News
Top 10 op risks 2023: regulatory risk jumps sharply
Cyber and third-party risks also rise, along with concerns around data management and execution errors
Swaps market braces for $60 trillion Libor conversion
Staggered timeline should smooth transition, but scale of the switch still presents challenges
StanChart is first non-Chinese bank to trade onshore CGB futures
China selects UK bank in first step to opening up its government bond futures market
MTS and WeMatch combine to launch euro swap MTF
New venue to start as interdealer but will soon take on Tradeweb in the dealer-to-client market
US insurance regulators move to kill CLO arbitrage
Capital charges on collateralised loan obligations will be model-based after 2024
An uphill climb to T+1 settlement
The SEC is pushing an aggressive schedule for faster settlement of equities and corporate bonds
Penny stock case may hold key to SEC dealer definitions push
Court ruling could set precedent for legal battles over controversial proposal
Ion in the fire: three banks call in lawyers after hack
Banks are examining service-level agreements for possible breaches
Managers want power to cut hedges after UK LDI crisis
Pensions trustees baulk at requests for right to reduce exposure to LDI funds “carte blanche”
Time running out for UK pension clearing exemption
UK Treasury still silent on pension fund carve-out despite current reprieve expiring in four months
PBoC releases draft rules for Swap Connect
Foreign access to onshore CNY swaps limited to interbank bond market users, while Isda docs aren’t ruled out
Foreign banks set to boost onshore Korean won trading
Plans for longer trading hours and more open interbank FX market will stoke KRW hedging demand
Esma still waiting for Indian response to proposed CCP deal
EU regulators deny responsibility for dispute; will not initially enforce clearing ban
Pension funds may sue managers ‘for making hedging a liability’
Finger of blame for LDI crisis is also being pointed at fiduciaries and even the schemes themselves
Fixed income ‘big 3’ tap Finbourne for EU consolidated tape bid
Bloomberg, Tradeweb and MarketAxess select tech partner to jumpstart cash bond tape ambitions
G-Sib rules can’t assess regional mergers – UST official
Steele calls for domestic framework to weigh risks from large second tier banks
Mystery upstarts crash Robinhood’s retail options party
SEC filings hint at wider shake-up in wholesale options market-making
Dealers eye benefits of ‘on-chain’ FX
Automated market-makers are already used for EUR/USD trades – now can they tackle settlement risk?
Crypto gets to grips with interest rate swaps
New derivatives provide synthetic access to staking yields and are being used in structured products
ECB promises ‘proportionate’ approach to interest rate risk
But banks still fear regulatory and investor response if many are classed as outliers
NY Fed paper warns of systemic risks from SOFR credit lines
Stress tests need to account for credit facilities being “drawn to the limit”, says Stanford’s Duffie
People: Credit Suisse’s FX revamp; Barclays hires co-heads; and more
Latest job changes across the industry
Asia moves: Senior hires at Natixis CIB, Citi and more
Latest job news from across the industry
Ion: after the hack, the clean-up
Some clients now using Ion systems again, but synchronising data with CCPs could take days