Credit support annex (CSA)
VM repapering exercise ‘a swing and a miss’
Isda AGM: Banks picked up big bill but few benefits, says UBS ALM exec
Time to talk about settlement risk
Quants are proposing netting or the use of CLS Bank to remove Herstatt risk in margined trades
Dealers crack down on clients with dual netting sets
Pricing adjustments for posting non-cash collateral can run to 100bp
Dealers struggle with VM in non-netting jurisdictions
EU exemptions from margin posting are either hard to obtain or face client resistance
Dealers at odds with Fed on variation margin relief
Significant exposure test should be applied on a gross basis, Risk.net has learned
Variation margin relief sparks swaps pricing disputes
Banks divided over whether to price trades using current CSAs or theoretical new agreements
Hazy guidance causes chaos on first day of VM regime
"We don’t know what the rules are," says one senior banker
Vague VM relief criteria creates trading uncertainty
Banks face lack of clarity on extent of margin rule forbearance
JFSA eases VM rules for cross-border trades
Japanese firms with non-compliant CSAs can trade with certain foreign counterparties from March 1
Regulators relent ahead of VM big bang
Firms with 'significant exposures' must stick to March 1 deadline, however
Japan holds firm on VM deadline as Fed tracks progress
JFSA says no “strong reason” for delay; Bafin and Fed monitor developments
Swiss rate reform set to trigger swap value change
Tois discounting rate set to be replaced in 2018 by Saron, which is 20bp lower
EU will stick to March 1 variation margin deadline
US regulators also unlikely to delay as a result, say dealers
Australian VM relief undermined by backloading rule
Trades entered during six-month transition period will need margin from September 1
Inflation derivatives house of the year: HSBC
Risk Awards 2017: Clearing, CSAs, CLNs, novations – UK bank's inflation business gets lean
Law firm of the year: Allen & Overy
Risk Awards 2017: Law firm played a key role in the struggle to meet the September 2016 margin deadline
Buy-side firms seek ‘urgent’ VM relief
Two-thirds of firms have not signed any CSAs that comply with the new rules
ANZ's CVA loss flags challenge for regional banks
Many smaller dealers thought to be out of step with market practice and new capital rules
VM showdown a clash banks could not win
Clients clinging to hard-won CSA terms, in face of dealer calls for standardisation
Isda touts CSA standardisation in margining countdown
But scale of challenge becomes clear in early tussles between dealers and clients
Docs shock: how dealers are tackling the VM deadline
Scale and complexity of negotiations raise fears many will be unable to trade from March
Isda Amend faces rival in CSA repapering effort
AcadiaSoft to launch new tool in January, but protocol approach attracts wider criticism
VM regime threatens explosion of small margin calls
Transfer threshold designed to avoid small payments is unworkable, critics claim
Netting questions linger in Asia margining rules
Hong Kong set to exempt non-netting trades from margin regime, following Australian position