Risk magazine
FASB recognises OIS rate as hedge accounting benchmark
Rule change could see growth in swaps indexed to federal funds rate
Regulators should keep internal models
The Basel Committee on Banking Supervision is looking closely at the use of supervisor-approved internal models by banks, but the alternatives, such as a leverage ratio, are not a realistic option, argues Uwe Gaumert
Esma takes ‘pragmatic’ stance on Emir evasion
Esma seeks to apply Emir overseas only where EU-guaranteed financial entities trade under non-equivalent regimes – while corporates are given free rein
Consent and chaos: Why the Islamic world faces decades of political risk
In many different guises, an ancient question still haunts human society: “What is the source of government legitimacy?” While this is largely settled in the Western industrial countries, David Rowe argues it is likely to disrupt parts of the Islamic…
Basel faces challenge on charge for interest rate risk in the banking book
Rates expectations
Libor scandal makes it tougher to hire forex traders
Banks are staffing up for a livelier foreign exchange forwards market, but taint of Libor rigging is limiting pool of new traders
CME confronts swap future tax fears
Some users of the CME contract have avoided taking delivery of an OTC swap over fears it would be taxed as a loan
FX could move to financial settlement under clearing pressure – GFXD’s Lam
Addressing the challenges of clearing deliverable foreign exchange products, Mandy Lam of the Global Financial Markets Association suggests more products could become financially settled in the future
VAR models need overhaul to apply CVA proxy rules, says EBA
EBA surprises industry with eleventh-hour guidance that spread simulations – not just initial levels – should account for rating, region and sector
Quant Congress USA: Derivatives have had negative social utility, says Dupire
Dealers have sold products their clients did not need, says top quant – and industry must refocus on legitimate risk transfer
Market conditions point to uneven global recovery, says Treasury official
Speaking at FX Week USA conference, Daleep Singh acknowledges the improvement in economic conditions in the US but calls for a more balanced global recovery
Basel Committee has work cut out on interest rate risk charge
Basel Committee taskforce starts work to develop a Pillar I charge for interest rate risk in the banking book, but some bankers and former regulators say the challenges will be too great
Price inefficiency and stock-loan rates of leveraged ETFs
Price inefficiency and stock-loan rates of leveraged ETFs
Data: top ETF and ETP providers and products
Data: top ETF and ETP providers and products
SCM Private: Securities lending fees still a concern
The house that ETFs built
Redwood: ETF transparency is vital
On the right track
EC asset management chief: funds industry needs binding rules
Follow the Lueder
Esma rules unlikely to impact securities lending
Living on borrowed time
ETF indexes face clean up
Let there be light
Swap push-out law correction still needed despite Fed fix
Banks call for legislative action to fix section 716 of the Dodd-Frank Act, despite a move from the Fed to even up the treatment of foreign and domestic banks
CFTC cross-border rules slammed as ‘rushed’
The CFTC appears to make some concessions in its cross-border rules, but critics question how substituted compliance will work, and claim the overall framework has been rushed
CFTC-EC ‘stricter-rule applies’ cross-border agreement worries market
Lawyers warn allowing strictest regulation to prevail will create heavy-handed regime
Not all ETF returns are equal
Sponsored statement: Lyxor
Industry offers alternative to simplified securitisation capital formula
The Basel approach is criticised as inconsistent, prompting a group of quants to develop an alternative