Japan
Hedge funds cut BoJ bets after torrid year in yen rates
Dealers see lighter positioning after shock October election saw more than $300m of losses, compounding April’s pain
US hedge funds eyeing JSCC after regulations eased
FCMs see strong interest and expect funds to start clearing yen swaps before year-end
How US hedge funds won big on permission to clear at JSCC
But CFTC no-action letter won’t allow netting of Japanese trades with those cleared at US FCMs
Environmental products house of the year: ENGIE
Energy giant signs raft of forward-thinking environmental deals in Apac
Volatile Q2 reshapes margin composition at top CCPs
JSCC introduces new cash collateral method, CME sees gold hit record high
Hedge funds switch yen bets after Japan election shock
Takaichi victory forces unwinds and a move to topside trades, while barriers give dealers a headache
Required IM at top CCPs climbs 11% to record high in Q2
Tariff shocks and trading shifts propel surge across the board
Derivatives house of the year, Japan: Daiwa Securities
Risk Asia Awards 2025
The ‘get-out-of-debt’ card that may worry bond investors
A new paper analyses the controversial tool that governments may be forced to deploy to control borrowing costs
Tariff volatility triggers record margin calls at global CCPs
Aggregate average VM call in Q2 eclipsed pandemic highs
Global CCPs suffer record IM breaches in tariff-hit Q2
JSCC leads surge ahead of Eurex, CDCC, OCC and LCH
CFTC eases restrictions on yen swap clearing
No-action letter opens door for US investors to clear at JSCC, ending years-long push by industry
Nomura’s ES requirement swings 75% in turbulent debut
New gauge for modelling interest rate desks’ charges ranged from ¥23bn to ¥41bn over the course of Q1
Nomura wins NMRF reprieve from Japan’s FSA
Relief granted due to scarcity of vendors offering pricing data for market risk models
MUFG slashes JGB book by 27%
Second-quarter cuts lead to smallest AFS government bond portfolio since at least 2013
Nomura’s FRTB models reap 33% saving on debut
Trading desks cleared for new IMA’s use win ¥225 billion relief on end-March capital requirements
Cross-border lending to NBFIs hits record $678bn in Q1
Half of international bank credit flows to shadow banks, despite growing regulatory concerns
Basel III overhaul doubles Nomura’s credit risk
Surge reflects asset migration and new equity treatment
Taco trades and fake news fatigue
Is another era of ‘will he, won’t he’ numbing rates and FX traders to its jeopardy?
Japan election result sours hedge funds’ yen options bets
Dealers saw flows in significant size for JPY weakness but were forced to take profits
Japan FSA’s Ariizumi on Basel delays and regulating AI
Outgoing international affairs chief issues rallying call for Basel III adoption, saying Japan has “kept its promise”