Risk magazine
Feet of Clayton
New SEC chairman split between presidential deregulation agenda and filling holes in existing rules
People moves: Nomura’s Ashley takes on sole wholesale role
BGC Partners’ chief exec resigns; Barclays’ Kotecha moves to UBS; new liquidity role taken at JP Morgan; and more
Transparency premium: insurers seek swaps reporting reform
US insurers claim their bespoke swaps are being front-run, raising hedging costs
EBA shelves CVA charge plans after twin defeats
Ongoing rule changes at Basel and EU could allow future bid to end corporate exemption
Ice rule change will see members post more cash
Changes pinned on CCP’s lack of access to Fed deposit account
Regulatory blitz weakening model risk management, say banks
Smaller banks’ modelling practices under growing scrutiny, but ability to comply is stretched
Some banks find huge margin savings by breaking up indexes
Splitting equity and commodity indexes can halve initial margin, but not everyone can do it
FRTB: a Sisyphean labour
Banks continue to struggle with ever-shifting regulatory parameters
Seizing the opportunity of transformational change
Sponsored Q&A: CompatibL, Murex and Numerix
Fast and accurate KVA using AAD
Sponsored feature: CompatibL
Basel gives local supervisors latitude to set ECL relief
Guidance for IFRS 9 and Cecl phase-in leaves local regulators to decide on calibration
Scrap ‘absurd’ op risk RWA framework, says Sands
Ex-StanChart chief exec advocates replacing current op risk capital framework with regulator-set buffer
Solving the FRTB puzzle
Sponsored FRTB forum: IHS Markit
Margin rule mismatch spawns new VM funding cost for buy side
Settlement timing difference penalises back-to-back trades with US and EU banks
Banks rush to protect against data breach fines
Cost of implementing GDPR ‘could reach hundreds of millions’ for largest banks
Scrap FSOC’s non-bank Sifi regime, Congress told
Designation process criticised at House hearing; senators call for review
Japan CVA shift may break local banks’ swaps stranglehold
Introduction of pricing adjustment could see foreign banks compete for corporate business
The spirit is willing, but the drafting is weak
Asking firms to operate in the spirit of the law will not solve Mifid trading venue confusion
Identity crisis: venues still struggle with Mifid designations
Lack of clarity on multilateral and matched principal definitions leaves market participants guessing
The covered interest parity conundrum
Darrell Duffie explains why it’s difficult to arbitrage direct and swap-implied funding rates
Regulatory arbitrage fears over Mifid post-trade reporting
EU regulators may use different reporting deferral periods for large or illiquid trades
SEC nominee flip-flops on Dodd-Frank rollback
Rules mandated by statute must be adopted by regulators, Clayton concedes
Cawley quits as CEO of BGC Sef
Angelo Toglia named interim chief following Cawley's exit
OFR leads US push for mandatory adoption of LEIs
Berner says his bureau could use repo-reporting project to drive uptake of legal entity identifiers