Custody risk
CCP stress testing gets real
Quants propose technique to generate effective, plausible CCP stress-testing scenarios
LCH users weigh early exit as fears grow of EU ban
Two CCPs report interest from LCH customers; banks expect first book transfers in early 2018
Monthly swaps data review: analysing CCP and Sef volumes
Data shows strong growth at LCH and JSCC, while OIS products surge
BNY Mellon’s Neal on funding, liquidity and collateral
Markets head Michelle Neal says firm has “big responsibility” after JP Morgan’s tri-party repo exit
Funds call for delay to SEC’s ‘nebulous’ liquidity rule
Industry groups say monitoring tools are six months from ready
Bailout obsession holds back US CCP resolution regime
Dodd-Frank leaves legal uncertainty, but proposed alternatives could be even worse
Large corporates unconvinced by Emir reporting gift
Corporates ask for opt-out from Emir reporting changes proposed for their benefit
Twin member default would hit up to 23 CCPs
New FSB analysis reveals interdependencies of clearing system
CCP margin backtests can hide flaws, research finds
In richer test, ‘filtered’ VAR beats five other measures
BoE warns of potential disruption to clearing business for EU firms
Fragmentation of market-based finance could raise costs and risk for EU and UK companies
Fed weighing VM capital cut for cleared swaps
Powell implies support for practice that saved UBS $300m in capital
LCH limits substitution to tackle quarterly collateral flight
CCP clamps down on bond-for-cash switches driven by reporting and quarter-end repo spikes
ECB requests powers to regulate CCPs
Brexit heightens concern over importance of central counterparties
US dealers wade into European CCP relocation debate
CFTC hearing warns of increased margining costs and a pre-Brexit client onboarding crunch
SEC liquidity rules may trigger forced sales, funds warn
Investors may be forced to sell illiquid assets in a crisis to avoid compliance breaches
CME to pass on Ice CDS administration charges
Clearing house to hike CDS index trade fees from July after Ice’s determinations committee takeover
DTCC’s $74 billion liquidity charge riles members
Some firms may stop clearing US Treasury trades if the CCLF is implemented
R3 claims progress on smart contracts standards
DLT consortium under pressure to show cohesion after JP Morgan departure
US Treasury’s leverage fix tipped to boost repo market
US Treasury plan to exempt US government bond exposures expected to help struggling market
ECB and Esma would call shots on euro clearing
Proposals give central bank and regulator the power to bar biggest third-country CCPs
Is it $5bn or $77bn? Data enters the euro clearing row
Eurex set to challenge LCH estimates of clearing relocation costs
EU rules delay sparks fears over indirect clearing
CCP members must offer new arrangements for exchange-traded derivatives in January 2018
Doubts plague Emir reporting clean-up
Industry still advocates single-sided reporting as a way to improve EU swaps data quality
LCH set to launch repo client clearing service
Project will allow buy-side firms to access CCP through sponsor banks in coming months