Subject: Basis instincts, stablecoin flips, and CGB repo clearing returns

7 DAYS IN 60 SECONDS
THIS WEEK'S TOP STORIES
Risk management
Market doesn’t share FSB concerns over basis trade
Industry warns tougher haircut regulation could restrict market capacity as debt issuance rises
09 Feb 2026   |  News
Markets
Forex looks to flip the (stable)coin
Friction-free foreign exchange is the prize offered by stablecoins such as Tether and USDC. But the prize remains elusive
12 Feb 2026   |  Feature
Risk management
CGB repo clearing is coming to Hong Kong … but not yet
Market wants at least five years to build infrastructure before regulators consider mandate
06 Feb 2026   |  News
Markets
Real money investors cash in as dispersion nears record levels
Implied spreads were elevated to start 2026. Realised levels have been “almost unprecedented”
11 Feb 2026   |  News
Our take
Degree of Influence 2025: Derivatives pricing dominates; quants don’t follow the AI herd
Rates and volatility modelling, as well as trade execution, top quants’ priorities
06 Feb 2026   |  Analysis
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STAT OF THE WEEK

Wells Fargo posts fastest assets growth among US G-Sibs

Wells Fargo set a new balance sheet record for the second consecutive quarter in Q4 2025, with total assets rising $85.7 billion to $2.15 trillion, as the bank continued to expand following the removal of its long-standing asset cap. 

QUOTE OF THE WEEK

Market warns BoE against blanket mandatory gilt repo clearing

There is a diverse range of institutions in the non-bank financial institutions sector using gilt repo, and we should think carefully about the risk profiles and liquidity profiles of those” – Bonnie Howard, BoE

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