Collateral
Benchmarking European repo markets
Sponsored forum: Stoxx
Collateral thinking – The impact of central clearing on insurers’ assets
Sponsored roundtable: BNY Mellon
Nomura books ¥10 billion FVA loss
Japanese bank follows JP Morgan and Deutsche Bank by incorporating funding costs into derivatives valuation
Isda forced to rework year-old standard CSA
Regulation hits key element of landmark collateral contract - but planned revisions will reintroduce settlement risk
The readiness of market community in Europe to report to trade repositories
Sponsored video Q&A: DTCC
Basel leverage ratio may force CSA restructuring
Cash collateral can only reduce derivatives exposure if it matches the currency of the underlying swap, threatening existing CSAs and even the new standard CSA
Interest rate derivatives house of the year: Goldman Sachs
Interest rate derivatives house of the year: Goldman Sachs
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
VAB’s Winter: Collateral rules risk derivatives and liquidity
Regulating collateral
Pension funds and the collateral crisis
Rising interest rates could leave pension funds facing huge margin requirements, creating an acute liquidity crisis
Ucits derivatives use hamstrung by collateral rules
Asset managers call on regulators to amend Ucits rules
Fed discount window could resolve CCP collateral liquidity concerns, say clearers
US regulatory concerns about liquidity of government securities collateral could be resolved by access to the Fed’s discount window, CCP officials say
Bank initial margin posting raises liquidation concerns
Initial fears
Fatca fears reach swaps market
US tax rules could leave compliant foreign firms out of pocket unless swap documentation is amended
5,000 trades: Basel III's magic number squeezes swaps books
There is a magic number in bank capital rules – 5,000 trades – below which portfolios qualify for a lower margin period of risk. Some dealers are now trying to cut their books down to size. Others claim that’s impossible. Joe Rennison reports
Stuck with collateral
Stuck with collateral
Risk USA: BlackRock cuts strategies that rely on liquid markets
New liquidity paradigm caused by regulatory constraints is "here to stay", says BlackRock trading chief
Collateral Manager of the Year – BNY Mellon
Asia Risk awards 2013 winner: BNY Mellon – Collateral Manager of the Year
Banks put ‘lazy’ assets to work in first initial margin agreements
Banks tout 'tremendous' capital savings as Bank of America, Barclays, Citi and other swap dealers start using illiquid assets as initial margin
No plans to change haircuts on US Treasury collateral, CME says
CME Group has no plans to alter haircuts on US Treasury bills, despite some concern that politicians will fail to avert a US default on October 17
36 South warns of consequences of asset price inflation
Squeezing the balloon
WGMR rules create funding complexity for dealers
How long will a client hold a 10-year swap? It could be 10 years – or it could be 10 days – and the answer has big implications for dealer funding requirements
Leverage rumpus: Banks protest impact of ratio revisions
Client clearing, repo markets, credit derivatives – the leverage ratio casts a shadow over them all. But the overarching complaint is that the ratio should remain a backstop, and it’s a point on which many regulators agree. Lukas Becker and Tom Newton…
Risk on the WGMR rules
The WGMR published its final rules on uncleared margin on September 2. Nick Sawyer and Matt Cameron discuss the implications