Clearing
CCP stress tests have found capital shortfalls – Esma
Small increases to stress-test scenarios would have left Ice Clear Europe “in material breach”
MUFG launches CDS franchise in US with bet on volatility
Clearing helps Japanese bank branch out into US single names
FCMs demand self-certification overhaul after bitcoin debacle
CBOE, CME rush to list bitcoin futures “felt like an arms race”, says one FCM chief
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
EU lawmaker wants cost-benefit analysis of rejecting a CCP
Hübner says adaptation period may follow decision to deny recognition to non-EU clearing house
Taper talk drives wild swings in JSCC-LCH basis
Difference between pay-fixed yen swap rates at LCH and JSCC neared 16bp before falling 30% last week
A communicative approach to innovative business growth
James Rausch, head of Canadian client coverage and global head of banks, brokers and exchanges at RBC Investor & Treasury Services, discusses how the organisation works alongside clients, leveraging resources and expertise from its other businesses and…
Huge capital savings at stake in STM swaps debate
Estimates show portfolio would generate 250% more capital in worst-case version of new margining treatment
Capitalab joins LCH compression race
Vendor claims it can dramatically improve reduction in notionals by incorporating non-cleared trades
Clearing conundrum – Forging a solution for the bilateral market
Central clearing has had a beneficial effect on the over‑the‑counter derivatives market, but for some products the road to a cleared model has not been smooth. Capital, operational and margin costs of the non-cleared market have increased, while…
Buy-side firms ice repo clearing plans as spreads tighten
Resurgent bilateral market a headwind for services at Eurex and LCH
Review of 2017: All sorts of volatility, bar one
Markets were oddly calm this year, while everything else was in motion
LCH margin changes to ease funding stresses, say FCMs
Clearers welcome move to free up excess cash margin and remedy ‘double-dipping’ complaints
Bitcoin futures pricing kindles manipulation fears
CME and CBOE insist pricing methodology is robust; critics say contracts are ripe for manipulation
China oil future approved, March start targeted, says source
International banks see healthy interest from overseas clients
Fed backtracks on CCAR cleared swaps exposure
Regulator had also postponed plan to feed cleared client exposure into G-Sib rankings
LCH and Eurex extend new swap VM treatment
Three US banks used method to cut swaps assets by more than $300bn in third quarter
Citi and JP Morgan back MarkitSERV rival
Big dealers revealed as first bank clients of swaps start-up truePTS days after legal settlement
LCH hires Goldman MD for rates role
New appointee replaces John Horkan, promoted to group COO last month
JP Morgan urges clients to compress over G-Sib fears
Bank trying to mitigate impact of draft Federal Reserve rule change on clearing business – others are said to be doing the same
Mifid II position limits regime faces non-EU reporting woes
Position reports will contain “meaningless information”, experts warn
Esma downplays fears of LEI logjam
Applications have risen sharply in recent months, but concerns Asia is lagging behind other jurisdictions remain
DTCC set to cut US Treasury clearing fees
Revised fee structure could prompt more firms to participate in clearing