Articles by Matt Cameron
Pressure grows for US to copy EU’s CVA exemption
Bill calls for FSOC to analyse impact on US of EU exemption as corporates press for a carve-out
WGMR proposals raise procyclicality fears
Proposals on the margining of uncleared over-the-counter derivatives trades have been revised to dampen the potential liquid impact
SEC forces Ice into single-name CDS clearing U-turn
Clearing house has been told its own rules prevent it from shelving buy-side clearing for single-name CDS contracts
Uncleared margin rules could hold back new CSA adoption
New proposals on the margining of uncleared derivatives trades could dampen take-up of the standard CSA
New standard CSA could be hurt by WGMR rules
Some dealers have started trading under the standard credit support annex, but a requirement in new uncleared margin rules could subject many trades to a haircut, potentially causing a re-think. By Matt Cameron and Nick Sawyer
The black art of FVA: Banks spark double-counting fears
Dealers broadly agree that funding costs and benefits should be priced into uncollateralised trades, and some banks have started recognising this in their financial statements. But there is no standard practice, and there are fears of double-counting. By…
Risk Annual Summit: CVA exemptions could backfire, panel warns
Hedges will attract capital instead of providing capital relief, argues Citi exec
Uridashi losses put at $500 million after Nikkei rebounds
Dashing the uridashi dream
Rabobank pulls plug on equity derivatives business
Bank has not decided whether to sell its book to other dealers
Ice blames SEC as it drops single-name CDS clearing plans
Firms that trade index and single-name CDSs will see margin requirements increase
Banks claim €300 billion hole in margin study
Banks call for Basel Committee and Iosco to rerun study on impact of uncleared margin rules after errors emerge
Zombie firms are first Dodd-Frank major swap participants
Only registrants to date are MBIA and Cournot Financial Products – firms that have not traded derivatives since 2008
Active funds list causes furore
Listed firms complain about breach of confidentiality – others say they are victim of human error – after Risk publishes list of fund managers that face March 11 clearing deadline
Uridashi losses put at $500 million after Nikkei rebounds
When the Nikkei slumped last May, banks were forced to sell volatility to protect positions built up through the sale of uridashi products – leaving many with losses. A rally in the index at the end of the year inflicted further pain. In total, the…
Let swap platforms trade futures – Icap’s Spencer
Icap's chief executive says proposed derivatives rules are reinforcing exchange monopolies
SG plans to securitise €1.9 billion of derivatives exposure
Deal is said to pay a coupon of 11% for first-loss protection – which some investors say is too low
UBS fixed-income exit highlights difficulties of unwinding
Preparing to unwind
CFTC's 60-second rule will force rejections, FCMs warn
Given a minute to accept or reject trades for clearing, FCMs warn they will err on the side of caution
Liquidity fears temper uncleared margin proposals
Rules see two-way posting of initial margin, but apply threshold of €50 million in counterparty risk
First OTC clearing wave to catch 77 fund managers
List reveals 77 managers have funds that will be required to start clearing on March 11 - and dealers say up to a third are not ready to start
DOL paves way for US pension funds to clear swaps
FCMs and pension funds welcome long-awaited Department of Labour advisory opinion
No exit: The problems facing UBS in its fixed income retreat
The stress of unwinding
Danish and Latvian debt offices move to two-way CSAs
Cheaper swaps prices have convinced two more DMOs to sign collateral agreements
Global margin standards face further delays
Proposals to collateralise non-centrally cleared derivatives could now be subject to further consultation and impact assessment, having missed the original end-of-2012 deadline