United Kingdom (UK)
Libor leaders: BMO sets the pace in RFR transition
Early mover switches £10 billion of pension liability swap hedges to Sonia
Industry should work together on operational resilience – BoE
Regulator to “shortly” issue report highlighting opportunities for op risk collaboration
FCA: Sonia derivatives liquid enough to create term rates
Andrew Bailey says a forward-looking rate can work, but its use should be limited
Esma takes flak over vague CCP enhanced supervision plans
JP Morgan calls for more quantitative thresholds for determining systemic foreign CCPs
Emergency docs: funds rush to meet EU’s revised Emir rules
Isda asks for six-month extension as previously exempt funds hit with margin requirements
AMF’s Ophèle: we need to change EU swaps trading mandate
French regulator urges EU to avoid conflicting rules, adopt principles-based approach after Brexit
Sonia advances: liquidity builds as banks eye interdealer shift
Libor’s successor has some solid footholds. Wider acceptance could come as soon as later this year
L&G’s counterparty risk charge almost doubles in two years
Operational and market risk charges also climb at UK group
UK public sector offloads swaps
Gross derivatives outstanding with public entities stood at £5.9 billion in Q1
BoE makes climate risk a hot topic for banks
Financial institutions must entrust oversight of climate risk to named individual under senior managers regime
Banks grapple with social media risk
In shadow of Metro Bank WhatsApp episode, panellists warn banks need to deftly handle social media blow-ups
FCA may delay enforcement of UK’s conduct regime
Smaller firms won’t be penalised right away, says head of regulatory decisions committee
BoE to scrutinise banks’ op risk tolerance limits
Watchdog says banks must prove they can stick to tolerance limits; cyber stress test planned
HSBC hires BoE’s cyber risk chief
Watchdog’s CISO will serve as UK bank’s first head of resilience risk
BNPP’s English court win calms ‘jurisdiction shopping’ fears
Unanimous decision reaffirms importance of English law provisions in derivatives contracts, say lawyers
UK systemic risk buffer capital cost over £7bn
The Bank of England set the buffer amounts on May 1
Top UK banks' CVA charges up 10% in Q1
Barclays' and Standard Chartered's requirements increase over 20% each
At HSBC, LCR deteriorates as HQLA drops $32bn
Total HQLA stood at $535.4 billion, a 6% reduction quarter-on-quarter
HSBC's systemic risk indicator amounts grow
UK lender is just 20bp short of 2.5% capital surcharge bucket
StanChart's CVA charge triples year-on-year
Capital requirement hits $112 million at end-March
RBS warns of higher loan losses in 2019
Impairments expected to remain below 30–40bp of outstanding loans
No-deal Brexit could force European swaps trading to US venues
Lack of equivalence between UK and EU regimes would create “conflicting obligations” for large dealers
Bail-in bond issuance bolsters Barclays' capital
UK bank plans £8 billion of AT1 bond issuances in 2019
Life’s a breach: banks settle uncomfortably into GDPR
A year into exacting data privacy regulation, ramifications are becoming more tangible