Clearing
Futurisation facing headwinds as cleared swaps evolve
Panellists at FIA conference say cleared OTC market is holding off futures challenge
Three months left: dealers fret over slow start to Simm tests
Banks "still working like mad" in race to implement standard margin model
Strength turns to weakness for old OTC market
Non-cleared notional falls $36 trillion as costs and complexity grow
Against the tide: why Kiwi banks want to be clearing members
Rising fees and absence of leverage ratio cause some New Zealand banks to consider direct clearing
Emir countdown raises cost questions for the buy side
Firms fear wider spreads, lower liquidity after May 21 frontloading date
Economists question cost benefits of derivatives clearing
New research finds no compelling economic rationale for central clearing
India proposes tough uncleared swap margin rules
RBI underscores India's status as a non-netting jurisdiction
Eurex faces questions on savings from buy-side clearing
CCP rebuffs argument that direct membership model will add to risk
Eurex describes its new ISA Direct platform
Sponsored video: Eurex Clearing
Aussie market clearing well ahead of April mandate
Largest onshore derivatives dealers already caught by US and European rules
Basel plans would weaken leverage ratio
Adoption of 'risk-sensitive' SA-CCR will allow more leverage, argues FDIC vice-chair
Nordic clearing members eliminate Skr288 billion IRS notional
Nasdaq Clearing’s first compression run to be continued twice a year
Blockchain tech for derivatives CCPs – friend or foe?
Distributed ledgers can benefit – and won't replace – CCPs, says Nasdaq Clearing president
Q&A: FDIC’s Hoenig warns on daily settled swaps
FDIC vice-chair on leverage-cutting schemes, TLAC and TBTF
End-users shun ‘broken’ US swap market
Negative swap spreads forcing hedgers to look for alternative instruments
Crying wolf on CVA?
Standardised approach will hit corporates – but it's not clear that capital will jump
Eurex pilots direct clearing for the buy side
CCP predicts 80% reduction in capital charges for banks acting as clearing agents
Eurex margin flaws claimed in Swedish bank collapse case
CCP failed to properly capture vega, strike and wing risk, expert report claims
Why raiding CCPs’ initial margin would be bad policy
A wounded CCP should not have a claim on users’ assets, says hedge fund group
Clearing head Murray quits Deutsche for BNY Mellon
Murray will join BNY Mellon in a senior listed clearing role
Bank names obstruct single-name CDS clearing
Ice is “working through” wrong-way risk issues, may need to revamp auctions
Europe will open gates to US CCPs, says Massad
CFTC adopts substituted compliance for European CCPs; US clearers still waiting on Esma approval
US end-users risk tax hit in move to daily settled swaps
Changing treatment of variation margin could benefit banks, but hurt clients
“Incomplete demutualization” and financial market infrastructure: central counterparty ownership and governance after the crisis of 2008–9
This paper examines risk management governance challenges of the demutualized CCP ownership model and the incentives faced by “incomplete demutualization”, where clearing members remain the ultimate underwriters of CCP default risk.