North America
MSIM retools renminbi options wager
US manager rebuilds USD/CNH call book to $15.7 billion with strikes closer to spot and cheaper premiums
How Pimco, Capital Group funds bet on falling US rates
Counterparty Radar: Inflation hedge would soften impact for Capital Group; Pimco’s swaptions structures targeted modest decline
Banks are automating GenAI testing, but scope varies widely
Risk Benchmarking: LLM-as-judge offers model testing at scale, but few lenders use it to facilitate autonomous sign-off
CCP liquid resources pivot to secured commercial bank cash
Eurex, CME and ECC drive jump in reverse repo-linked liquidity buffers in Q1
Autocall ETFs set to triple, with products tied to gold and rockets
New market’s rapid expansion includes both defensive and high-octane offerings
US banks more optimistic than Fed on loan losses
JP Morgan, BofA and Wells Fargo stray furthest from Fed’s estimates
CCP liquidity risk measures hit highs in Q1
LCH, HKEX, JSCC and OCC set payment obligation records
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
Ice rates contracts leapfrog CME SOFR in June
Ice rates open interest hits $62.3trn as euro and sterling hedging demand climbs
ETF surge shows ‘worst-of’ autocalls have life in them yet
Assets in older structures have caught up with vol target versions that looked set to dominate
RJ O’Brien transfer propels StoneX into top 10 FCMs
Customer funds jump 61% after futures services move across
SocGen FX forwards trading rockets with US fund managers
Counterparty Radar: Surge in French bank’s FX forward volumes propels it to second spot in Q1 2026
CFTC backs clearing exemption for risk reduction runs
CCP sources concerned about switch to bilateral trades, as other regulators also soften rules
DFAST averaging reform would hit 75% of tested banks
Sixteen out of 22 lenders tested in both 2025 and 2026 would face higher CET1 depletion
Eleven US banks end DFAST at key capital lows
BMO US, RBC US and TD US only firms to also stay at nadirs across leverage and SLR ratios
EUR vs USD stablecoins is the wrong debate
Market structure and regulatory cohesion is at the centre of the stablecoin liquidity evolution, says Flow Traders’ digital assets head
DFAST 2026: SCB freeze denies 16 banks capital relief
Lower DFAST depletion would have cut buffers for many, but First Citizens avoids higher SCB
Affiliate repo accounts for sixth of US market – OFR brief
Internal trades carry significantly lower haircuts than non-affiliate repos
Six banks fall short of full DFAST buffers
DB USA and HSBC North America post largest all-in CET1 shortfalls, while new entrant First Citizens also misses
Commodity CCPs buck trend with IM breaches in Q1
Precious metals and energy clearing units stand out, as most CCPs avoid breach surge despite Iran war turmoil