VAB’s Winter: Collateral rules risk derivatives and liquidity

Stefan Winter, chairman of the board of directors of the Association of Foreign Banks in Germany (VAB), asks how new regulation affects the future of collateral management


One of the outcomes of the financial crisis is that globally regulators have taken the view that there should be hardly any unsecured transactions in the future, in any field of the financial world. This new approach is reflected in many areas of the new regulations, most prominently in the Capital Requirements Directive IV and the Capital Requirements Regulation (CRR), the European Market Infrastructure Regulation (Emir), the Securities Law Legislation (SLL) or the Ucits V directive, which are

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