United States
LCH to clear swaps linked to embattled BSBY rate
Risk USA: SOFR surge eases concerns over Bloomberg’s credit-sensitive Libor alternative
US funds pile into LatAm interest rate swaps
Counterparty Radar: Managers still enamoured of non-G10 pairs in Q2, with BRL volumes now up 104% year-to-date
Climate scenarios: carbon price shock sees asset prices slump
Crowdsourced scenario analysis suggests very few sectors safe from a post-COP carbon price pop
BlackRock’s own reporting undermines its climate claims
Axa, Allianz and Legal & General have all cut their investments’ emissions, unlike BlackRock
Banks seek greater clarity from regulators on cloud risk
Regulators are reluctant to specify cloud risks, despite warning of overreliance on three big providers
Barclays’ F&O clearing unit boosts client margin by $2.1bn
JP Morgan remains the FCM with the largest share of required segregated customer funds for futures and options trades
Currenex lawyers ask judge to dismiss class action lawsuit
Case alleging secret priority trading deals brought too late and not based on facts, defence argue
Congress must fix crypto rules perimeter, say policy-makers
CFTC and SEC officials say public debate needed on jurisdictional boundaries as investment ramps up
State Street shrinks gap in the custody assets race
Boston-based bank reports largest quarterly increase among top US custodians
Dealers scramble to meet SEC swaps rule deadline
Dealers battle buy-side inertia and eleventh-hour confusion as belated security-based swap rules bite
Expansion of ‘SOFR First’ to Eurodollars faces resistance
Non-banks may prove immune to regulatory arm-twisting in fourth wave of transition for listed markets
How US funds trade defaulting CDS names
Counterparty Radar: Funds slashed sold positions ahead of 2020’s auctions but post-default Argentina remains a focus
Early movers get better pricing on SOFR loans
Borrowers making the jump to SOFR before year-end are being offered more favourable spread adjustments
FICC calls for rehypothecation relief to scale US Treasuries clearing
Current prohibition on margin re-use penalises sponsored clearing of cash instruments
Fed repo backstop won’t help intraday liquidity stress
Banks say lack of guidance on resolution plans means SRF may not halt liquidity hoarding behaviour
Liquidity valuation adjustment costs JPM $235m
Tweak to derivatives book weighs on the bank’s fixed income revenues
Dealers fear operational ‘cliff edge’ when Libor disappears
Over-reliance on fallbacks could lead to failures at year-end
US banks step up FX optimisation push as SA-CCR looms
With swaps and forwards hit hard by new capital measure, dealers turn to vendors and bilateral restructuring
Credit Suisse’s US clearing unit cuts client margin by 37%
Required segregated customer funds down more than a third since Archegos blowup
People moves: Citi nabs JPM and Citadel staff, and more
Latest job changes across the industry
Regulatory feedback adds $23bn to Goldman’s RWAs
The revision to the bank's standardised RWAs brought it closer to hit the so-called Collins floor
China, Turkey lead regulatory laggards on Basel III framework
Argentina, Australia, Brazil, Japan and Korea made no progress at all since May 2020
Early SA-CCR adoption to lop 120bp off Morgan Stanley’s CET1 ratio
The planned switch is set to increase the bank’s RWAs by between $35bn and $45bn
Some hedge funds are financing trades for other hedge funds
After the Archegos collapse, hedge funds are competing to borrow money from a dwindling number of banks