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BBVA joins growing Spire repack platform
Spanish bank becomes 19th dealer on multi-bank SPV issuer amid rising investor interest
Korean banks pivot to CDs as core deposit growth stalls
Marketable funding jumps 38% in Q4, reaching a four-year high
CROs shoulder climate risk load, but bigger org picture is murky
Dedicated teams vary wildly in size, while ownership is shared among risk, sustainability and the business
Integration strengthens e-trading in persistently volatile markets
Survey reveals that traders are grappling with daily volatility, while technology outranks liquidity as the top market structure concern
Macro shocks prompt reset in Apac risk management
How banks and other Apac market participants are responding to this new era of uncertainty amid the frequency and severity of macroeconomic shocks
Fast calculation of cheapest-to-deliver curves
This paper puts forward an analytical, faster and accurate approximation to compute cheapest-to-deliver discount curves for multi-currency collateral.
Strong order-one-half convergence of the projected Euler–Maruyama method for the Cox–Ingersoll–Ross model
The authors investigate the projected Euler–Maruyama method for solving the Cox–Ingersoll–Ross model.
Quantitative fund homogenization and systemic risk in the stock market
The authors develop a homogenization measurement method from the perspectives of return rates and Sharpe ratios based on data from 421 active quantitative funds in China from January 2015 to March 2024.
Esma supervision proposals ensnare Bloomberg and Tradeweb
Derivatives and bonds venues would become subject to centralised supervision
Year of the minnow: small FCMs grew rapidly in 2025
Coinbase, Hidden Road, GH Financials lead surge
Climate Risk Benchmarking: explore the data
View interactive charts from Risk.net’s 43-bank study, covering climate governance, physical and transition risks, stress-testing, technology, and regulation
Smarter margin. Clearer insight. Diversify liquidity.
Analysis, survey findings and practitioner perspectives examining the role of non-cash VM collateral, the operational challenges and whether tri-party infrastructure can support the next phase of change
The changing shape of variation margin collateral
Financial firms are open to using a wider variety of collateral when posting VM on uncleared derivatives, but concerns are slowing efforts to use more non-cash alternatives
ISITC’s Paul Fullam on the ‘anxiety’ over T+1 in Europe
Trade processing chair blames budget constraints, testing and unease over operational risk ahead of settlement move
‘The models are not bloody wrong’: a storm in climate risk
Risk.net’s latest benchmarking exercise shows banks confronting decades-long exposures, while grappling with political headwinds, limited resources and data gaps
From expansion to recession: unraveling the performance of Chinese hedge funds through economic shifts
The authors investigate hedge fund performance in China with a Markov regime-switching model, showing differences between between economic expansion and recession phases.
Exceedance-based backtesting of expected shortfall
The authors apply exceedance-based validation techniques often used for VaR model validation the the validation of ES models, showing such an application to be feasible.
How Optimal aims to shake up US retail options trading
New wholesaler has assembled a team of market-makers to compete with Citadel, IMC/Dash and Jane Street
Markets never forget: the lasting impression of square-root impact
Jean-Philippe Bouchaud argues trade flows have a large and long-term effect on asset prices
Repo stress drove 2025 SOFR-to-fed funds swap pivot
SOFR OIS volumes slipped to almost half of fed funds activity during September repo spikes
November VAR breach keeps Barclays in amber zone
UK bank logged five backtesting exceptions in 2025, keeping model in penalty band
Analyzing cryptocurrency risk with a stochastic volatility normal tempered stable process via hybrid optimization
The authors apply a subordinated Lévy process for the purpose of measuring and managing financial risks in cryptocurrency markets.
Industry frowns on FCA’s single-sided trade reporting efforts
Buy side warns UK attempt to ease Mifir burden may miss target; dealers aren’t happy either
HSBC leads F&O funds surge in turbulent January
US FCM adds $2.1bn in customer funds in two weeks
Renminbi options volumes plummet as vol grinds lower
USD/CNH volumes fell 84% in 2025 as PBoC currency management took hold
SocGen’s head of US Treasury clearing preparations to depart
Bank’s head of product for FX and fixed income prime brokerage for the Americas set to leave later this month
One vision, two paths: UK reporting revamp diverges from EU
FCA and Esma could learn from each other on how to cut industry compliance costs
Itaú Unibanco capital ratio slides ahead of Brazil tax shift
Capital distributions drag CET1 lower as higher RWAs also bite