Clearing
Banks voice fresh concerns over CCP non-default losses
Dealers could face cash calls to recapitalise an ailing CCP that suffers a critical non-default loss under FSB proposals
Banks seek to pry open CCP black boxes
Clarity on model inputs may have averted Brexit chaos, FCMs claim
Clearing house innovation of the year: Nodal Clear
Risk Awards 2017: Bold decision to ditch VAR in favour of expected shortfall pays off
OTC client clearer of the year: Citi
Risk Awards 2017: FCM makes its voice heard as business booms
Indirect clearing rules too demanding, warn EU regulators
EBA and Esma call for clarity on capital relief for exposures to clearing members
People moves: Citi axes second Asia-Pac clearing head in 18 months
Deutsche loses Asia head of global markets; StanChart hires HK chief; new Singapore head for Credit Suisse; and others
LCH to clear single-name CDSs for US clients
Paris-based CDSClear already in discussions to onboard its first US FCM
Ice hires ex-Barclays OTC clearing chief in rates push
Ex-Barclays and Lehman banker Ray Kahn joins exchange group to focus on interest rate derivatives business
Why liquidity risk is the silent clearing killer
A quant paper shows feedback effects can amplify CCP margin requirements in stressed markets
European energy clearing stalls amid conflicting rules
Energy trading volumes continue to rise in 2016
European buy-side firms face clearing crunch
Large buy-side firms will be subject to Europe’s clearing mandate from December 21, but their smaller peers risk being left behind
Deutsche Bank loses EMEA clearing head
German bank has seen a string of departures from its clearing business
Dealers urge further clarity on rules for ailing CCPs
New European rules stop short of defining resolution triggers
Banks and CCPs clash over non-default losses
Banks balk at being on the hook for losses from investments or cyber attack, but many clearers say the risk should be shared
CCP default risks not correlated, CFTC finds
Timothy Massad: stress tests reveal “quite a bit of diversification” in CCP exposures
EEX futures contract triggers margining spat
Rivals criticise use of lower margins in marketing push
A referendum on clearing
Brexit margin calls show swaps CCPs are relying on funding strength of a handful of banks
Huge Brexit margin calls stoke intra-day funding fears
Calls on June 24 may have topped $40 billion; critics urge regulators to review episode
Custody Risk announces shortlist for Global Awards 2016
Shortlist for the Custody Risk Global Awards 2016 is published
FSOC focuses on non-cleared trades in buy-side Sifi debate
CFTC chairman sees ‘very important distinction’ in cleared versus uncleared trades
CCPs defend direct clearing models for the buy side
FCMs unsure if direct margin posting will deliver capital savings
Asset managers lead the charge for voluntary clearing
Voluntary clearing volumes jump 80% as non-cleared margin rules take effect
Margin rules push interdealer inflation swaps to clearing
Traders say 95% of the market now cleared, compared with 10% a month ago
SGX to charge negative interest to clearing members
Excess euro and yen cash deposits expected to generate 20–40bp charge