Non-cleared trades
BoE researchers outline risk of collateral collapse
In stress periods, collateral chains could break, paper warns
Sense and sensitivities: Isda Simm is not so simple
Three industry experts argue initial margin calculations for uncleared trades won't work without centralised calibration of sensitivities
MVA: swaps scale new heights in complexity
Banks are turning their attention to calculating a new derivatives valuation adjustment
Floor trader confusion holding back new swap market-makers
Non-banks fear rules restrict non-cleared swap trading
Dealers wake up to MVA impact of new funding rules
NSFR will force dealers to term-fund initial margin at a time when margin volumes are climbing
Non-cleared market is changing – not dying
Non-cleared swaps market faces challenges, but it is adapting, writes Isda’s Scott O’Malia
US regulators favour September margin deadline
September 1 roll-out would threaten bilateral swap trading chasm between EU and US
Standardised CSAs: no longer a matter of choice
Dealers again seeking simpler terms after 30% drop in non-cleared notionals
Delay US non-cleared margin rules, industry tells Congress
“This puts the US banks at a huge disadvantage relative to the European banks,” says CME’s Duffy
Dealers renew push for standardised CSAs
Banks hope LCH platform will help cut costs and complexity as non-cleared margin regime looms
US, EU uncleared margin rules ‘impossible’ for Asia
US, EU insistence on next-day variation margin settlement criticised by Apac lenders
NetOTC shelves swaps margining service
Start-up winding down after bilateral margining rules clashed with its exposure-pooling solution
Three months left: dealers fret over slow start to Simm tests
Banks "still working like mad" in race to implement standard margin model
Hidden floor: dealers tackle negative rate CSA headaches
Banks pushing clients to remove costly interest rate floors in collateral agreements
Strength turns to weakness for old OTC market
Non-cleared notional falls $36 trillion as costs and complexity grow
BoE's Sonia fixation complicates secured rate transition
Bank's continuation of Sonia could jeopardise shift to secured rate as Libor replacement
Leverage ratio blamed for big swap unwind charges
Buy-siders complain of 'ridiculous' costs to exit trades
India proposes tough uncleared swap margin rules
RBI underscores India's status as a non-netting jurisdiction
'Cherry-picking' claims fly in CSA rate floor negotiations
Traders accused of self-interest in negative rate floor discussions
NSFR to hike hedging costs for end-users, industry warns
Costs could increase by 10–15%, House Agriculture Committee hears
Japan struggling with negative rate impact on swaps
Dealers facing issues with collateral interest payments and loan mismatches
Industry calls for US Simm model approval guidance
Isda AGM: US banks in the dark over uncleared initial margin model approvals
Blockchain faces obstacles in uncleared swap market
Isda AGM: Technology may have applications but will take time to gain market's confidence
Standardisation ‘a must’ for uncleared swaps
Isda AGM: Standard products and contracts key to product's future, say trading execs