Credit support annex (CSA)
OTC infrastructure service of the year: eClerx
Collateral agreements are the foundation of the over-the-counter market. But, sometimes, those foundations are shaky
Derivatives house of the year: HSBC
Derivatives house of the year: HSBC
India private sector banks start signing CSAs
Rising costs and flexible collateral approaches overcome India resistance to CSAs
Fatca fears reach swaps market
US tax rules could leave compliant foreign firms out of pocket unless swap documentation is amended
The law of one price is gone
Sponsored statement: Absa
WGMR 8% collateral haircut unlikely to apply to variation margin
Regulators suggest WGMR haircut will not apply to variation margin, reducing the threat to the viability of the standard CSA
UK insurers recoupon interest rate swaps in bid to enhance yield
Unwinding in-the-money swaps to release cash for investments and collateral management
Profile: Network Rail sings the praises of two-way CSAs
Getting there
Time to come clean on credit support annexes
Sponsored feature: Royal Bank of Scotland
Lack of CSAs restricts forex hedging options for Australian institutions
Returns for hedging via long-term cross-currency swaps are attractive, but few are able to do so because of the lack of credit support annexes in place
Goldman and the OIS gold rush: how fortunes were made from a discounting change
As the Street adapted to overnight indexed swap discounting, some desks are said to have booked profits running into the hundreds of millions of dollars – earning grudging praise, or just grudges, from their peers
Cutting Edge introduction: The collateral currency convexity problem
The collateral currency convexity conundrum
Collateral convexity complexity
Collateral convexity complexity
Isda AGM: Industry to address negative interest rates under CSA
Industry group will launch a best practice document confirming that negative interest rates apply under CSA
Uncleared margin rules could hold back new CSA adoption
New proposals on the margining of uncleared derivatives trades could dampen take-up of the standard CSA
New standard CSA could be hurt by WGMR rules
Some dealers have started trading under the standard credit support annex, but a requirement in new uncleared margin rules could subject many trades to a haircut, potentially causing a re-think. By Matt Cameron and Nick Sawyer
No exit: The problems facing UBS in its fixed income retreat
The stress of unwinding
Danish and Latvian debt offices move to two-way CSAs
Cheaper swaps prices have convinced two more DMOs to sign collateral agreements
A year of market movement and trading opportunities
Sponsored forum: US inflation derivatives
Insurers look to negotiate CSAs ahead of new clearing rules
Support structures
New standard CSA to launch before end of the year
New standard CSA aims to reduce valuation disputes by eliminating the embedded optionality that exists in the current document
In defence of FVA – a response to Hull and White
In defence of FVA
Traders close ranks against FVA critics
Traders v. theorists