Collateral
Isda touts CSA standardisation in margining countdown
But scale of challenge becomes clear in early tussles between dealers and clients
Docs shock: how dealers are tackling the VM deadline
Scale and complexity of negotiations raise fears many will be unable to trade from March
A map of collateral uses and flows
This paper provides insights into the increased demand for collateral, the reduced capacity for banks to act as collateral intermediaries and examples of risks and vulnerabilities in collateral flows.
EU bid to fast-track non-cleared margin rule slammed as ‘reckless’
Requiring banks to post initial margin before year-end 'would be risky', says SocGen's Litvack
Non-cleared margin transfer rules vex asset managers
Market split on whether MTA applies at the client or account level
EU non-cleared margin regime set to take effect in January 2017
EC expected to publish its final non-cleared margin rules on October 4
Dependence on collateral raises vital research questions
Areas of focus should include collateral supply, reuse and circulation
The effective supply of collateral in Australia
This paper attempts to quantify the “effective” supply of collateral assets in Australia by applying a measure of supply that adjusts outstanding issuance for two important features of the collateral market.
The role of collateral in supporting liquidity
This paper focuses on the use of high-quality assets for collateral purposes.
Mobilization of collateral in Germany as a reflection of monetary policy and financial market developments
This paper describes and analyzes developments in the market value of marketable assets submitted as collateral in Germany and the Eurosystem against the backdrop of the financial market crisis.
Collateral flows and balance sheet(s) space
This paper looks at securities-lending, derivatives and prime-brokerage markets as suppliers of collateral.
Impact of monetary policy on collateral reuse
The authors provide theoretical microfoundations to understand the impact of monetary policy on markets characterized by collateral reuse.
Collateral chains and incentives
The authors model the asymmetry between collateral values to the parties in the collateral chain. The paper highlights that collateral reuse can be socially beneficial if the costs of misallocation are not significant.
Credit risk in energy: Best practices for challenging times
Sponsored webinar: Moody's Analytics
Hidden floor: dealers tackle negative rate CSA headaches
Banks pushing clients to remove costly interest rate floors in collateral agreements
Economists question cost benefits of derivatives clearing
New research finds no compelling economic rationale for central clearing
End-users face extra unwind costs from CSA rate floors
Dealers demanding compensation for extra funding costs
'Cherry-picking' claims fly in CSA rate floor negotiations
Traders accused of self-interest in negative rate floor discussions
Mac swaps, swap futures face new tax threat
Isda urges US tax officials to postpone rule treating certain payments as loans
Managing collateral and liquidity in turbulent times: Preparing for the unknown
Sponsored webinar: BNY Mellon
Smaller firms get boost on timing for non-cleared margin
Counterparties will be able to offset extra collateral calls, says source close to EBA
Accounting puts brake on move to daily settled swaps
New margin approach threatens hedge accounting status, could hurt effectiveness
Firms weigh impact of blockchain on post-trade services
Opportunity for using distributed ledgers in OTC market discussed at meeting held by CFTC
BoE: leverage ratio carve-out needed for clearing
Collateral should cut exposure, says BoE, citing need to ensure "continuity" of clearing business