Collateral
Custody Risk summer 2012
Read the summer 2012 issue of Custody Risk
The last word: Collateral and CCPs
The leading question
UK utilities face swap counterparty shortage
Bank downgrades could leave many structured finance transactions without acceptable swap providers - a potential nightmare for UK utilities
Corporate trades should not face CVA charge – Risk.net poll
Two-thirds of respondents think trades with corporates should be exempt from Basel III's CVA capital charge
Downgrade doomsday: utilities fear swap dealer shortage
Downgrade doomsday
Isda AGM: Margin regime ups liquidity risk, buy-side firms warned
Collateral demands will be pro-cyclical - rising as markets become stressed - and will be generated by uncleared as well as cleared trades, DE Shaw treasurer tells Isda conference
Isda AGM: Euro crisis drives up collateral, finds survey
Trouble in the eurozone is increasing collateral in over-the-counter derivatives market, according to Isda
Cutting complexity with a new standard CSA
Cutting complexity
Treasurers highlight unintended consequences of regulation
Corporate treasurers complain about the unintended consequences of the proposed financial transaction tax, as well as clearing rules for OTC derivatives
Risk Espana rankings 2012
Light at the end of the tunnel
New regulations could cause $7 trillion "collateral shock"
Trio of rules - on liquidity, clearing and margin for uncleared trades - will hoover up vast amounts of collateral, market participants fear
Ever heard of the WGMR?
Working Group on Margining Requirements is keeping a low profile
US dealers breathe easier as global uncleared margin rules take shape
The extraterritorial scope of US margin rules would have left US banks’ overseas swaps business in tatters, but an international working group looks set to deliver a reprieve by endorsing similar rules
Italy could face more swap terminations
Italian politicians claim Morgan Stanley's swap termination in January will be a one-off - but dealers say Italy's debt office is subject to other clauses that could have the same effect
Guidance on central bank risk management is needed, says BoE’s Fisher
The Bank for International Settlements should provide guidance on best practice for central bank risk management, says the Bank of England’s Paul Fisher
Despite MF Global, firms face weaker OTC safeguards
Segregated thinking
BlackRock tries to renegotiate 'dirty CSAs'
Asset manager seeking to remove collateral optionality - and pricing divergence - from thousands of CSAs
Isda working group close to finalising standard CSA
Latest proposal extends number of silos from five to 17, mirroring approach taken by LCH.Clearnet
Risk awards video: What are the biggest challenges for 2012?
New regulation and the ongoing sovereign debt crisis in the eurozone are named as the key challenges for 2012 by the winners of this year’s Risk awards
CCPs need to provide margin efficiency, says industry panel
Central clearing will place a huge burden on end-users, forcing CCPs to consider how best to create operational and margin efficiencies
CME to launch portfolio margining on interest rate swaps and futures
Dealers will be able to cross-margin interest rate swaps, and eurodollar and Treasury futures, from May
US banks could lose competitive edge in Europe, says EIB
US regulations on mandatory clearing and uncleared margin could put US dealers at a competitive disadvantage in Europe, says EIB
European regulators undecided on initial margin rules for uncleared swaps
Counterparties will have to post variation margin on uncleared trades – but questions remain over which firms will have to post and collect initial margin
New CRD IV draft exempts sovereign trades from CVA capital charge
The latest council draft adds a CVA capital charge exemption for sovereign derivatives transactions – potentially removing one of the big unintended consequences of CRD IV, participants say