Risk magazine - urn:uuid:incisivemedia:risk:july:production
Articles in this issue
Too much power: Sefs warn on 'available to trade' rules
Final execution rules in the US have given swap execution facilities the power to determine what products they will be allowed to trade. The entire industry appears to agree this is a terrible idea – including the trading venues themselves. Peter Madigan…
Bond investors attack 'disastrous' CRD IV rules on CoCos
Don't go CoCo
Basel challenges big banks to improve risk data aggregation
Crunch time for data
Wishful thinking, the eurozone, and François Hollande
Wishing won't make it so
Bank supervision gets personal as UK focuses on accountability
Regulators and politicians in the UK want bankers to be more accountable for mistakes made by themselves and their teams. But while supervisors are trying to expand the existing sanctions regime, politicians are seeking a more radical overhaul. Lukas…
Reconciliation + regulation = complication
Incoming rules on portfolio reconciliation could encourage many derivatives users to outsource the process. But it’s not a simple short cut, warn Mike Pierides and Alistair Charleton of Pillsbury Winthrop Shaw Pittman
All aboard: The trials and triumphs of the June 10 clearing deadline
A combination of hard work, caution and some luck saw the industry through the second of the three US clearing deadlines on June 10. But while it was a triumph for many, it proved testing for some. Joe Rennison reports
Smile in the low moments
Smile in the low moments
A quadratic volatility Cheyette model
A quadratic volatility Cheyette model
Banks round on LCR approach to derivatives collateral flows
The Basel Committee decided earlier this year to include collateral outflows arising from changes in derivatives values in bank liquidity requirements. Their suggested approach, however, has worried some in the industry. By Michael Watt
The CVA helter skelter: European supervisors could quash exemptions
Europe’s credit valuation adjustment exemption was the outcome of a protracted legislative debate, but it may prove to be the end of a chapter, rather than the end of the story. As US banks protest and supervisors review the issue, a number of problems…
Futures vs FRAs inversion baffles market participants
Futures rates should always exceed those of the corresponding forward rate agreement, finance theory states. So why did the Euribor markets contradict this in May, with a so-called negative convexity adjustment? Laurie Carver reports
Lawyers slam CFTC's "mindboggling" probe of EFS market it helped set up
The US Commodity Futures Trading Commission (CFTC) tried to regulate exchange of futures for swaps (EFS) transactions in 2004 and again in 2008. Then it tried to ban contingent EFS in 2010. All these attempts failed. Now the CFTC is investigating EFS…
Gottex Brokers: The allure of the illiquid
As competition in standardised products gets increasingly fierce, brokers can either slug it out, or diversify into illiquid markets. Gottex Brokers is doing both, its chief executive, Raphaël Moreno, tells Duncan Wood
Can ECB draw a line under European banking fears?
Before the European Central Bank takes on its new supervisory role, a planned asset-quality review should ensure it is not walking into trouble. That’s if the process is thorough, of course, and untainted by political pressure – sceptics say that will be…
People: RBS drops equity derivatives and retail structured products
RBS cuts businesses it saved from the axe last year; O'Connor takes up Isda chairman's role full time; Deutsche's Wayne takes on US forex role; new role for Lipton at Bank of America; Williams swaps Allen & Overy for Milbank
