News
Ukraine war exposes risks in ‘naive’ ESG investing
Quants say funds have underperformed and will not aid transition to net zero
CFTC chair defends under-fire crypto bill following FTX debacle
Proposed legislation addresses many of the issues that led to FTX’s failure, Behnam tells Congress
European exchanges warn on ‘damaging’ TTF price cap
EEX and Ice warn of widespread distortion as ECB prepares to assess financial stability impact of proposed cap
Leaked EC clearing proposal leaves question mark over LCH
UK CCPs expected to secure equivalence, but “vague” active accounts mandate sparks fears
HKD de-peg bets gather steam
Options struck outside permitted band grew this year, with some dealers recycling flows via structured products
FTX failure resets US crypto legislative programme
Lawmakers expected to seek stronger customer protection; industry wants flexibility for DeFi
Regulated firms warn against crypto market lockout
Onshore participants urge regulators to bring cryptocurrency trading out of the ‘shadows’
CLO equity investors stung by Libor basis
Growing mismatch between one- and three-month tenors slashes payouts by a third
EC urged to reconsider TTF price cap
“Heated” discussion among European energy ministers throws planned safeguards into further chaos
Climate risk managers debate role of client transition plans
Banks hope for guidance on whether to include changes in client behaviour in long-term scenarios
GFMA mulls FX determinations committee
Creation of CDS-style board is one option on the table for managing forex market disruption events
FCA proposes using CME’s term SOFR for synthetic US Libor
IBA agrees to use rival’s ARRC-endorsed benchmark to avoid bifurcating the market
Fragmented rules muddy Asian FRTB implementation
Banks and vendors warn risk factor data may not be usable across different jurisdictions
Voluntary carbon markets go back to basics
Fledgling market is still debating fundamental concepts, but experts remain hopeful about its ultimate utility
Concern over sluggish adoption of ESG futures
While the number of products is on the rise, very few have underlying liquidity
CME eyes retail growth with new weekly FX options
Exchange hopes to capture massive demand from the sector
Why the search for cheapest-to-deliver bonds just got harder
Interest rates uncertainty triggers bargain hunt among futures traders
PTFs call for reform before Treasuries clearing mandate
Non-banks warn all-to-all trading relies on requiring dealers to accept ‘done away’ trades
Capitolis cuts workforce by 25% as bear market bites
Recent senior hires including James Kibbe and James Reilly are among the departures
Stick or twist? CME retains FCM application
Even though FTX has withdrawn its application, the exchange still plans to take on FCM business
World Omni ditched term SOFR tranche in latest ABS
Toyota deal drew ARRC’s ire, but some bankers still see a case for using term SOFR in auto ABS
SEC, Treasury warn against zero haircuts for Treasury repos
Gensler and Liang say more conservative treatment of hedge fund trades is desirable
FVA hedge omission from FRTB set to cause headaches
Lack of carve-out for market risk hedges could create hedging issues, experts say
Treasury clearing will drive up trading costs: BofA exec
Rates co-head warns SEC proposal could squeeze smaller dealers out of Treasury market