Articles by Luke Clancy
Cross-border clarity, US position limits and MMF repo trades
The week on Risk.net, August 25–31, 2017
US regulators approve VM route to capital savings
Guidance tips balance in debate over interest payments in settled-to-market swaps
FRTB to create winners and losers on the buy side
Wider spreads could hit returns, but some funds eye opening in exotic and securitised markets
VM change helps Barclays cut derivatives by $113bn
Three factors slashed size of book by 25%, including move to treat margin as settlement
Esma backtracks on account segregation
Status quo protected for rehypothecation of collateral in tri-party, securities lending and prime brokerage
Dislocation policy: LCH exodus risks CCP basis blow-out
Questions about post-Brexit status of UK CCP could spark mass migration – and severe volatility
LCH users weigh early exit as fears grow of EU ban
Two CCPs report interest from LCH customers; banks expect first book transfers in early 2018
Fed weighing VM capital cut for cleared swaps
Powell implies support for practice that saved UBS $300m in capital
R3 claims progress on smart contracts standards
DLT consortium under pressure to show cohesion after JP Morgan departure
Trump reforms, euro clearing and FRTB
The week on Risk.net, June 9–15, 2017
ECB and Esma would call shots on euro clearing
Proposals give central bank and regulator the power to bar biggest third-country CCPs
Is it $5bn or $77bn? Data enters the euro clearing row
Eurex set to challenge LCH estimates of clearing relocation costs
IRB and Esma data, FRTB and hedge funds
The week on Risk.net, May 12–18, 2017
Deutsche Börse exec backs euro clearing landgrab
Swiss CCP operator Six x-clear defends current equivalence regime
Netting no problem for blockchain, tech firms tell regulators
Firms say DLT can sit with current market practice, but instantaneous settlement 'not desirable'
French regulator lays out plan to capture London euro clearing
AMF calls for equivalence to be scrapped for biggest CCPs and trade repositories
Euro clearing location paper due on June 28
Short precursor on Brexit-related initiative expected on May 4, alongside Emir review
Volcker, FRTB and dual netting sets
The week on Risk.net, April 14–20 2017
Digital Asset enters healthcare as blockchain questions grow
Masters’ firm quietly moves beyond finance; works with PNC Bank
Traders wary of censure for being a ‘few bips out’
Mifid II best execution requirements intrusive and painful, say asset managers at Buy-Side Risk Europe 2017
Trump-Putin dialogue tipped to contain energy focus
Former Russian oil minister predicts meeting, but White House has no announcements “at this time”
FCA: ‘wait and see’ if Mifid swaps rules are ready in January
Trading obligation consultation due by May, as industry urges clarity rather than speed
From swaps to software: rivals eye Goldman and JP tech plans
Goldman Sachs and JP Morgan upending years of bank strategy by making systems available to clients
Emir review delayed until June 7
Postponement increases risk of entangling the review with Brexit euro clearing debate