United States
US Basel III endgame: a credit risk calibration conundrum
If regulators want to finalise the rules, they should strip out gold plate and cancel a haircut
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
DFAST monoculture is its own test
Drop in frequency and scope of stress test disclosures makes it hard to monitor bank mimicry of Fed models
US banks’ OTC derivatives climb to new highs amid tariff woes
Notionals up more than 7% in largest Q2 jump on record
North American banks outpace Europeans in ERM
New research shows US, Canadian banks have more developed enterprise risk management functions
Tariff volatility triggers record margin calls at global CCPs
Aggregate average VM call in Q2 eclipsed pandemic highs
Ice Credit below availability target after six-hour op failure
May 5 outage longest since public disclosure began in 2015
Global CCPs suffer record IM breaches in tariff-hit Q2
JSCC leads surge ahead of Eurex, CDCC, OCC and LCH
DFAST fashion: emerging trends from 12 years of US stress tests
The banks that breach buffers, the assets that perform best under stress, and other insights from Dodd-Frank Act stress-testing exercises
US CDS clearing drops to 11-month low in August
Retreat from CCPs tied to jump in uncleared contracts for peripheral geographies
Hybrids go for gold
Spot gold surge sees investors eye dual digitals on new highs
Op risk data: 1MDB scandal still haunts Wall Street
Also: Woodford in hot water, Salesforce voice phishing hooks multiple firms. Data by ORX News
No progress on US banks’ EVE transparency in H1
Less than half of banks analysed disclose figures for key measure of long-term interest rate sensitivity
How Amundi’s options strategy profited from dollar slump
French asset manager grabbed euro call options at low prices in tactical pivot for its FX absolute return fund
Sharper economic picture sets scene for dollar swaps rebound
Razor-thin bid/offer spreads and slim post-April trading volumes give way to an uptick in August
US MMFs clear record 37% of repos through FICC
Trades executed via sponsored model reach $1.1 trillion in July
NSCC default fund surges to record $19.8bn in Q2
Q2 spike pushes resources past pandemic-era peak
Johnson warns of governance vacuum as she leaves CFTC
Lack of commissioners risks stalling rulemaking at critical juncture for new crypto initiatives
Future proof: can FMX-LCH platform prevail?
A year into FMX Futures Exchange, Treasury futures volumes are low, and firms aren’t cross-margining
RBC US inches towards category III status on assets build-up
Canadian lender’s US subsidiary on course for stricter liquidity and leverage requirements in Q3
US banks see record relief in stress capital buffers
Average buffer falls 62bp amid strong stress test showing
US Treasury clearing success depends on competition and choice
The origins of the forthcoming clearing mandate for US Treasury securities and details of the ICE clearing platform scheduled to launch by end of year
The investors who aren’t fretting over Trump’s stat sulk
Some see dismissal of statistics agency chief as an assault on US institutional integrity; for others it offers a chance to throw off outdated methods
Is 2027 the new 24-hour trading target?
Slew of technical issues and dearth of SEC staff compound exchanges’ reluctance for round-the-clock equity trading