Risk magazine - urn:uuid:incisivemedia:risk:april:production


Chip and win: Banks expand use of GPUs

As computational demands on banks have increased, some have turned to powerful graphics processing units, but these were initially applied at the transaction pricing level. Now, they are starting to cover portfolio valuations and other enterprise-level…

Double trouble: UK banks face threat of twin ringfences

The post-crisis years have been punctuated by calls for big banks to be broken up. Nothing quite that dramatic is happening, but ring-fencing proposals in Europe – and a de facto fence around foreign banks in the US – are nudging the industry towards a…

China and the challenge of creative destruction

If China is to continue its remarkable economic success of the past 30 years, it needs to tolerate and even encourage disruptive figures such as Steve Jobs. David Rowe argues that it is unclear whether the existing power structure is prepared to do so

Sefs: Dead on arrival?

Bloomberg is threatening to sue the US Commodity Futures Trading Commission over uneven margin rules that it fears will drive the market away from swaps and into new futures contracts. Peter Madigan reports

Cutting Edge introduction: CVA for CDSs

Counterparty risk is generally thought of at a portfolio level, but understanding how a particular payout interacts with credit and debit valuation adjustments could help banks make business decisions. Laurie Carver introduces this month’s technical…

The black art of FVA: Banks spark double-counting fears

Dealers broadly agree that funding costs and benefits should be priced into uncollateralised trades, and some banks have started recognising this in their financial statements. But there is no standard practice, and there are fears of double-counting. By…

Futurisation debate shifts to block trading rules

Different block trading thresholds for economically equivalent swaps and futures could hand exchanges a decisive advantage in the ongoing futurisation fight. But some market participants argue the disparity is fair, as do some regulators. Joe Rennison…

Legal clouds hang over RWA-driven netting push

New capital requirements are making it more difficult for banks to trade with counterparties that are not covered by a netting opinion. That is spurring attempts to expand coverage, but can leave banks and lawyers on uncertain ground. By Lukas Becker

People: JP Morgan creates regional CRO roles

Credit portfolio manager, Holderness, to be CRO for Europe; Lloyds lands Coutte to head rates; inflation market veteran Mirfendereski takes rates strategy role at HSBC; promotion for Miell at BGC Partners; Citi loses head of European OTC clearing

Sefs find liquidity comes at a cost

Banks have been reluctant to pick winners and losers from the array of new derivatives trading platforms being set up, but with Citi and Morgan Stanley taking equity stakes in two venues at the end of last year, it looks like some dealers are finally…

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