Clearing
Iran strikes a stress test for CCP margin models
CME’s Span2 and Ice’s IRM2 are performing as advertised. The next few days could test their mettle
Market players warn against European repo clearing mandate
Regulators urged to await outcome of US mandate and be wary of risks to government bond liquidity
Esma won’t soften regulatory expectations for cloud and AI
CCP supervisory chair signals heightened scrutiny of third-party risk and operational resilience
Treasury repo clearing mandate would free up $207bn leverage exposures for G-Sibs
OFR estimates repo clearing share would jump from 45% to 77% under SEC rules
Year of the minnow: small FCMs grew rapidly in 2025
Coinbase, Hidden Road, GH Financials lead surge
HSBC leads F&O funds surge in turbulent January
US FCM adds $2.1bn in customer funds in two weeks
SocGen’s head of US Treasury clearing preparations to depart
Bank’s head of product for FX and fixed income prime brokerage for the Americas set to leave later this month
Esma to issue guidance on active account reporting
Briefing and Q&A aims to clarify how firms should report data ahead of RTS adoption
Forex looks to flip the (stable)coin
Friction-free foreign exchange is the prize offered by stablecoins such as Tether and USDC. But the prize remains elusive
Market warns BoE against blanket mandatory gilt repo clearing
Official says proposals receiving push-back on one-size-fits-all approach and limited netting benefits
CGB repo clearing is coming to Hong Kong … but not yet
Market wants at least five years to build infrastructure before regulators consider mandate
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
UK clearing houses face tougher capital regime than EU peers
Ice resists BoE plan to move second skin in the game higher up capital stack, but members approve
Concentrated pullback drags mid-tier EU clearing rates to seven-year low
Few large European dealers drove clearing rates down, while US and UK banks increased reliance on CCPs
Barclays, JPM drive surge in FCM funds in 2025
Futures, options and swaps customer funds log biggest annual jump since 2020
How Australia’s inflation overhaul could lure global traders
Australia’s move to monthly inflation reporting set to revitalise local inflation-linked bond and swap markets
Repo clearing: expanding access, boosting resilience
Michel Semaan, head of RepoClear at LSEG, discusses evolving requirements in repo clearing
SocGen’s PB clearing head departs for SwapAgent role
Jamie Gavin takes external consulting role for LSEG’s non-cleared swaps platform
Non-cleared derivatives margining jumps after framework rollout
Margin-to-notional ratio trails early regulatory estimates
Deutsche Bank returns to US swaps client clearing
Re-entry comes after Basel III endgame proposals sparked capacity concerns among global clients