Federal Reserve
Burning ambition: will Europe join the US in setting fire to the rules?
As the US dismantles post-crisis regulations, some think Europe will follow in a bid to boost economic growth
Hedge funds sit out Treasury market volatility
Flattening of yield curve prompts traders to scale back steepeners
Regulatory risk aversion contributed to SVB failure – Bowman
Supervisors ‘knew, or should have known’ about risks a year before bank’s collapse, says Fed vice-chair
Treasury buyback risks a (collateral) chain reaction
Rebalancing of bond tenors could stretch collateral links to breaking point, argues economist
CBLR overhaul opens door to 348 more banks
Only 60 community banks still excluded from opting into leverage ratio-only requirements
Morgan Stanley joins Goldman below old 5% SLR threshold
Four US G-Sibs reach record-low ratios as leverage requirements ease
Repo tokens won’t be cleared. Or will they?
Uncertainty lingers over clearing status of tokenised Treasuries, with decision likely devolved to DTCC
Private credit risk doesn’t have to be systemic to be serious
Risk management leader outlines three cracks in the consensus that risk in the private credit sector is contained
Basis trade loses its bite as banks move in
Returns on popular hedge fund strategy dwindle to as little as three basis points, while dealers make use of softened capital rules to replicate the trade
AOCI losses widen at US regional banks
Rising Treasury yields put renewed pressure on AFS valuations
Modelled RWAs at systemic banks undershoot standardised by $441bn
Wells Fargo and Bank of America have largest gap between internal and regulator-set models
Lower-risk models face excessive reviews, banks say
Risk Benchmarking: Validation workload stretching teams, amid emerging regulatory divergence
Model risk managers see growing regulatory divergence
Risk Benchmarking study finds most banks expect easing of model risk supervisory scrutiny in the US, but tightening in Europe
Foreign banks take bigger capital hit in US stress tests
Federal Reserve projects median CET1 drop of 3pp for non-US lenders
US Basel III will provide reprieve for clearing, but no release
Worst excesses of original endgame proposal avoided, but increased capacity still seen as unlikely
US banks more optimistic than Fed on loan losses
JP Morgan, BofA and Wells Fargo stray furthest from Fed’s estimates
Have regulators gone soft on enforcement? (And should we care?)
US agencies are scaling back punishments for technical rule breaches, raising concerns that small but crucial risks may be ignored
US regulators throw banks a curveball on committed credit lines
New Basel III charge on undrawn facilities will hit largest banks in areas like fund finance and credit cards
DB USA undershoots Fed capital decline by 3.4pp in DFAST 2026
Nine banks project smaller CET1 falls than the Fed
Bowman shuns CECL. Friends say it just needs a little help
How far should FASB go in reforming credit-loss accounting rules?
US banks cluster at stronger DFAST capital lows
Weakest projected capital ratio rises 390bp since 2018