Clearing members
A floored plan: Europe’s CCP recovery rules draw fire
CCPs and clearing members both unhappy with proposed allocation of non-default losses
JSCC margin changes ease Japan interest rate pain
Negative rates prompted switch in the CCP’s margin calculation model for interest rate swaps
US clearing banks still push for leverage ratio IM offset
Potential cut in ratio and adoption of SA-CCR not enough to stop shake-out, FCMs warn
FCMs warn EU client-clearing rules could increase risk
Emir review calls for clearing access to be 'non-discriminatory' - might mean banks have to take risky clients
FCMs demand self-certification overhaul after bitcoin debacle
CBOE, CME rush to list bitcoin futures “felt like an arms race”, says one FCM chief
CCPs should pay twice into default waterfall, say researchers
Chicago Fed paper calls for contributions before members’ capital is tapped and after it is depleted
Europe leaves IM haircutting in CCP recovery crosshairs
No explicit ban in parliamentary text; banks say method could spark exodus from stricken CCPs
LCH plans to let banks clear self-referencing CDSs
Move will facilitate index arbitrage trades and put CDSClear one step ahead of rival Ice, note FCMs
LCH and Eurex extend new swap VM treatment
Three US banks used method to cut swaps assets by more than $300bn in third quarter
CCPs say central bank access needed to avoid liquidity crisis
Uniform access to deposit accounts and overnight liquidity vital, say market participants
CCPs and banks at odds over custodian losses
Market participants do not see eye-to-eye on loss sharing in the event of custody bank failure
Quantile, TriOptima face off in cleared swaps compression battle
Vendors both unveil new means for clearing members to crunch cleared rate swap notionals
Leaked EU doc could shield legacy swaps from clearing grab
Council paper being debated today sets terms for swaps clearing landgrab
CCP margin backtests can hide flaws, research finds
In richer test, ‘filtered’ VAR beats five other measures
Banks win concessions in battle over CCP margin models
European Commission proposal would shine light on clearing house margin charges
Giancarlo: SLR change would cut clearing capital by 70%
Isda AGM: netting of clearing collateral would boost activity without weakening banks, claims CFTC chair
MEP: Basel too slow to deal with clearing capital clash
Isda AGM: Swinburne criticises Basel’s lethargy on clash between leverage and clearing rules
Fear of something worse seen as key to CCP recovery
Forcing banks to pick up defaulted trades is “viable option”, says Fed researcher
Buy side may have to take on CCP losses – FSB’s König
Exempting ailing banks from CCP wind-up process could force wider allocation of losses
Regulators may consider portability in CCP fire drills
BoE, BaFin and CFTC move signals concern over whether client positions can be moved between banks in a crisis
Start-up looks to break swaps clearing bottleneck
Sernova promises everything an FCM can do – apart from taking risk
Clearing portability under threat as FCM pool shrinks
Failure of big clearing brokers could see clients unable to move to stable competitors
CME’s European CCP to lower rates default fund burden
Firm hopes move will entice smaller players to join rates clearing service