International Swaps and Derivatives Association (Isda)
Basel Committee members ‘buying time’ before fixing FRTB mess
Despite inconsistencies today, regulators maintain they want to align global regime eventually
Altice CDS auction may debut lock-up tweak
Separate industry proposal would make permanent a cash settlement fallback
Proposed stress protocol for collateral stirs debate
Isda Future Leaders recommendation seen as useful thought exercise, but difficult to implement
For variation margin payments, cash is no longer king
Dealers are being pressed to accept corporate bonds and even equities as collateral for non-cleared trades
Isda moves to fix outdated CDS obligations list
Updated process would allow for mass updates, reserving legal review for most complex challenges
People: CFTC in exit spree, new NatWest Markets CRO, and more
Latest job changes across the industry
Emir rule delay leaves Simm paperwork gathering dust
Mid-year refresh triggers Emir 3.0 authorisation process despite unfinished regulatory standards
Leverage ratio reform: the good, the bad and the Treasury
A simple cut would be less likely to stoke interest rate risk than exempting US government bonds
Frustration grows over ‘messy’ active account rules
Isda AGM: Less than two months until deadline, firms seek clarity on threshold calculation and scope of exemptions
EC to decide on FRTB delay within ‘days’
Isda AGM: Consultation finds support for delay, with some wanting to go live with targeted changes
BoE to consult on promoting clearing for gilt repo market
Isda AGM: Deputy governor also takes aim at bilateral repo haircuts and cross-CCP netting
Isda proposes oversight group for CDS process
New governance committee the “first step” in credit determinations revamp
Tariff volatility pushes banks to tighten close-outs
Lawyers say dealers are looking to update playbooks for terminating derivatives trades
Why the survival of internal models is vital for financial stability
Risk quants say stampede to standardised approaches heightens herding and systemic risks
Shaking things up: geopolitics and the euro credit risk measure
Gravitational model offers novel way of assessing national and regional risks in new world order
Legal battle over Italian swaps drags on, frustrating dealers
Despite banks claiming victory in London over disputed interest rate swaps, parallel Italian proceedings could delay payouts
Esma climbs down on active account reporting rules
Industry in ‘wait-and-see mode’ after Löber comments suggest softer approach by EU regulator
FX defs look to calculation agents for close-out rates
New Isda rule book also set to streamline ‘impossibility’ standard for disruption events
Markets worry EU’s reporting simplification will add to burden
Rather than reducing firms’ obligations, market participants fear it could end up increasing requirements
CDS panel revamp wins support, but questions linger
Role of independent members, transparency and funding of enhanced committee yet to be decided
Isda to finalise drafting updated FX definitions this year
New definitions on disruption events and fallbacks are core focus