Custody risk
Esma blames repositories for OTC reporting delay
Esma unable to approve repositories for new regime because applications are incomplete, regulator says
Industry ‘won’t bother’ with one-time rehypothecation
Critics say a limited provision in new WGMR rules for dealers to rehypothecate client collateral is impractical and offers no benefit to clients
Looming Emir deadline prompts race to comply
Hundreds of corporates amend OTC documentation this week, ahead of September 15 portfolio reconciliation deadline – but market participants warn of "massive non-compliance"
IsdaFix faces rival based on swap repository data
New end-of-day benchmark is "much harder to manipulate" than industry standard IsdaFix
Custody Risk July–September 2013
Editor's letter
Depositories ponder size of capital requirements for AIFMD liability
Capital punishment
Custodians see global assets rise an average of 9.6%
Safety remains the key concern of custodians keeping nearly $110 trillion in assets in Custody Risk's 2013 Global Custody Survey
WGMR rehypothecation rules unclear and confusing, say lawyers
Final WGMR rules allow collateral on uncleared derivatives to be rehypothecated under strict conditions, but lawyers say they are unclear on how the rules will work in practice
Legal uncertainty over netting in China threatens Shanghai QCCP status
Foreign banks operating in China's OTC markets face punitive capital charges
BBH disappointed burden of proof reversed in AIFMD
Quotes of the quarter
The future of custody
Sponsored statement: Credit Suisse
Custody Risk European Awards nominations open
The Custody Risk European Awards (formerly the ICFA European Awards) are recognised as the most prestigious in the securities servicing industry and identify the best companies in custody, fund administration and technology.
European CCP rules stricter than US, says Eurex Clearing chief
Thomas Book, chief executive of Eurex Clearing, says it remains to be seen whether the standards for central counterparties set in Europe will be matched around the globe
Citi heads mandate wins with £10 billion Nationwide appointment
Citi picked up a £10 billion custody mandate from Nationwide Building Society while RBC and BNY Mellon also registered major wins
KfW justifies exemptions from Emir
German government-owned development bank KfW managed to win an exemption from clearing and margin requirements under European derivatives regulation - a benefit not extended to its peers. Luke Clancy asks why
Clearstream COO: T2S will help plug Basel III capital hole
Mathias Papenfuss, chief operating officer of Luxembourg-based international central securities depository Clearstream and board member of its German central securities depository, tells Luke Clancy the Target2-Securities project has potential to help…
Leverage ratio changes threaten European clearing model, industry warns
Proposed revisions appear to catch back-to-back trades that are used to get exposure into European CCPs
CCP regulation needs to be regional, not national: SGX
SGX head of clearing risk urges greater cooperation among region's regulators
WGMR exemption for FX swaps and forwards expected imminently
Final rules on margin requirements for non-centrally cleared derivatives are expected within weeks, including a long-awaited exemption for forex swaps and forwards
DTCC announces executive management shake-up
The Depository Trust & Clearing Corporation has announced a shake-up of its executive management team
Single-name CDS clearing held up by fears over SEC regime
Temporary rules for portfolio margining by clients are set to expire in December. Hedge funds say they will stay on the sidelines until they know what happens next
CME default fund contributions likely to rise following CFTC move
A change in CFTC rules could lead to clearing members having to increase default fund contributions at CME and other US CCPs
HMRC grappling with impact of UK bank levy on clearing
HM Revenue & Customs "does not wish to discourage" client clearing business, which is caught by UK balance sheet tax