Cross-currency swaps
Currency derivatives house of the year: HSBC
Risk Awards 2017: Clever approach to options pricing buoyed UK bank during Brexit uncertainty
Sovereign risk manager of the year: Treasury Directorate of Slovenia
Risk Awards 2017: ‘Visionary’ exercise required debt buybacks, new issuance and swap unwinds on the same day
Banks seek to standardise cross-currency settlement dates
Talks under way to exchange principal amounts on IMM dates to allow for greater netting
BIS’s Shin links dollar strength to global malaise
Framework could answer many questions economists have struggled with in recent years
LCH targets non-cleared market with radical new platform
Bilateral trades would be valued and margined using LCH swap curves
Swap 4175: how a hedged loan became a €600m dispute
City of Linz v Bawag case underlines risks in municipal derivatives
How banks weathered the money market storm
Bank funding desks tapped standalone accounts and offshore investors for cash as prime funds slumped
Foreign exchange house of the year: BNP Paribas
French bank helps corporates hedge in the wake of China devaluation
Banks prepare for bumpy ride as margin deadline looms
Banks and funds may have limited set of counterparties on September 1
HKEx: real-time settlement key to cross-currency swap clearing
JSCC and KRX also said to be working on cross-currency swap clearing offerings
Non-cleared market is changing – not dying
Non-cleared swaps market faces challenges, but it is adapting, writes Isda’s Scott O’Malia
Banks launch drive to crush outsized XVAs
Novations and profit-sharing form part of push to trim derivatives valuation adjustments
US dollar/yen basis blows out to –100 on negative rates
Bank of Japan policy adds to domestic banks’ dollar funding dilemma
What credit auction friction says about the OTC market
Benefits of risk bifurcation threatened by collateral conflicts
Swap auction frictions prompt search for new tactics
Standards may be needed to preserve benefits of credit-auction approach to big swaps
Deal of the year: Republic of Senegal / SG CIB / MIGA
Loan insurance from arm of World Bank helped cut CVA and KVA on a $250m cross-currency swap
Risk solutions house of the year: Goldman Sachs
US bank restructured huge Swiss franc swap during market turmoil
How FVA saved the cross-currency swap
Funding benefits have slashed pricing for some uncollateralised trades
Dodgy discounts: DVA claims fly in cross-currency market
Derided pricing adjustment is being used to undercut competition, traders claim
Banks clamp down on pre-hedging over manipulation fears
Front-running concerns could leave market more exposed to liquidity risk
For a few dollars more: Japan banks tackle dollar/yen basis jump
Soaring cross-currency swap prices force dollar funding rethink
Dollar/yen basis blows out as leverage ratio bites US banks
Basis at its widest since European banks faced a global dollar funding squeeze in 2012
Jumping with default: wrong-way risk modelling for CVA
Fabio Mercurio and Minqiang Li investigate CVAs in the presence of wrong-way risk
Chinese corporate hedging costs soar after PBoC forex clampdown
New rule leads to 400bp price hikes as companies hedge renminbi fall