North America
Real money investors cash in as dispersion nears record levels
Implied spreads were elevated to start 2026. Realised levels have been “almost unprecedented”
Fannie, Freddie mortgage buying unlikely to drive rates
Adding $200 billion of MBSs in a $9 trillion market won’t revive old hedging footprint
Regionals tap FHLB advances as Fed eases liquidity stance
Borrowing rose in the fourth quarter of last year, despite regulatory push on discount window
FICC-cleared MMF repos hit record share in December
Trades routed via clearing house hit $1.3trn, outpacing overall MMF repo expansion
FCMs warn of regulatory gaps in crypto clearing
CFTC request for comment uncovers concerns over customer protection and unchecked advertising
US banks tread carefully after record stress buffer cuts
Lower SCBs take effect, but capital deployment remains restrained
How US shutdown set off long-awaited basis bet
Hedge funds dust off a years-in-the-making relative value trade to profit from fallback mismatch
FXSpotStream expands into US Treasuries trading
Bank-owned streaming venue targets mid-year launch, offering “all you can eat” subscription fees
MMF investments hit new high after $1trn gained over 2025
Outright UST holdings drive surge with $900bn rise in six months
Barclays, JPM drive surge in FCM funds in 2025
Futures, options and swaps customer funds log biggest annual jump since 2020
Fed fractures post-SVB consensus on emergency liquidity
New supervisory principles support FHLB funding over discount window preparedness
PNC emerges as top regional player in private credit
Lender ranks second only to Bank of America for loans to business credit intermediaries
Apple credit card acquisition pushes JP Morgan above Collins floor
Modelled RWAs overtake standardised output for first time since Q3 2016
How geopolitical risk turned into a systemic stress test
Conflict over resources is reshaping markets in a way that goes beyond occasional risk premia
Deutsche Bank returns to US swaps client clearing
Re-entry comes after Basel III endgame proposals sparked capacity concerns among global clients
Fed pivots to material risk – but what is it, exactly?
Top US bank regulator will prioritise risks that matter most, but they could prove hard to pinpoint
Pinnacle-Synovus merger could create cat IV bank by year-end
$100bn threshold breach looms, but Fed’s Bowman plan could blunt impact
Bowman’s GDP-linked proposal would lift bank thresholds by 42%
Recalibration would push five banks out of category III and leave Synchrony and Flagstar below the large-bank line
Credit card rate cap would cut NII by over 40% at top lenders
Synchrony, Capital One and Amex face steep losses under Trump’s proposed 10% ceiling
Op risk data: FIS pays the price for Worldpay synergy slip-up
Also: Liberty Mutual rings up record age bias case; Nationwide’s fraud failings. Data by ORX News
Wells Fargo bucks peers with rise in CCP default fund contributions
Heavier clearing drives bank’s balance to new high in Q3