Collateral
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
Despite MF Global, firms face weaker OTC safeguards
Segregated thinking
More sovereigns edge towards two-way CSAs - and clearing
Towards two-way CSAs
Lsoc should not be introduced for futures, CFTC hears
Lsoc is 'not fit for futures'
Margin rules for uncleared FX rest with regulatory working groups
Regulators must adopt a calibrated approach to mandated collateral so that short-dated FX swaps and forwards are not caught up in the rules unnecessarily, argue market participants
Danish and Latvian debt offices weigh two-way collateral
The costs of transacting swaps with one-way CSAs mean more debt offices could join Hungary, Ireland, Portugal and Sweden
Futures markets could get OTC-style safeguards
Futures market participants expect tougher - and more expensive - collateral protections to be introduced as a result of the MF Global debacle, and the CFTC is ruling nothing out