News
Embattled utilities increase focus on ERM
ERM remains just a compliance function at many utilities, say consultants
Non-cleared margin transfer rules vex asset managers
Market split on whether MTA applies at the client or account level
Pension funds cautioned on equity-bond correlation
Buy-siders need to plug changes into VAR, say risk managers
Traders blame bail-in for Deutsche CDS jump
Debt subordination behind spread widening from January; CVA desks may need to adjust hedge ratios
Custom models work better for op risks, research finds
Bayesian approach touted for mis-selling and other management failures
Repo traders brace for wild quarter-end
Overnight repo rate expected to widen dramatically on Friday
Europe arrogant to reject capital increase, says lawmaker
Parliamentarian hits back at European Commissioner's criticism of Basel model floors
People: O'Hara departs as Credit Suisse global markets head
Barclays poaches another JP Morgan senior executive; Berman joins Citadel Securities; and Icap hire new regulatory affairs head
CME set to clear CMBX index swaps
Product to clear next year amid fears of falling liquidity from new non-cleared margin requirements
Regulatory fragmentation drives Basel RWA impasse
European Commissioner rejects model floors that US regulators have already imposed
Asset managers sanguine on Deutsche Bank woes
Bank’s troubles seen as unlikely to trigger wider banking crisis
Bank prop indexes threatened by US tax changes
IRS’s Section 871(m) rule places burdensome requirements on non-qualified indexes sold to non-US persons
EU non-cleared margin regime set to take effect in January 2017
EC expected to publish its final non-cleared margin rules on October 4
Banks warn prime brokerage clients of ‘material’ MVA costs
Some buy-siders reassessing relationships as a result
UK repo decline sparks NSFR tussle in Europe
BoE and EC concerned about repo liquidity, but Basel Committee unlikely to budge
LSE forced to rework Curve deal over merger risks
Banks demand LSE use its own cash while awaiting verdict on Deutsche Börse tie-up
Citi loses senior energy traders
Brookes moves to EDF Trading as head of European gas trading
FSB holds too much sway over US regulators, say Republicans
Lew faces questions in Congress over FSB impact on US banks and markets
Large and complex banks face LCR reporting migraine
Repo, collateral and legal entities pose obstacles to liquidity reporting, say panellists at event
Buy-side stress tests ‘not straightforward’ – Irish central banker
Stress tests for asset managers need to be different from those for banks, conference told
Bankers fear confusion over Basel IRRBB disclosures
Differing discount methods and EVE approach will need explaining to investors
Banks under pressure to boost treasury risk oversight
Credit Suisse among banks that have expanded their second line of defence, conference hears
New margin timing rules may pose problems for buy side
Dealers warn clients could struggle to meet incoming T+1 deadline for variation margin
European NSFR ‘will change’, say HSBC and Deutsche Bank
Conference hears claims of an EC change in the treatment of derivatives