International Swaps and Derivatives Association (Isda)
Looming Emir deadline prompts race to comply
Hundreds of corporates amend OTC documentation this week, ahead of September 15 portfolio reconciliation deadline – but market participants warn of "massive non-compliance"
IsdaFix faces rival based on swap repository data
New end-of-day benchmark is "much harder to manipulate" than industry standard IsdaFix
Multiple trade repositories cause reporting headache in Asia
A fragmented view
Legal uncertainty over netting in China threatens Shanghai QCCP status
Foreign banks operating in China's OTC markets face punitive capital charges
Singapore's absence from CFTC substituted compliance regime creates uncertainty
Treatment of Singapore-based branches of US firms unclear
Insurers struggling with move to OIS discounting
Lack of consistency in dealer practices means many insurance firms are sticking with Libor discounting for now
People: RBS drops equity derivatives and retail structured products
RBS cuts businesses it saved from the axe last year; O'Connor takes up Isda chairman's role full time; Deutsche's Wayne takes on US forex role; new role for Lipton at Bank of America; Williams swaps Allen & Overy for Milbank
Dealers plan standard margin model for WGMR regime
Fight over margin requirements for uncleared trades is not over, banks vow, but Isda will develop a standard model for use under the rules
US dealers stop trading to avoid breaching China privacy laws
Questions over the ability to report OTC derivatives transactions to trade repositories mean some US dealers have stopped trading with each other
European OTC client-clearing docs arrive after nine-month delay
Complete agreement proved impossible, but participants see new legal template as a good base for negotiations, Isda says
Asian firms not likely to be compliant with cross-border Dodd-Frank on July 12
Many financial institutions in Asia would not be in a position to comply with Dodd-Frank cross-border applications should the CFTC’s exemptive order expire on schedule on July 12
Extraterritorial EU legislation likely to be ‘particularly onerous’ on Asia – Asifma
Extraterritorial aspects of European legislation such as Emir likely to be keenly felt by Asian firms, says Asifma
Australian banks lobby for reduced margin on cross-currency swaps
Current treatment of initial margin on uncleared swaps will cost Australian banks $21 billion
Swap dealers struggle with Isda protocol compliance
Failure to meet deadline for earlier protocol puts banks on the back foot for compliance with next round of rules
Data fragmentation hampers oversight
The G-20 had hoped the reporting of OTC derivatives trades would give regulators an opportunity to spot the build-up of systemic risk. But domestic reporting requirements, a lack of standard data formats and local privacy laws are preventing supervisors…
Bilateral CVA of optional early termination clauses
Bilateral CVA of optional early termination clauses
Editorial: Clearing the way
Banks have focused their attention on central clearing – but trade reporting could prove even more problematic
People: RBS loses global head of FIG
William Fall leaves FIG role at RBS; Deutsche hires London Whale quant; two new directors join Isda board; new clearing role for Wilson at Newedge; Byres to take top job at Apra
Isda AGM: Industry to address negative interest rates under CSA
Industry group will launch a best practice document confirming that negative interest rates apply under CSA
Isda AGM: Electronic trade confirms rising ahead of mandate
Survey finds more eligible OTC trades being confirmed electronically, and fewer trades left unconfirmed
Isda AGM: CCP ‘Armageddon’ could lead to sovereign default, warns HSBC exec
Single bank default could affect multiple CCPs, leading to crippling default contribution for existing members and a chain of bank failures
Isda AGM: ‘Overlapping and contradictory’ global regulation will hamper real economy
The cost of reducing systemic risk is too high for the real economy, says Isda deputy chief executive
Isda AGM: Uncleared margin rules create dangerous distortions, say panellists
New margin rules for uncleared derivatives will distort behaviour and increase systemic risk, panellists say