Clearing
Exchange of the year: Ice
It took Ice six years to find a way into the interest rate futures market. Its arrival - via the $8.2 billion acquisition of NYSE Euronext - will intensify competition in over-the-counter derivatives clearing
Insurance risk manager of the year: Axa
Axa moved early to address lapse risk concerns – now a pressing issue for the French insurance sector – and has also been vocal on regulatory change
Risk management system of the year (bank): Barclays
Hedge fund clients of Barclays can use the bank's own margin calculator to construct their portfolios - while the bank uses it to manage net counterparty exposures. Both sides benefit
Trading OTC may be costlier than you think
Debate continues to rage about the merits of clearing, with some market observers arguing that the benefits of using central counterparties are outweighed by the precipitous costs involved. But such criticisms fail to take the full burden of over-the…
Frontloading fears remain despite Esma guidance
Uncertainty has been narrowed by Esma Q&A, but dealers say they will still face pricing headaches
CFTC guidance means FIA-Isda contract 'no longer needed'
Execution agreements that have taken years of work cannot be used on Sefs - and a big change is needed if they are to survive at all
Australia dealers face Sef time zone issues
CFTC rule poses clearing challenges for dealers whose markets close before clearing operations in London open
Congress could make Dodd-Frank changes in 2014, says Crapo
Democrats and Republicans finding common ground on issues including swaps push-out, says senator
Why collateral research misses the point
There may be an aggregate collateral surplus, but pension funds and other firms that would face big margin calls in a rising-rate environment are not reassured
Review of 2013: Grave new world
From collapsing equity repo rates to footnote 88, and from the leverage ratio to new clearing house liquidity rules, the year has been full of surprises, many of them unpleasant. By the end of 2013, an industry that had seemed to be back on its feet was…
Fear the repo: funds face up to rate-contingent liquidity risks
As interest rates rise, big fixed-rate receivers such as pension funds will all slide out-of-the-money at the same time, potentially triggering huge margin calls. Some are already trying to soften the blow, rather than relying on a repo market that could…
SwapClear to restart compression in leverage boon for banks
Banks hope for leverage exposure relief after interest rate swap clearer fixes clash with CFTC rules
Pooled funds in clearing limbo
Pension funds will not have to clear in Europe until at least mid-2015, but what about the vehicles some use to scale up their hedging transactions? As things stand, lawyers are giving different answers – and the industry wants regulators to clarify the…
Bill Clinton says failure to reform OTC markets earlier was a "real mistake"
Speaking at Sifma AGM, former US president says OTC market should have been forced into collateralised regime before 2008 crisis
FCMs stunned by $1.75 billion client buffer at Credit Suisse
Swiss bank is tying up too much capital in immature business, rivals claim, after new NFA data shows it to be an outlier
CME threatens to flee US as regulators challenge liquidity of US Treasury collateral
US CCPs may need committed funding to count US Treasury collateral as liquid
Pooled fund clearing questions vex CVA desks
Dealers and pension funds still waiting for clarity on whether hedging vehicles are covered by Europe's swap clearing exemption
Clearing of physical FX in China and India a concern, says GFXD’s Ngai
Global forex division managing director David Ngai warns of the challenges associated with centrally clearing physically delivered foreign exchange products
CFTC substituted compliance process not clear enough – Risk.net poll
The majority of respondents to a Risk.net poll say they do not understand how CFTC substituted compliance determinations will be made
Remembering Lehman: CCPs hardwire collapse into models
Five years on from the collapse of Lehman Brothers, the chaos that followed is now being erased from some value-at-risk models – and clearing houses do not agree on how to prop up their margin requirements. By Tom Osborn
Asia Broker of the Year: BNP Paribas Commodity Futures
Strong links with trade finance group mean brokerage clients have access to impressive variety of services
Sef execution agreement requirement angers buy side
Buy-side firms complain about the documentation burden ahead of the October 2 Sef deadline
Resolution planning leaves banks facing subsidiary dilemma
Time management
Custody Risk July–September 2013
Editor's letter