Michael Watt
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Articles by Michael Watt
CLS wins 'patent troll' Supreme Court case
Market disruption averted as unanimous decision goes in CLS's favour
Standardisation needed in Sef reporting conventions
Sefs agree a lack of clarity on reporting requirements has created an inconsistent and fragmented view of trading activity
Yen volatility drives record turnover, central bank surveys reveal
Volume was up across forex products in the UK and US in April 2013, with nearly $1 trillion traded daily in the US and more than $2.5 trillion in the UK
Libor scandal makes it tougher to hire forex traders
Banks are staffing up for a livelier foreign exchange forwards market, but taint of Libor rigging is limiting pool of new traders
Banks round on LCR approach to derivatives collateral flows
The Basel Committee decided earlier this year to include collateral outflows arising from changes in derivatives values in bank liquidity requirements. Their suggested approach, however, has worried some in the industry. By Michael Watt
Quant Congress Europe: Test models as you build them, says BAML expert
With the 'London Whale' modelling failures still casting a shadow over the industry, BAML model risk head advocates ongoing testing
Bond investors attack design of new Tier I capital
Traditional bond buyers worry about tail risks in CRD IV-compliant capital instruments, but analysts are predicting up to €200 billion of issuance
Eurex warns limiting CCP recovery plans could be "very dangerous"
Clearing houses need flexibility to determine correct course of action, says head of risk at Eurex Clearing
Tucker: Regulators can't "protect themselves from the rest of the world"
Bank of England deputy governor says cross-border agreements can overcome national barriers to resolution
Think locally, act locally: Anger over US plans for foreign banks
The Federal Reserve is planning a radical departure from traditional supervision by requiring the local offshoots of foreign banks to meet US capital and liquidity rules. Overseas banks are furious – and regulators are backing them publicly, amid fears…
EC to fight new US prudential rules for foreign banks, says EBF
EC "very concerned" about capital and liquidity proposals, says chief executive of the European Banking Federation
Double trouble: UK banks face threat of twin ringfences
The post-crisis years have been punctuated by calls for big banks to be broken up. Nothing quite that dramatic is happening, but ring-fencing proposals in Europe – and a de facto fence around foreign banks in the US – are nudging the industry towards a…
Risk Annual Summit: Basel ‘caved in’ on LCR, says German regulator
Bafin liquidity expert tells conference that national concerns and industry pressure caused LCR rewrite
Risk & Return Cape Town: Treasury official calls for clarity on CCP equivalence
Lack of clarity on CCP equivalency leaves South African rules in limbo, says National Treasury's Natalie Labuschagne
Risk & Return Cape Town: Dealers expect deviation from NSFR standard
Bankers say some local markets may be forced to deviate from the NSFR standard – that’s if the Basel Committee decides to go ahead with it at all
Risk Johannesburg: JSE ‘monopoly’ hurts liquidity, says Investec exec
Regulators should open up listed derivatives market by encouraging dealer liquidity pools, algo trading expert tells conference
Risk Johannesburg: OTC data fragmentation prompts concern
South Africa's financial stability head warns it will be difficult to make use of data spread across multiple repositories – but South Africa may still set up its own database for rand-denominated trades
Another RWA, another dollar: Capital pressures prompt questions over pay
Basel III is forcing banks around the world to reduce their risk-weighted asset numbers. Some have set up specific teams to do so, but how will these traders fit into a remuneration system that focuses on revenue generation? By Michael Watt