Clearing
FCMs hail new compression techniques
Advances by vendors and increased competition set to unlock more trades for tear-ups
Nex’s Spencer on tech, Brexit and the UK’s identity crisis
Risk30: Icap founder fears return of exchange controls under a Labour government
BAML and Morgan Stanley swaps drop $186bn on VM change
At least seven banks now using settled-to-market treatment for variation margin
Q&A: Giancarlo stresses importance of international relations
EU regulatory inexperience causes problems for CFTC chairman
Fed’s Powell on Libor reform, repo and clearing
Risk30: Market doesn’t need to “clear all US dollars in US and all euros in eurozone” says next Fed chair
Q&A: CFTC’s Quintenz weighs swap dealer threshold impact
Activity-based threshold could be ‘disincentivising’ dealers, says commissioner
New Brexit carve-out urged for legacy EU cleared swaps
Risk and default management of grandfathered portfolios required in any clearing relocation plan
Goldman swaps assets drop $140bn after margin change
Move follows guidance from US regulators; no word from Goldman on capital impact
Pimco calls for urgency on Libor transition
Bond giant wants SOFR rate published “sooner rather than later”; BlackRock raises questions over liquidity
Banks prepare for battle with Fed over G-Sib rules
Proposals would kill client clearing business, FCMs claim – but postponement is a chance to fight back
Asian buy side faces non-cleared margin currency penalty
Global banks charge premium for accepting local securities instead of major currencies
LCH braces for repo clearing relocation
UK clearing house aims to retain swaps clearing even if sovereign repo business relocates to the eurozone
Fed postpones G-Sib capital change
Industry reprieve granted on proposal that threatens $10 billion capital increase
Swiss regulator fast-track key to cleared Saron swaps launch
Ice warns against rushing new products into clearing, however
CCPs say central bank access needed to avoid liquidity crisis
Uniform access to deposit accounts and overnight liquidity vital, say market participants
CFTC commissioner wants say over bank capital rules
Inability to influence SLR is “incredibly frustrating”, says Quintenz
Deutsche Bank expects early 2018 decision on LCH exit
LSE chief slams clearing relocation proposals for trying to create captive European Union market
Ferber: Mifid should be reviewed with Brexit in mind
European Union legislator takes aim at CCP open-access provision in further threat to UK clearing
Quantile, TriOptima face off in cleared swaps compression battle
Vendors both unveil new means for clearing members to crunch cleared rate swap notionals
Leaked EU doc could shield legacy swaps from clearing grab
Council paper being debated today sets terms for swaps clearing landgrab
US Treasury hands CCP resolution powers to FDIC
Mnuchin regulatory review explicitly refers to FDIC as receiver under a Title II resolution
London likely to lose all euro repo clearing business
Fear of post-Brexit curbs on clearing and netting concerns propel shift to eurozone
Dealers blame US futures IM dip on low vol
CFTC data shows required initial margin down 15% since start of 2017
Nondefault loss allocation at central counterparties
In this paper, the authors answer three questions about the appropriate allocation of nondefault losses at central counterparties.