Articles by Matt Cameron
German debt office poised to collateralise swaps
Pending 2014 budget would allow Finanzagentur to post up to €8 billion in collateral
Nomura books ¥10 billion FVA loss
Japanese bank follows JP Morgan and Deutsche Bank by incorporating funding costs into derivatives valuation
EC bank reforms would leave lenders unable to hedge
European proposal limits risk management tools to clearable swaps only, preventing options-based hedges
Isda forced to rework year-old standard CSA
Regulation hits key element of landmark collateral contract - but planned revisions will reintroduce settlement risk
South African banks say NSFR changes do not go far enough
New proposals are positive, but banks warn they will still fall short of the ratio's minimum
JP Morgan takes $1.5 billion FVA loss
The US bank announces a one-off FVA primarily due to uncollateralised derivatives receivables
Basel leverage ratio may force CSA restructuring
Cash collateral can only reduce derivatives exposure if it matches the currency of the underlying swap, threatening existing CSAs and even the new standard CSA
Not too big to fail: Has US crossed bank resolution Rubicon?
Not too big to fail?
Avoid one-size-fits-all capital approach, says Osfi’s Zelmer
Regulators have increasingly been pushing for less reliance on bank internal models, but Osfi’s deputy superintendent of the regulation sector, Mark Zelmer, thinks internal models have a place
Too-big-to-fail problem solved, claim leading industry figures
FDIC's single-point-of-entry method applauded but concerns still linger
'Don't make us clear inflation swaps,' dealers plead
Market is too concentrated to cope with a default, participants warn
IASB: Liquidity buffers seek a safe home
Fair-value friend
Fear the repo: funds face up to rate-contingent liquidity risks
As interest rates rise, big fixed-rate receivers such as pension funds will all slide out-of-the-money at the same time, potentially triggering huge margin calls. Some are already trying to soften the blow, rather than relying on a repo market that could…
Ucits derivatives use hamstrung by collateral rules
Asset managers call on regulators to amend Ucits rules
Osfi copies US CVA charge to protect Canadian banks
Canadian regulator wants its banks to compete on same terms as US rivals
Bank initial margin posting raises liquidation concerns
Initial fears
Fatca fears reach swaps market
US tax rules could leave compliant foreign firms out of pocket unless swap documentation is amended
Banks put ‘lazy’ assets to work in first initial margin agreements
Banks tout 'tremendous' capital savings as Bank of America, Barclays, Citi and other swap dealers start using illiquid assets as initial margin
Dispute resolution mechanism needed to resolve regulatory spats – EC’s Pearson
Differences in national regulations need to be ironed out, says Patrick Pearson
No plans to change haircuts on US Treasury collateral, CME says
CME Group has no plans to alter haircuts on US Treasury bills, despite some concern that politicians will fail to avert a US default on October 17
JSE's rand swap clearing hopes in the balance
Local dealers believe domestic clearing would bifurcate derivatives netting sets
WGMR rules create funding complexity for dealers
How long will a client hold a 10-year swap? It could be 10 years – or it could be 10 days – and the answer has big implications for dealer funding requirements
Risk on the WGMR rules
The WGMR published its final rules on uncleared margin on September 2. Nick Sawyer and Matt Cameron discuss the implications
RBS too big in UK inflation swap market, says RBS market risk chief
Global head of market risk at RBS says he is "way outside" his risk appetite