The Americas
Buy-side options books shaken up in Q2 stock rally
Calamos, Janus Henderson, NY Life and Oceanview among buy-side firms reporting big index and single-stock shifts in latest filings
BRL options traders count cost of Lula shock
One-way Bolsonaro bets forced dealers into tough hedging choices as USD/BRL gapped 13% on Lula’s victory
French yield surge sparks scramble to salvage range accruals
Dealers look to shift barriers and reference indexes after Tec10 notes breach upper barriers
Kalshi preps for ‘imminent’ launch of single-stock perps
CFTC expected to issue no-action letter within days for contracts on 56 individual stocks
Dealers price ColVA, but few agree on scope
Risk Benchmarking: Two-thirds of dealers price in collateral valuation adjustments, but only half recognise it in accounting
Time to let some air out of the banking system?
Watchdogs worry about lowering standards, but policy-makers eye growth – they face a difficult dilemma
US regionals take $18bn AOCI hit in Q3
Unrealised losses deepen as AOCI reaches 15% of CET1 capital
Credit jitters drive CDS volumes to new highs in Q2
US retail funds increase sold protection as credit default swap index notional hits $185bn
Ice flow weathers geopolitics and supply storms
Talking Heads 2026: Network size and liquidity see exchange group through volatile times and novel products
Non-bank dealers urge rethink on FICC default fund reshuffle
Separating margin will cut bank capital, but non-banks warn they face disproportionate risk-sharing
MMF Treasury holdings hit record $3.7trn in August
Funds increased direct UST investment 7.1% before September reversal
US corporate securities settlement failures hit four-year high
Primary dealers report $136 billion in failed settlements, second-highest weekly total since 2015
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
Little consensus on how banks manage FVA
Risk Benchmarking: Majority of dealers still mix and match methodologies for funding adjustments
Banks want AML data upgrade to complement US regulatory reform
FinCEN’s proposed overhaul sparks debate on whether it will lead to smarter or weaker supervision
Off the grid? Dealers mull XVA cloud shift
Risk Benchmarking: 69% of European banks still run core XVA calculations predominantly on-premises, and 75% of global dealers
US banks cut commodity derivatives as equity books hit record
Commodity notional falls 6.3% as equity positions climb to $19.42trn
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
Large US banks’ lending to private equity funds reaches $239bn
JP Morgan, Goldman and BofA account for 80% of quarterly increase
Regulatory clarity urged for CME’s single-stock futures
SEC short selling and market access rules may hamper clearing and broker participation
Calamos combines rival structures with new autocall ETF
Generic local vol model allows exotic payoff to be packaged in index without vol target