LCH
Tough times for the real masters of the universe
Rules tie the hands of bank strategic investing units as fintech opportunities grow
Margin rules push interdealer inflation swaps to clearing
Traders say 95% of the market now cleared, compared with 10% a month ago
SGX to charge negative interest to clearing members
Excess euro and yen cash deposits expected to generate 20–40bp charge
UBS saves Sfr295m in capital via swaps margin change
FDIC vice-chair has warned of hidden dangers in new approach
Downgrade fears push South Africa banks to join CCPs
FirstRand, Barclays Africa and Standard Bank eye direct LCH membership
LCH nixes US repo clearing, Weisbrod departs
David Weisbrod, CEO of LCH’s US businesses, left the company last month
People: Trio of senior execs depart UBS investment bank
UBS reshuffle; Icap chief exec departs; Green leaves Lloyds for Scotiabank
Shanghai to be first CCP to clear forex options
New service to debut in August, but liquidity risk has stalled other CCPs
CCPs and Brexit: don’t forget the rest of the world
Losing equivalence with the US could be more serious than arguments over the location of euro clearing
Not so fast, François: EU clearing land grab is complex
ECB cannot (yet) make post-Brexit demand for euro clearing to leave London
Standardised CSAs: no longer a matter of choice
Dealers again seeking simpler terms after 30% drop in non-cleared notionals
Dealers renew push for standardised CSAs
Banks hope LCH platform will help cut costs and complexity as non-cleared margin regime looms
Canada waits on US, EU to mandate CAD swaps clearing
Regulatory arbitrage fears stall clearing mandate for CAD swaps in Canada
LCH-JSCC basis to boost XVA acceptance in Japan
Prices now "can't be explained without reference to XVAs", says Nomura credit head
Strength turns to weakness for old OTC market
Non-cleared notional falls $36 trillion as costs and complexity grow
Against the tide: why Kiwi banks want to be clearing members
Rising fees and absence of leverage ratio cause some New Zealand banks to consider direct clearing
People: Societe Generale loses two senior markets execs
Fields and Escoffier depart SG; Deutsche hires Citi EQD head; Nicola White joins Citadel
Aussie market clearing well ahead of April mandate
Largest onshore derivatives dealers already caught by US and European rules
LCH-JSCC basis rockets for cleared yen swaps
Cost of receive-fixed swaps at JSCC jumps fivefold in a week
LCH and dealers clash over loss allocations
Isda AGM: CCP equity should not be spared, say clearing members
US end-users risk tax hit in move to daily settled swaps
Changing treatment of variation margin could benefit banks, but hurt clients
LME Clear ‘welcomes scrutiny’ of CCP risk management
Oversight from clearing members is good for central counterparties, says LME Clear CEO
Accounting puts brake on move to daily settled swaps
New margin approach threatens hedge accounting status, could hurt effectiveness
EU banks plan to flee CME when key Emir date arrives
CCP oversight stand-off leaves banks in a bind as Feb 21 frontloading deadline nears