Recovery and resolution
Central counterparty recovery and resolution: the European perspective
This paper contributes to the literature on the recovery and resolution of central counterparties (CCPs) by exploring the key components of the recent European legislative proposal on the recovery and resolution of CCPs, its main differences with the…
Extended resolution swap stays divide EU lawmakers
SRB defends EC moratorium proposal, but Parliament and Council are turning against it
US and Japan push for twin EU bank holdcos
Two umbrella groups needed for home-country separation of securities and banking operations
US gives 21 banks another year to solve resolution problems
Banks including Societe Generale, Santander and BNP Paribas have until end-2018 to file plans
No safety net: EU urged to accelerate bail-in buffers
Without MREL or TLAC, governments are at mercy of private buyers for failed banks
Public interest loophole casts doubt on EU banking union
Bondholders face fresh uncertainty about European use of bail-in, critics warn
Scrap the gold plate: Mnuchin goes global on bank rules
Treasury converges to international standards, but leverage ratio exception may delay Basel deal
Caught in the branches: Japan rebuffs EU ring-fencing plan
Proposed rules for foreign banking group supervision will disrupt business and resolution plans, says JFSA
EU regulators prepare to close Brexit loopholes
Isda AGM: new guidelines aim to prevent EU brass plates with large London operations
Esma wants more detail on CCP recovery plans
Isda AGM: regulator and industry emphasise need for effective clearing house supervision
Fear of something worse seen as key to CCP recovery
Forcing banks to pick up defaulted trades is “viable option”, says Fed researcher
Buy side may have to take on CCP losses – FSB’s König
Exempting ailing banks from CCP wind-up process could force wider allocation of losses
CCP resolution plans ‘on the wrong path’, says Fed adviser
Bank framework has “contaminated” policy for CCPs, says Chicago Fed’s Steigerwald
Duffie: CCPs should prep to quash Sifi swap termination stays
Clearing houses need criteria for overriding stays on swap terminations, writes Darrell Duffie
Why EU banks still refuse to die
A year on since BRRD came into force, the debate on taxpayer bailouts is far from resolved
Executive disorder: little threat to Dodd-Frank from Trump memos
Order to scrap two rules for each new one cannot capture bank regulators or repeal legislation
National authorities rebel against BRRD state aid limits
EU single resolution board will “never have any work to do”, lawyers predict
Trump casts a shadow over US swap stays legislation
Changes to agency heads could delay or derail a vital part of bank resolution rules
EC umbrella plan dismays foreign banks
EU intermediate holding company proposal complicates legal entity structures and Brexit planning
Banks still fretting over softened US TLAC rules
Fed grandfathers existing debt, but leaves TLAC requirements largely unchanged
Dealers urge further clarity on rules for ailing CCPs
New European rules stop short of defining resolution triggers
Banks and CCPs clash over non-default losses
Banks balk at being on the hook for losses from investments or cyber attack, but many clearers say the risk should be shared
SGX rules out VM haircutting in recovery planning
Hitting variation margin "inappropriate" in Singapore context, but some bankers support its use
European bail-in buffers may stretch market-making capacity
New Basel capital exemptions could be too small if all EU banks have to issue bail-in bonds