International Swaps and Derivatives Association (Isda)
G14 dealer group adds two members
Nomura joined the group at the end of August, while Crédit Agricole is expected to join in the first quarter next year - in part a response to regulator criticisms that the group had become too exclusive
Riccardo Rebonato quits RBS for Pimco
Ex-head of front-office risk management and quantitative research will join Pimco on December 1 as head of rates and FX analytics
Pickel replaces Voldstad as Isda chief executive
Bob Pickel reappointed Isda chief executive, replacing Connie Voldstad, who will stay on as special adviser to the board
Risk.net poll: G-20 will not meet deadline for OTC derivatives reforms
The vast majority of respondents to a Risk.net poll do not believe G-20 members will meet the end-2012 deadline for all standardised OTC derivatives to be cleared through CCPs
Illiquidity holding back CCDS, despite Basel III endorsement
Basel III allows contingent credit default swaps (CCDSs) to be used as a mitigant when calculating credit value adjustment. Advocates of CCDSs hope that will give the market some momentum – but others say the product will continue to suffer from a…
CVA desks to keep buying sovereign CDSs – even if they never pay out
Even if CDS contracts are not triggered in Greek restructuring, Basel III's CVA charge ensures the market will live on - but episode raises fresh questions about design of capital framework, dealers say
HK regulator clarifies extraterritorial impact of OTC derivatives rules
A senior official at the Hong Kong securities watchdog says some exceptions are likely to be made to proposed new extraterritoriality rules on mandatory clearing and reporting OTC derivatives in Hong Kong
Hong Kong to start OTC derivatives clearing and reporting in January 2013 – HKMA's Lau
Hong Kong will “tentatively” introduce centralised clearing and reporting for OTC derivatives in January 2013, said Edmond Lau, HKMA executive director, at the Isda Asia-Pacific Conference 2011
Isda: Inconsistency among regulators worrying
Dodd-Frank's extraterritoriality and supervisory focus on market structure reforms that will not deliver systemic risk reduction are concerns, says Isda chair Stephen O’Connor
Standard CSA: Industry's solution to novation bottleneck gets nearer
New CSA, new challenge
Clearing of Chilean NDFs hampered by netting uncertainty
The Central Bank of Chile has the authority to stop financial institutions netting down their transactions, which participants fear might prevent central counterparties from being able to clear contracts denominated in the Chilean peso
Delayed Basel trading book review will be broad, say supervisors
Basel Committee is expected to consider wide range of topics, including VAR, liquidity, CVA and the line between banking and trading books - but overall capital requirements are not likely to change
Basel 2.5: regulators still wrestling with Dodd-Frank clash
Barriers to Basel
FIA-Isda group runs rule over Sef credit check plans
The OTC market still does not know how to provide certainty that a trade will be cleared - but an FIA-Isda meeting in New York gave attendees a chance to look at what is on offer
Non-bank commodity traders should adopt Fed letter commitments, says BP executive
BP's Alan Haywood says non-banks need to consider Fed letter commitments for the good of the industry
Canadian OTC derivatives repository unnecessary, say market participants
Critics argue a Canadian OTC derivatives repository would lead to fragmented and inconsistent data
The Fed commitment letter process is alive and well, say Isda panellists
FSA's Bailey says the commitment letter process is better for firms than having the regulator "kicking over their books"
CCP interoperability not achievable in near term, say clearers
CCP interoperability will not resolve fragmentation in the OTC markets, say panellists at Isda Europe conference in London
ICB bail-in proposal revives CDS fears
CDS contracts would not trigger in the event a bail-in bond is written down, say lawyers – threatening their use as a hedge
Give-up agreement can survive CFTC attack, Isda event told
Despite a CFTC proposal that attacks an industry clearing document, the core of the text can survive, says lawyer at Isda's New York conference
Isda to review close-out value definitions
Absence of a standard approach is stifling attempts to value termination clauses, dealers complain
People: Citi ramps up listed and OTC clearing
Citi ramps up listed and over-the-counter clearing
Obstacles facing dealers' dream of a global OTC data repository
The database race
CFTC proposals leave cloud over FIA-Isda clearing contract
Grey skies over give-ups