Our take
Italian job: the real UK stock trading heist
Italy has not been seen as a candidate to pick up business from the UK – until now
A European watchdog with more bark than bite
The European Central Bank’s soft approach could be storing up trouble for the future
March’s clearing failures give new life to an old idea
Futures industry snubbed chance to build post-trade utility before. Now, it really needs one
Putting the H in XVAs
Barclays quant proposes methodology for factoring hedging costs into derivatives valuations
Why US dollar Libor spreads may be mispriced
Fallback spreads for all currencies could be fixed together, even if some benchmarks survive past 2021
Fed stress tests find critics on all sides
Conflicting results fuel arguments over dividends and buybacks
Setting boundaries for neural networks
Quants unveil new technique for controlling extrapolation by neural networks
25 years of Asia Risk
As the region continues to undergo major changes, we look to what the future may hold
Degree of influence: volatility shakes markets and quant finance
Volatility and machine learning were among the top research areas for quants this year
Fallback dodgers walking a difficult path
Firms avoiding signing the Isda protocol will face challenges, say industry figures
EU banks and state-backed loans: bad news with a long fuse
EU banks face a time bomb as public guarantee schemes expire next year
Never mind the buffers: Covid reveals deeper flaws in Basel III
Tweaking discretionary capital buffers won’t address all the prudential issues raised in 2020
A guiding light for corporates lost in the fog of XVAs
Chris Kenyon proposes a framework for optimising XVAs – from the client perspective
November 9: the day the Brexodus started?
The UK Treasury’s equivalence verdict is a positive gesture, but could backfire if not reciprocated
Warrants proving a big opportunity for Asia private banks
While the products are booming amid fall-off in principal-protected structures, some distributors are missing out
Breaking barriers in options pricing
A new technique for pricing exotic options unifies two classic models
SME risks take centre stage at European banks
Lenders could suffer if government support for small business starts to wane
Why the US election fallout was not a surprise to banks
A contested result was unexpected, but scenario planning meant banks weren’t unprepared
Basis trades: a test case for regulating risky activities
FSOC is right to focus on dangerous behaviour, but Treasury meltdown reveals a complex chain of actors
One man’s trash is another man’s Treasury
With yields at record lows, investors are asking how much protection bonds will offer in a future crisis
Time to rethink Korean structured products
New battle lines are being drawn in Korea’s structured products market
Pandemic exposes design flaws in bank capital buffers
The banking system’s shock-absorbers did not work as intended during the Covid-19 crisis
‘Big bang’ sends basis swaps on roller-coaster ride
Secrecy at CME is contributing to volatility ahead of next week’s switch to SOFR discounting
Danske quants discover speedier way to crunch XVAs
Differential machine learning produces results “thousands of times faster and with similar accuracy”