Articles by Matt Cameron
EU Parliament poised to reject two Esma technical standards on OTC derivatives
Parliament is unhappy with the treatment of corporate end-users, and could require Esma to redraft standards
European swap margin rules won’t be retroactive, says Esma
Trades will not become subject to initial margin rules part-way through their life, rule-making body tells Risk
Huge RPI swaps move catches market flat-footed
Some dealers said to have suffered losses after surprise decision to leave RPI methodology unchanged
OCC denies swaps push-out protection to non-US banks
Foreign banks have until July to push out derivatives activities after OCC guidance repeats Dodd-Frank drafting mistake
Collateral clawback fears leave US pension funds unable to clear
Banks and pension plans are waiting for the US Department of Labor to clarify whether initial margin counts as plan assets
One size fits none: Industry split over futures and OTC holding periods
One size fits none
Member revolt forces SwapClear to revamp margin model
CCP is not collecting enough collateral, member firms say. New model is being reviewed by FSA
Bundle in the jungle: Cut-price OTC clearing threatens competition
Bundle in the jungle
Clearing members fear $5 billion intra-day funding burden
The intra-day funding burden
FSA forces UK banks to assume higher sovereign losses
Behind-the-scenes clampdown sets loss-given-default floor at 45% – and could make UK bonds less attractive
CFTC’s clearing timeline prompts backloading "meltdown"
A re-reading of the CFTC's phase-in rules for central clearing is prompting alarm among buy- and sell-side firms
RIP OTC: Swap futures gaining buy-side fans
RIP OTC: Swap futures gaining buy-side fans
The power behind the throne: CME and the fight for futures market supremacy
It’s the biggest futures exchange in the world, so CME Group naturally has both friends and enemies. Some of its friends are very well connected – and some of its enemies claim this influence has been used to stifle competition, allowing the exchange to…
Final Esma clearing rules too rigid, CCPs say
Regulator has not given clearing houses enough freedom to calculate margin requirements, critics say - and Europe's CCPs may have to charge more for futures than their US rivals
CME’s new swap future uses Goldman Sachs patent
Licensing agreement could be worth up to 20% of revenues from patented contract, and is seen as an attempt by Goldman Sachs to hedge its bets as new rules threaten OTC market profits
Neal Wolkoff: OTC market faces break-up blues
Break-up blues
Industry slams 'unworkable' Esma proposals on indirect clearing
Clearing members would be forced to guarantee trades executed by their clients' clients - on terms the member firms have not agreed
Downgraded banks struggle to find replacement swap counterparties on ABS deals
A number of downgraded banks are required to find swap counterparty replacements for over 300 structured finance transactions – but this is proving difficult, with few candidates willing or able to step in
Errors in CFTC extraterritorial guidance to be amended
A CFTC source acknowledges that inconsistencies in the proposed interpretative guidance on the cross-border application of Dodd-Frank will have to be ironed out
US large exposures rule could stop banks trading with RBS
Federal Reserve proposals limiting counterparty risk could put RBS and the UK government in one pot – potentially forcing US banks to cut exposure to both
WGMR margin rules borrow heavily from US proposals
Working group publishes proposed margin rules for uncleared trades – bringing global rules in line with an earlier US proposal
Prices diverge as CVA exemption remains in limbo
Dealers face pricing headache as they wait to see whether Europe's version of Basel III will exempt corporate customers from the CVA capital charge
CCP recovery and resolution: New tools, but no rules
Apocalypse never?