Robert Mackenzie Smith
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Articles by Robert Mackenzie Smith
Libor transition raises basis risk fear
Shift to secured benchmark could cause dislocation between bank funding and lending rates
Fed adviser denies plan to ‘euthanise’ Libor
IBA agreement to keep the benchmark alive would be welcomed but comes with risks, says Bowman
New DTCC fee structure could lure non-bank traders
US regulator approves proposal targeted at government securities business
trueEX sues 11 banks over swaps ‘conspiracy’
Platform alleges market-makers acted to preserve dominance of bank-owned Tradeweb
Buy side frets over fallbacks in ‘zombie Libor’ scenario
Firms say any future plunge in number of Libor contributors should trigger switch to fallback rate
Some banks open to committing to Libor post-2021
At least two houses concerned about risks of transitioning to alternative rates
Foreign banks in US wary after funding costs rise
Following jump in Libor/OIS spread, many US entities continue borrowing from parents
CME has chance to rule US rates after Nex deal
Market expects exchange to unite bond, repo, futures and swaps clearing – eroding grip of banks and DTCC
LCH and CME to start clearing SOFR swaps in third quarter
Scramble to offer clearing aimed at cutting clients’ margin and capital costs
US swap rate failed during volatility rout
The Ice swap rate was not published on February 6 due to a lack of electronic prices during equity turmoil
Funding changes break cross-currency, Libor/OIS link
Tax reform and Treasury issuance focuses bank US dollar funding pressures onshore
Libor administrator prepares to cut number of rates
Action aimed at keeping Libor going after 2021, says head of Ice Benchmark Administration
US swap trading overhaul may reinforce market split, users warn
New rules on trade execution likely to halt any unifying shift of liquidity to order books
Tullett Prebon and the mystery Clob
How tpSef quietly kept voice broking alive in a regime designed for e-trading
CFTC set to partner with SEC on CDS supervision
Move could open the door to single-name clearing mandate, say experts
Libor concerns prompt switch to Sonia swaps
Move by some UK LDI managers has steepened Sonia-Libor basis
FCMs warn CCPs not to compete on margin
Equity moves in February exceeded margin posted against some cleared products
LCH, CME or OTC? Forex traders weigh their options
Bilateral trading costs bite but dealers lukewarm on both firms’ plans for forex options clearing
Isda’s O’Malia: back-office costs are ‘killing’ swap dealers
Banks set to begin testing Isda’s common domain model for trade lifecycle processes
MUFG launches CDS franchise in US with bet on volatility
Clearing helps Japanese bank branch out into US single names
Game of Sefs: Tradeweb topples Bloomberg
Buy side’s desire for lighter-touch trading of interest rate swaps propels Tradeweb to top spot by volume
Citi and JP Morgan back MarkitSERV rival
Big dealers revealed as first bank clients of swaps start-up truePTS days after legal settlement
Buy-side firms doubt SEC initiative will fix bond markets
Despite increased electronic trading, liquidity worsening in some corporate bonds