Derivatives
Q&A: EU’s Hübner on Brexit and future of equivalence
Top EU lawmaker discusses improvements to equivalence, contract continuity and clearing relocation
Money funds get S&P green light to buy SOFR notes
After many funds were shut out of first SOFR issuance, agency has now approved new benchmark
EU banks toughen terms for OTC trades – ECB
Credit conditions for SFT and OTC derivatives tightened over past three months
In ongoing drive, Shell slashes debt by almost $8 billion
Gearing ratio down 220 basis points year to year
VM switch shrinks Nomura's balance sheet
Revised treatment of variation margin reduces exposures by ¥247 billion
Oversight row could block EU firms from US clearing – Giancarlo
Europe’s planned post-Brexit CCP reforms “irreconcilable” with US rules, says CFTC chief
Deutsche Bank cuts leverage exposure by 6%
Repo exposures absorb brunt of reductions
Pimco criticises LCH over SOFR plan
Senior official calls on CCP to follow CME and use SOFR for margin interest and discounting immediately
Initial margin – Preparing for the buy‑side ‘big bang’
Video Q&A: David White, triResolve
Ice Clear Europe had a top margin breach of $91 million in Q1
A total nine breaches are reported, averaging $14 million
New frontiers
Innovative investment opportunities are helping to mitigate risk and satisfy Solvency II capital requirements as insurers face continued economic uncertainty. Frederic Morlaye, managing director, insurance and capital management solutions, Global Markets…
Ring-fencing to starve investment banks of deposit funding
BoE data estimates non-ring-fenced banks will have access to just 4% of household deposits
European banks vague on settled-to-market switch
UBS reported a cut in gross derivatives assets and liabilities attributable to STM of Sfr11.4 billion in 2017
VM changes cut billions from US bank swaps values in 2017
Effects on potential future exposure (PFE) mixed
CDS market structure transformed – BIS
Inter-dealer trades have retreated as CCP dominance grows
XVA swings boost US bank trading revenues
DVA change pares down dealers' derivative liabilities
Interest rate ETD open interest soars
Outstanding positions at end-March hit $105 trillion
Asia moves: Citi expands Treadwell’s role, Credit Suisse makes Australian appointments, and more
Latest job changes across the industry
US CVA charges over seven times higher than EU
Huge disparity appears to result from EU exemption for corporate trades
UK derivatives market continues to shrink
Gross market values lowest since December 2007
UK bank derivative balances a mixed bag
Mark-to-market derivative balances with UK entities deteriorate; improve with non-UK firms
Air freight: a new frontier for hedging?
Soaring demand and risk of volatility opens way for air FFAs