Articles by Robert Mackenzie Smith
Forex swap margin treatment uncertain ahead of VM deadline
With one month to go, market participants are still unsure how to treat foreign exchange derivatives
EU will stick to March 1 variation margin deadline
US regulators also unlikely to delay as a result, say dealers
Eurex tees up OTC forex clearing with CLS
Net settlement at CLS could slash liquidity risks for CCPs clearing OTC forex contracts
Buy-side firms seek ‘urgent’ VM relief
Two-thirds of firms have not signed any CSAs that comply with the new rules
JP Morgan to join Goldman in opening up risk system
Athena platform – built for JP Morgan's traders – could be available to clients in 2018
Banks seek to standardise cross-currency settlement dates
Talks under way to exchange principal amounts on IMM dates to allow for greater netting
Pricing in the dark: how dealers lost their information edge
Asset managers may have an information advantage over dealers in bond pricing
Banks and clients clash over novation MVA charges
Some banks swallowing new margin funding costs, others forcing clients to pay up
Deutsche Bank loses EMEA clearing head
German bank has seen a string of departures from its clearing business
Mixed views on Dodd-Frank rollback
No need to dump central clearing and electronic trading mandates, market participants say
OTC market resisting swap futures threat
Swap futures yet to break out, but backers see margin, accounting and Citadel as tailwinds
Citadel exec laments fragmentation of US Treasury liquidity
Risk USA: New trading venues decrease price transparency, says Nicola White
Fed adviser defends US Libor alternatives
Risk USA: GC repo and OBFR are still viable reference rates, says David Bowman
Trump victory: market whipsaw could spell exotics losses
Seesawing markets prompt speculation of big losses for structured product issuers
US inflation traders consider swap methodology change
Banks weighing up move to non-interpolated standard to cut capital costs
Clamour grows for US Treasuries clearing mandate
HFT default could destabilise interdealer markets, participants fear
US Treasury: prepare for a post-Libor world
Senior official urges participants to adopt new benchmark
CCPs defend direct clearing models for the buy side
FCMs unsure if direct margin posting will deliver capital savings
How banks weathered the money market storm
Bank funding desks tapped standalone accounts and offshore investors for cash as prime funds slumped
Sterling flash crash leads to market price confusion
Banks set their own sterling/US dollar low 4% higher than some traded rates
Margin rules lead to NDF clearing surge
Banks look to finally clear forex products, but options remain a challenge
Repo traders brace for wild quarter-end
Overnight repo rate expected to widen dramatically on Friday
CME set to clear CMBX index swaps
Product to clear next year amid fears of falling liquidity from new non-cleared margin requirements
Banks warn prime brokerage clients of ‘material’ MVA costs
Some buy-siders reassessing relationships as a result