16 Dec 2025   |  Feature
Regulation
Will Iosco’s guidance solve pre-hedging puzzle?
Buy-siders doubt consent requirement will remove long-standing concerns
18 Dec 2025   |  Feature
Markets
Hedge fund holdouts boost euro steepener bets into year-end
After some investors took profits in September, those that stayed in the trade are now doubling down
12 Dec 2025   |  News
Markets
Quants tell FX dealers how to make the most of passive liquidity
Paper from HSBC and Imperial sets out when to skew pricing, and when not
16 Dec 2025   |  News
STAT OF THE WEEK

BoE lowers capital benchmark for first time in a decade

The Bank of England lowered its Tier 1 capital benchmark from 14% to 13% on December 2, the first such cut since the guideline was set in 2015.
QUOTE OF THE WEEK

Could one-off loan losses at US regional banks become systemic?

As these regional banks become more competitive, they really have to stick to their underwriting standards, or they’re going to get stuck with some pretty bad loans Thomas Hoenig, former FDIC vice-chair

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