Articles by Mark Pengelly
The future of the Fed letter commitments
Changing commitments
Buy-side favours low-cost clearing, says UBS
Findings of UBS equity analysts stoke fears of race to the bottom among over-the-counter derivatives clearing firms
Quote stuffing not to blame for flash crash, Berman insists
Lead investigator for SEC defends agency's findings
The impact of regulation on the global OTC market
Three web seminars – in Hong Kong, London and New York – exploring key changes in international OTC derivatives regulation from a regional perspective
EC naked sovereign CDS rules met with relief by traders
Murky on transparency
Demand for downside puts keeps skew high
The turn of the skew
Capital deductions an issue for US banks facing Basel III
US banks will find it easier to comply with Basel III than European counterparts, but capital deductions could pose a problem
Structural changes behind rise in long-dated skew, say dealers
Reduction in risk appetite and regulatory crackdown causing increase in long-dated skew, say equity derivatives dealers
Isda members to qualify as swap dealers, says Gensler
All 209 Isda primary members could qualify as swap dealers under the Dodd-Frank Act, says CFTC chairman.
EC looks to tackle unilateral approach to short selling
The EC’s new short-selling rules should reduce unco-ordinated action by national regulators, say dealers
Too big to fail must be solved, says Bernanke
Fixing too-big-to-fail is the single lesson of the financial crisis, says Fed chairman
Banks struggle with Basel 2.5
Challenging change
Dodd-Frank sees processing firm as 'swap execution facility'
Markit/DTCC joint venture will register as designated swap execution facility under US financial reform, despite having no plans for trade execution
Basel Committee revises proposals for capital charge on counterparty risk
The Basel Committee on Banking Supervision has adapted its proposals for a capital charge on counterparty risk following industry feedback, but banks were hoping supervisors would go further. By Mark Pengelly
Basel CVA changes criticised
The Basel Committee on Banking Supervision has adapted its proposals for a capital charge on counterparty risk following industry feedback, but banks were hoping supervisors would go further. By Mark Pengelly
Clearing dilemma for CCPs
Dealers have made progress towards clearing swaths of the over-the-counter derivatives market. But market participants are likely to have to clear more awkward products to satisfy regulators’ demands. Mark Pengelly investigates
Basel counterparty risk charge to be reworked
Several aspects of Basel counterparty risk charge up for revision, including calibration and index hedges
Liquidity critical to OTC clearing, argue dealers
Regulators should consider liquidity when deciding which over-the-counter derivatives should be cleared, say market participants
Dealer-led market may be disrupted by Dodd-Frank
Banks could lose margins and competitive edge as a result of derivatives reforms in Dodd-Frank Act
NY Fed pushes for a more open OTC derivatives market: Theo Lubke profile
The head of the financial infrastructure group at the New York Fed tells Mark Pengelly why transparency is key to the functioning of the derivatives market.
Quant Congress USA: Economist praises dynamic provisioning
Barclays Capital senior economist praises dynamic provisioning approach to loan losses
Quant Congress USA: 'High risk of mis-calibration' in Basel III
Tight timetable for Basel III, politicisation and new liquidity ratios criticised by CRO
Index hedges may be allowed in Basel CVA charge
Basel Committee modelling group chair suggests index hedges and double counting could be fixed in proposed CVA charge.
Questions raised about CCP collateral
Bank collateral managers raise concern about wrong-way risk in clearing house collateral