When the final phase of the swaps market’s new margining regime takes effect in 2020, hundreds – possibly thousands – of buy-side firms will be hit by complex margin requirements.
Growing margin burden for non-cleared swaps means cleared margin is likely to grow further, argues Amir Khwaja
US agencies seek comment on whether IM should be recognised in leverage ratio calculations
'Daft' guidance would see settled-to-market derivatives caught by NSFR and LCR liquidity ratios
Move follows 13 significant margin breaches in 2018, with one breaching by as much as 245%
Requirements for the mandatory exchange of initial margin are expected to be time‑consuming and laborious to implement. David White, head of sales at triResolve, discusses the lessons learned from in‑scope firms, obstacles to achieving compliance and how…
Swaps initial margin jumps 22% year-on-year, against surprise fall in futures margin, writes Amir Khwaja of Clarus FT
Revised treatment of variation margin reduces exposures by ¥247 billion
SFC proposal could complicate trades with HKMA-regulated entities and centralised treasuries
A total nine breaches are reported, averaging $14 million
UBS reported a cut in gross derivatives assets and liabilities attributable to STM of Sfr11.4 billion in 2017
Effects on potential future exposure (PFE) mixed
Korean swaps users wary of collateral reuse, leaving dealers with LCR burden
Isda AGM: Parliament tackles big issues in recovery and resolution text, but 'doesn’t go far enough'
Participants want to see more standardisation in collateral and custodial contracts
Law firms are backing rival attempts to cut margin doc costs for buy side
Scramble to offer clearing aimed at cutting clients’ margin and capital costs
Moving from Libor to an RFR shouldn’t force margin requirement on legacy non-cleared trades, says UK regulator
Amir Khwaja of Clarus FT considers how initial margin, variation margin and default fund contributions can quickly add up
Risk chief sets about bolstering CCIL’s risk modelling, lookback periods, and portfolio compression
Research into rates pricing is becoming more urgent given recent regulatory changes
Interdealer market to adopt collateralised cash price from July, but some fear impact on legacy books
This paper describes the current policy for recovery and resolution of CCPs and assesses the tool kit for resolution of them.