Non-cleared trades
Swaps industry mulling new utility for margin compliance
Utility would run daily margin calls, using open source version of industry’s standard model
West Wheelock Capital: removing rollover risk
Hedge fund seeking to broker long-dated collateral trades
DBS risk chief calls for wider margining exemption for non-banks
Margining rules for uncleared derivatives will be a drain on liquidity
Dealers fret over NSFR impact on equities
Basel Committee ignores calls to protect market in new funding rules
US bilateral margin rules: a hit parade of horrors
US regime differs on currency, threshold, eligible collateral and non-financials
Utilities face pressure to clear OTC derivatives
Non-cleared derivatives rules pushing utilities towards clearing
US margin rules 'punish lenders', warns CFTC's Giancarlo
Lower threshold in US proposals would catch more medium-sized banks
Dealers welcome US uncleared margin rules
But cash variation margin restriction may upset the buy side
US energy firms cheer regulators’ shift on margin rule
New proposal exempts non-financial end-users from margin requirement
EBA: Objections over WGMR rules not our fault
EU authorities claim hands are tied by WGMR proposals on non-cleared margin requirements
Japan slams European rules on bilateral swaps
Japanese firms will to look to use non-European counterparts
Dealers rail at 'absurd' EU margin rules
Draft rules would force EU banks to collect margin from non-EU corporates
End-users say non-cleared margin rules will hit hedging
New regime will "make the world safe for banks, but not safe from banks"
Frankel: new QIS needed to avoid pro-cyclical margin
Future crisis could see non-cleared swap margin double, says Goldman exec
Wider clearing scope will create risk, warns Goldman exec
Industry would struggle to hedge risk following a dealer default, says Goldman's Frankel
Dealers push ‘margin-sharing’ as answer to collateral crunch
Approach would be twice as efficient as planned uncleared margin regime, dealers claim
Secretive start-ups eye uncleared OTC risk reduction
Dividing the over-the-counter market into cleared and uncleared products creates extra risk and inefficiency, critics claim – it also creates an opportunity for services that can repair the damage. Start-ups and established firms alike are now jockeying…
Industry ‘won’t bother’ with one-time rehypothecation
Critics say a limited provision in new WGMR rules for dealers to rehypothecate client collateral is impractical and offers no benefit to clients
WGMR rehypothecation rules unclear and confusing, say lawyers
Final WGMR rules allow collateral on uncleared derivatives to be rehypothecated under strict conditions, but lawyers say they are unclear on how the rules will work in practice
KfW justifies exemptions from Emir
German government-owned development bank KfW managed to win an exemption from clearing and margin requirements under European derivatives regulation - a benefit not extended to its peers. Luke Clancy asks why
Simple, but sensitive: challenges face standard uncleared margin model
Simple, but sensitive