Risk magazine
Hopes grow that US CCPs will get green light from EC
Market participants detect new mood on cross-border issues: "The two clearing regimes aren't really compatible, but neither side wants to start a shooting war"
DTCC backlog leaves corporates unable to comply with Emir
Two companies say they have not been able to report to the DTCC's repository, and stopped trading swaps as a result
Dealers and Sefs divided over sponsored access
After Bloomberg and Tradeweb announce first completed sponsored access trades, sceptics claim service has no future
Options cutting costs for some cross-currency swaps
Dealers found a way to protect some cross-currency swaps from heavy new capital requirements last year, by adding foreign exchange options into the structure – but the powers of the technique are limited. Matt Cameron reports
Options for collateral options
Options for collateral options
Who is Timothy Massad?
He cooks, he’s quiet, he’s confident, and he will cope with everything Wall Street throws at him. That is the picture painted by former colleagues – and adversaries – of the US Treasury Department’s Timothy Massad, probable new chairman at the Commodity…
Esma calls for EC to overrule UK on forex reporting
"We need a solution," says Esma spokesman
Sefs not expecting a big bang from Mat spark
As the Sef trading mandate arrives, platforms are primed for a jump in volumes – but with many clients currently avoiding Sefs, it may be a small bang, rather than a big one. Tom Osborn reports
Issuers change their tune on structured note disclosures
Open to disclosure
DTCC users unable to access data after repository is overwhelmed
Emails to customers cite backlogs in rates and exchange-traded derivatives - users say repository has been "victim of its own success"
The simple link from default to LGD
The simple link from default to LGD
Tradition and Tullett Prebon draw fire in Sef volumes flap
Market is split on how to report volumes for multi-legged trades
CFTC tells Sefs to collect paper Isda master agreements
Platforms will need to obtain paper copies of users' contracts in order to confirm non-cleared trades
LEI issuance well below targets as Emir reporting begins
Finnish issuer expects to hand out 10,000 identifiers, but had only reached 1,166 last week - and the story is similar elsewhere
Repo netting curbs threaten government bonds, say dealers
Repo netting criteria in the revised leverage ratio may be less forgiving than banks first thought
Packaged swaps get three-month Sef reprieve from CFTC
Market participants welcome 90-day grace period as CFTC promises “thoughtful solution”
German debt office poised to collateralise swaps
Pending 2014 budget would allow Finanzagentur to post up to €8 billion in collateral
Nomura books ¥10 billion FVA loss
Japanese bank follows JP Morgan and Deutsche Bank by incorporating funding costs into derivatives valuation
Video Q&A: Chenavari Investment Managers
With around $1 billion deployed in capital relief trades and the same amount in direct lending, Chenavari Investment Managers has found a sweet spot for investors. Loïc Fery, CEO & Co-CIO, talks to Risk about Chenavari's investment strategies, which lead…
Regulators “don’t give a damn” about Volcker impact, claim Republicans
A bad-tempered congressional committee hearing sees US regulators quizzed over Volcker rule costs
Missing UTIs will cause reporting chaos, corporates warn
Regulators have left industry to come up with Emir trade identifiers - a huge mistake, according to one corporate treasurer
EC bank reforms would leave lenders unable to hedge
European proposal limits risk management tools to clearable swaps only, preventing options-based hedges
Thousands of derivatives users not ready for Emir reporting
Number of legal entity identifiers is sitting at 83,337 – well short of the required total, which is estimated at anything from 100,000 to one million
Basel securitisation rules revisions criticised
While the December proposals incorporate many of the industry's comments, banks claim the rules are still too harsh