Risk magazine - Apr 2026
Cover detail:
Duart Bel Silva
Arcitettura 1, Acrylics on paper
www.instagram.com/duartbelsilva
www.duartbelsilva.art
Articles in this issue
NeoClear enters battle for euro swaps clearing
Paris-based CCP to challenge Eurex and LCH with planned 2027 launch
UK rethinking tougher capital rules for US bank subsidiaries
US endgame draft would trigger UK Basel III trap floor for foreign banks, but PRA is reviewing
LCH and ASX eye Australia repo clearing
CCPs in talks with dealers as bond boom fuels growing demand for financing
How the Iran war wreaked havoc on consensus US rates trades
Hedge fund steepeners, swap spreads and vol-selling strategies were hit as conflict forced stop-outs during March
Asian banks close out energy clients as Iran war bites
Firms with short jet fuel positions faced losses up to $100 million as initial margin soared 566%
Can US regulators keep Collins happy with one capital stack?
Legal experts say Basel III endgame redraft retains spirit if not letter of the floor
Staff exodus sparks questions about LMAX’s FX swaps venue
At least nine execs that joined from FX HedgePool – including CEO Jay Moore – have left the company
People: Mizuho trader exodus, Citi AI head departs, and more
Latest job changes across the industry
Digital asset and crypto compliance: new risks and regulatory expectations
How leading institutions are approaching cross-asset oversight and building more resilient, future-ready compliance frameworks
The do-it-all machine: model risk in the age of generative AI
Banks race to understand risks posed by new breed of multi-purpose bots
JGB basis trade throws off the shackles
Japan’s cash-futures arbitrage on the rise despite Iran volatility and BoJ-driven bond scarcity
The swap futures comeback
CME cross-margining and Reit hedging drive new growth in Eris contracts
Can the US FRTB revamp make the IMA great again?
Banks are finally presented with a viable internal models framework under Basel III’s market risk rules
CFTC wants to regulate prediction markets. Is it up to the task?
Former officials echo state gambling authorities’ concerns over agency’s ability to police betting risks
Don’t mention the rules: the fight against prediction market abuse
For the CFTC to regulate new venues effectively, it must first redefine insider trading
Why Brexit still stirs up trouble for cross-border business
As EU erects another obstacle, banks consider ways around it – or exit strategies
Quants like Andrew Ang are making the case for AI agents
AI agents can boost human managers by analysing investments, risks and portfolio choices at scale
In Iran war, VAR models ease cliff effect on Ice and CME margins
At 105%, EEX – using Span model – saw largest single-day jump compared with those CCPs
Abaxx: meeting the need for new commodity derivatives
Abaxx revamps commodity hedging with a suite of modern contracts
Top 10 op risks: Playing catch-up on geopolitical risk
Op risk managers downplayed prospect of a major conflict ahead of Iran war
Top 10 op risks: AI upends risk taxonomies
AI risk enters annual poll in fifth, but firms split over treating it as a standalone risk or a cross-cutting driver
Top 10 op risks: Resilience put to the test in 2026
Firms reinforce first line, ‘nth’-party diligence, scenario analysis and vendor exit plans
Why AI-related conduct risk is reshaping the business agenda
Trust in AI-only approaches remains limited, and explainability is becoming critical to modern risk management
The dollar do-si-do: hedgers review FX moves
Brief return of US dollar to safe-haven status amid Iran upheaval prompts real money investors to pause hedging activity
ALM in 2026: the fast-track from compliance to competitive edge
How banks are modernising asset-liability management for a more volatile world
In the age of GenAI, why do we still need good models?
Jean-Philippe Bouchaud says models can guide artificial intelligence through regime shifts and away from overfitting
AI risk management and the shift to capability control
By reframing validation, banks can align innovation with regulatory demands and maintain robust risk discipline, argues risk manager
Tokenised commodities could help oil the machine
Shifting physical assets onto the blockchain eases collateral frictions, argues crypto expert
AI in Apac regulatory reporting: the growing case for agentic automation
How Apac banks are tackling the regulatory reporting challenge, and what it will take to scale AI responsibly in this area
FX market-making with internal liquidity
A model to optimally manage clients’ orders to internal liquidity pools is presented
Valuing private equity analytically
A framework that includes liquidity and market completeness for PE valuation
MRM: how banks are scaling models in the age of AI
MRM capabilities are evolving to ensure compliance while helping organisations retain a competitive edge
