Risk magazine/News
Banks get no relief from CFTC’s variation margin delay
No-action letter will benefit only a dozen or so swaps brokerages and energy firms
CME’s European CCP to lower rates default fund burden
Firm hopes move will entice smaller players to join rates clearing service
Three Japanese banks consider new CVA approach
Industry working group formed to discuss introducing accounting adjustment
Swiss rate reform set to trigger swap value change
Tois discounting rate set to be replaced in 2018 by Saron, which is 20bp lower
Banks voice fresh concerns over CCP non-default losses
Dealers could face cash calls to recapitalise an ailing CCP that suffers a critical non-default loss under FSB proposals
People moves: Credit Suisse’s Dainton departs
UniCredit promotions; Hazlewood leaves Deutsche; Goldman's CIO; senior forex hire at SG
National authorities rebel against BRRD state aid limits
EU single resolution board will “never have any work to do”, lawyers predict
EU will stick to March 1 variation margin deadline
US regulators also unlikely to delay as a result, say dealers
Eurex tees up OTC forex clearing with CLS
Net settlement at CLS could slash liquidity risks for CCPs clearing OTC forex contracts
EBA's Enria seeks to plug the holes in EU bail-in rules
Struggling but solvent banks could delay the hit from NPLs under the plan
EC could use thresholds to squeeze London euro clearing
Most euro clearing could be repatriated after Brexit without hitting other jurisdictions
Invest on the edges to avoid contagion, research suggests
Loosely connected assets are better protected against market crashes
LCH platform to provide risk calculations for margin hub
SwapAgent agrees to send standardised sensitivities for bilateral trades to AcadiaSoft for IM calls
Buy-side firms seek ‘urgent’ VM relief
Two-thirds of firms have not signed any CSAs that comply with the new rules
Indirect clearing rules too demanding, warn EU regulators
EBA and Esma call for clarity on capital relief for exposures to clearing members
Massad: cost-benefit bill makes CFTC rulemaking 'very difficult'
Departing chairman says the CFTC already does “a good job” of analysing costs
Giancarlo to overhaul Sef rules if given CFTC reins
Acting chairman says all methods of execution should be permitted on Sefs
FRTB will spark rise in basis risk, firms warned
Dealers using standardised approach may be incentivised to push clients towards less precise hedges
LCH to clear single-name CDSs for US clients
Paris-based CDSClear already in discussions to onboard its first US FCM
JP Morgan to join Goldman in opening up risk system
Athena platform – built for JP Morgan's traders – could be available to clients in 2018
Fresh Priips objections reignite timing fears
Supervisors' concerns could delay adoption and put pressure on implementation timeline
Basel set to decide on capital relief for accounting changes
Phase-in to IFRS 9 and Cecl needed to avert "a dramatic overnight drop in regulatory capital", say auditors
Ice hires ex-Barclays OTC clearing chief in rates push
Ex-Barclays and Lehman banker Ray Kahn joins exchange group to focus on interest rate derivatives business
IASB revives IFRS 9 project to recognise portfolio hedging
Banking book behavioural complexity could still stymie attempts to facilitate macro hedging