Risk magazine
Exemptions in the balance as Volcker debate draws to a close
Two years on from its first draft, the Volcker rule is close to being finalised, but some regulators are still trying to close what they see as loopholes – and dealers see as vital freedoms
'Patchy' liquidity in FX a concern for the future
Concentration in the number of liquidity providers and the reliability of HFT market-making raises concerns for senior industry officials
PRA protects clearing from leverage ratio hammer-blow
Banks say leverage exposure "could be halved" after PRA acts to safeguard business
Funding strategies, funding costs
Funding strategies, funding costs
SEB's Fors: T2S threatens custody offerings
Custody conundrums
ROE hurdles cause pricing impasse
In the Basel III world, traders know their business must deliver a target return on equity, or risk being shut down – but working out the capital cost, or benefit, of a trade at inception is so difficult that banks only have approximations to guide them…
Nigerian CSD: derivatives, CCP and securities lending in 2014
At Nigeria's third Capital Market Committee retreat this week, the head of the country's central securities depository reports on progress liberalising the market - and dealing with unclaimed dividends
BoE's Carney: liquidity support for CCPs is a 'last-resort option'
BoE governor insists clearing houses must have enough liquidity to cope with default of two big member firms
BNP Paribas wins mandates across four continents
Mandate watch
Industry in discussions to change FX benchmark calculation, says ECB official
Senior market participants have suggested widening the time window in which benchmark exchange rates are set in foreign exchange, following allegations of manipulation
SwapClear to restart compression in leverage boon for banks
Banks hope for leverage exposure relief after interest rate swap clearer fixes clash with CFTC rules
Sponsored forum: sub-custody - Preparing for change
Sponsored forum: sub-custody
OTFs and Sefs: equivalence in doubt
European legislators are close to finalising their derivatives execution rules, but trading platforms are concerned the OTF framework may be sufficiently different to US Sef rules to scupper any chance of equivalence determinations. By Tom Osborn
Ucits derivatives use hamstrung by collateral rules
Asset managers call on regulators to amend Ucits rules
Yellen faces a logistical nightmare
The impending transition from Ben Bernanke to Janet Yellen at the US Federal Reserve is taking place at a particularly sensitive time, argues David Rowe – the new chair faces the logistical nightmare of unwinding a massive increase in the central bank’s…
Regulators clash on Mifid waivers
Some regulators and brokers have expressed fears that exemptions included in Mifid may mean European rules on trade execution are not equivalent to the US – but a key parliamentarian disagrees
Winners announced for Custody Risk European Awards 2013
The winners of the Custody Risk European Awards 2013 were unveiled at an awards ceremony in central London on November 20
CCPs face $161 billion liquidity shortfall to clear FX options, GFXD finds
Results of an industry study reveal the scale of the liquidity burden that would fall on CCPs clearing physically delivered forex options – but a net settlement mechanism could reduce the number by 73%
Pooled funds in clearing limbo
Pension funds will not have to clear in Europe until at least mid-2015, but what about the vehicles some use to scale up their hedging transactions? As things stand, lawyers are giving different answers – and the industry wants regulators to clarify the…
Risk Italia Survey 2013
Italy awaits regulatory clearing certainty
Risk Italia Rankings 2013
Plain sailing for Barclays in Italy
FX industry calls for changes to benchmark practices
Ongoing investigations into manipulation of forex benchmarks have led to calls for changes to the way the WM/Reuters exchange rates are used
Bloomberg, MarketAxess, Tradeweb not complying with Sef rules - Gensler
Sefs "have to come into compliance" with Dodd-Frank rules requiring platforms to provide impartial access, says CFTC chairman