North America
DFAST model changes would boost capital ratios
But category IV banks would suffer amid PPNR overhaul
Crypto ETFs gatecrash the US Treasury repo market
Counterparty Radar: Volatility Shares tapped $13 billion in repo funding in Q2
Citi first to adopt Fed’s two-year SCB average in capital target
Bank’s 12.8% CET1 target reflects proposed averaging rule, pushing capital goal up $2.4bn
Has the Collins Amendment reached its endgame?
Scott Bessent wants to end the dual capital stack. How that would work in practice remains unclear
Row breaks out over cause of FX settlement fails
One European bank blames T+1 for a 50% jump in FX fails, but industry groups dispute the claims
Ditching Fed’s method 2 could unlock $112bn for top US banks
JPM and BofA could see largest capital gains if US G-Sib surcharge approach dropped, amid speculation of a framework overhaul
XTX alleges Currenex entered own trades ahead of users
Market-maker claims venue used triangular arb tool to trade before users
Talking Heads 2025: Who will buy Trump’s big, beautiful bonds?
Treasury issuance and hedge fund risks vex macro heavyweights
CFTC sprints to approve spot crypto trading by year-end
Acting chair Pham also expects tokenised collateral to be up and running by then or early 2026
First Citizens records steepest climb in HFI loan risk-weights
Regional lender led US banks in HFI risk-weight growth in Q2 as scrutiny of loan books deepens
JP Morgan reverses HTM securities roll-off with $44bn transfer from AFS
Reclassification marks first HTM expansion since 2022 and may prompt peers to follow
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
Basel III alone won’t be capital neutral, says Fed official
Endgame may raise requirements, but will be offset by changes to G-Sib and stress capital buffers
No quick fix for Treasury issuance surge – fixed income experts
Market’s ability to absorb additional $3.4trn of notes is keeping senior regulator “up at night”
Real money rides the hybrid options wave
Insurers follow hedge funds into exotic trades with equity-down, yields-down recession plays
Changes to Fed’s G-Sib surcharge imminent, says Bowman
Stress test consultation will come first, eSLR will follow, Basel III endgame will take longer
Fed official dismisses de-dollarisation talk
Speakers at IIF conference believe dollar selloff is cyclical rather than a structural decline
Reluctant farewell to CFTC’s clearing house recovery guidance
Market participants say withdrawn 2016 letter gave clarity to CCPs; replacement may be needed
Volatile Q2 reshapes margin composition at top CCPs
JSCC introduces new cash collateral method, CME sees gold hit record high
Invite us to your cyber war games, Finra urges members
Risk Live North America: Regulators and broker-dealers would benefit if watchdogs had a seat at the table during these exercises, says senior Finra exec
It takes two: bilateral price streaming takes hold in govvies
Large dealers offer direct API access to government bonds as alternative to request-for-quote trading
JPM Securities holds fifth of F&O customer funds
Gap to second-largest FCM widens to record high as segregated funds surpass $70bn
BrokerTec Chicago goes live, targeting RV traders
New venue aims to wrestle cash leg of Treasury-futures basis trades from streaming venues
US Basel III endgame: counterparty credit risk rumblings
CVA rules need better recognition of clearing and hedging, while SA-CCR netting questions linger