Risk magazine
Dealers at odds with Fed on variation margin relief
Significant exposure test should be applied on a gross basis, Risk.net has learned
FCA: ‘wait and see’ if Mifid swaps rules are ready in January
Trading obligation consultation due by May, as industry urges clarity rather than speed
Basel group shake-up has banks hoping for FRTB changes
Barger and Durand replaced by BoE's Nesbitt; banks want fresh look at P&L test
Variation margin relief sparks swaps pricing disputes
Banks divided over whether to price trades using current CSAs or theoretical new agreements
Systematic internaliser loophole ties Mifid in knots
Banks warn attempts to limit connections between SIs could undermine best execution
Emerging cyber threats share a familiar root cause
Whether in banking or energy, most cyber breaches start with human error
Swiss rate reform in race against the clock
Time constraints and valuation headaches complicate swaps market transition from Tois to Saron
Optimal trading with linear and (small) non-linear costs
Bouchaud et al find the optimal trading strategy for a family of predictive signals in the presence of transaction costs
Dollar deposit mystery highlights non-US bank funding risks
Liquidity resilience is uncertain as offshore deposit financing replaces prime money funds
What is the economic value of FVA?
To end the funding valuation adjustment debate, this key question needs to be answered
Derivatives funding, netting and accounting
Christoph Burgard and Mats Kjaer expand their semi-replication framework to multiple counterparties
Brexit and financial regulation: a delicate negotiation
The UK needs access, the EU needs regulatory data, but a mutually beneficial deal could be elusive
Emir review delayed until June 7
Postponement increases risk of entangling the review with Brexit euro clearing debate
Swinburne hits out at ‘politicised’ EU equivalence process
Politics could further frustrate equivalence decisions in the future, particularly after Brexit, warns MEP
Basel takes flak over FRTB impact assessment
Market participants say capital hit has been underestimated
People moves: Peng Zhao replaces Kevin Turner at Citadel
Barclays shakes up European credit trading; HSBC names Zaimi head of equities
Regulators may consider portability in CCP fire drills
BoE, BaFin and CFTC move signals concern over whether client positions can be moved between banks in a crisis
Hazy guidance causes chaos on first day of VM regime
"We don’t know what the rules are," says one senior banker
A not-so-secret recipe for success: Beacon's cloud-based quant platform
Sponsored Q&A: Beacon
Buy side must clear hurdles to revive CDS liquidity
Some firms forced to watch from sidelines as voluntary clearing of single-name CDSs takes off
Vague VM relief criteria creates trading uncertainty
Banks face lack of clarity on extent of margin rule forbearance
Deal or no deal? US divided on EU insurance agreement
Benefits of mutual recognition may encourage Trump administration to keep Obama’s last act
EC rebuffs euro clearing relocation policy in Emir review
UK pushes back against French demands to shift CCP business post-Brexit
Esma to referee AMF-FCA dispute over inducements
EU authority set to clarify whether buy side needs to pay for macro research in Mifid II