Corporates
Large corporates unconvinced by Emir reporting gift
Corporates ask for opt-out from Emir reporting changes proposed for their benefit
Russian central bank slams ruling in $1bn Sberbank swaps case
Lawyers say shock court judgement in ruble options dispute “puts hundreds of contracts at risk”
Buy side unimpressed with Mifid II cost transparency rules
Clients question value of receiving dealers’ swaps profit margin data
European banks tire of CVA guessing game
Continued political wrangling over Europe’s CVA exemption increases uncertainty for dealers
Japan CVA shift may break local banks’ swaps stranglehold
Introduction of pricing adjustment could see foreign banks compete for corporate business
FRTB will spark rise in basis risk, firms warned
Dealers using standardised approach may be incentivised to push clients towards less precise hedges
IFRS 9 expected to boost options with corporates
New rules limit options volatility in P&L; some hedgers already taking advantage, banks claim
Default risk floors threaten €72bn of RWAs in EU
Risk.net analysis finds PD floor would hit a swath of low-risk corporate loans at the biggest EU banks
MUFG head criticises internal modelling restrictions
Isda AGM: Mitsubishi UFJ Group CEO also sounds warning on sovereign risk weights and CVA
End-users shun ‘broken’ US swap market
Negative swap spreads forcing hedgers to look for alternative instruments
Crying wolf on CVA?
Standardised approach will hit corporates – but it's not clear that capital will jump
Seeking a systemic role
Sponsored Q&A: Banca IMI
European dealers wrestle with corporate CVA changes
Banks say prices already diverging; CDS market could be impacted
Some European banks pricing in Pillar 2 CVA charge
But three dealers say it is too early to know whether corporate CVA exemption will be removed
EBA lacks mandate for new CVA push, critics claim
Move to hike counterparty risk capital has corporate treasurers ‘fuming’
Corporates face 'disaster' on renminbi Tarfs, say traders
Some companies "may run out of cash"; regulators said to be looking at new restrictions
Corporates cheer carve-out from shadow bank label
EBA guidelines dispel fears of limited credit lines to non-financial firms
Banks clamp down on pre-hedging over manipulation fears
Front-running concerns could leave market more exposed to liquidity risk
RMB fall forces Chinese corporates to rethink hedges
Exporters dump forwards; others hedge for the first time
End-users and banks seek radical change to Emir reporting
Corporates willing to write off sunk costs in move to single-sided regime
Illiquidity means some hedges are no longer possible – GE
End-users unable to execute certain trades as dealers retreat, claims swaps counsel
Veolia: taking XVAs by the horns
Veolia's Damien Vancraeyneste, on capping costs and challenging banks’ calculations
Corporates use XVA caps to limit unwind charges
Veolia caps CVA and FVA unwind costs in trades with 10 banks
Corporates fear end to Emir's hedge exemption
Counting all trades towards clearing threshold ‘would be a nightmare’