GARP
Hedge funds could look to bypass UST clearing mandate
New paper argues that repo users might relocate offshore or use other means to avoid US Treasury clearing dragnet
Osttra to launch Treasury clearing middleware
Mid-year delivery expected for system that aids credit checking for repo trades
US block size changes reveal trillions in swaps trading
Fears of information leakage force some large buy-side users to adjust execution strategy
Trump’s tariff threats fuel corporate FX hedging revamp
Treasurers mull options and longer-dated hedges in face of mixed signals on extent and timing of measures
Pension funds’ appetite for long-dated gilts ‘temporary’
Gilt selloff spurs opportunistic buying but the trend is short-lived, say market participants
‘Street Fighter’ Sef RTX grows in interdealer swaps market
Focus on functionality and fees helped volumes on start-up venue from Cawley and Jonns jump fivefold last year
How UBS sold off non-core equity assets at lightning speed
More than 40 auctions have been completed since Credit Suisse acquisition, with a little help from a T-Rex
Housing price diffusion study offers lessons for quants – Bouchaud
Patterns seen in how heat spreads also show up in markets, research shows
HKMA’s renminbi repo plans boost hopes for onshore access
Market participants optimistic that new provisions for offshore repos of onshore bonds is first step towards mainland access
Diversification of LDI liquidity buffers sparks debate
Funds using credit assets to top up collateral waterfall, but some risk managers are sceptical
Bloomberg offers auto-RFQ chat feed – but banks want a bigger prize
Traders hope for unfettered access to IB chat so they can build their own AI-enhanced trading tools
BNY hires Deutsche Bank’s Wu to revamp e-trading
New York-based bank is combining e-FX spot, e-FX forwards trading and strats group
Amazon, Meta and Tesla reject FX hedging
Risk.net study shows tech giants don’t hedge day-to-day exposures
China finalises IM rules but gaps remain
Largest banks and insurers must start posting from 2027, but details for securities houses are yet to appear
Franklin Templeton dethrones MSIM as top FX options user
Counterparty Radar: MSIM continued to cut RMB positions in Q3, while Franklin Templeton increased G10 trades
Lenders scramble to get ahead of Italian fallback mandate
New law requiring robust fallbacks for Euribor will take effect on January 10
FX automation key to post-T+1 success, say custodians
Custody banks saw uptick in demand for automated FX execution to tackle T+1 challenges
Pimco and Vanguard slash FX forwards trading with BNP Paribas
Counterparty Radar: French bank sees its notional with mutual funds halve
Swiss report fingers Finma on Credit Suisse capital ratio
Parliament says bank would have breached minimum requirements in 2022 without regulatory filter
Traders dredge 0DTE data for intraday gamma insights
Firms such as UBS, BofA and OptionMetrics are investing in continuous net options position monitoring
FX options market eyes Trump inauguration trades
FX Markets Europe: Traders turn to short-dated plays on cabinet picks and early tariff actions
New CME guidance to drive tighter margin call management
Clearing house rule clarified to limit the use of grace periods to cases of admin/operational errors only
Critics warn against softening risk transfer rules for insurers
Proposal to cut capital for unfunded protection of loan books would create systemic risk, investors say
Cross-currency letters of credit gaining popularity in Asia
Divergent central bank policies see CNH LCs increasingly used to cover USD invoices