Futures commission merchant (FCM)
FCMs warn CCPs not to compete on margin
Equity moves in February exceeded margin posted against some cleared products
US clearing banks still push for leverage ratio IM offset
Potential cut in ratio and adoption of SA-CCR not enough to stop shake-out, FCMs warn
Fed backtracks on CCAR cleared swaps exposure
Regulator had also postponed plan to feed cleared client exposure into G-Sib rankings
Mifid II position limits regime faces non-EU reporting woes
Position reports will contain “meaningless information”, experts warn
Banks prepare for battle with Fed over G-Sib rules
Proposals would kill client clearing business, FCMs claim – but postponement is a chance to fight back
Fed postpones G-Sib capital change
Industry reprieve granted on proposal that threatens $10 billion capital increase
CFTC commissioner wants say over bank capital rules
Inability to influence SLR is “incredibly frustrating”, says Quintenz
Dealers blame US futures IM dip on low vol
CFTC data shows required initial margin down 15% since start of 2017
Fed G-Sib plan threatens 50bp jump in FCM capital
Banks rail against proposals that would scoop up $46trn in cleared trades
Banks win concessions in battle over CCP margin models
European Commission proposal would shine light on clearing house margin charges
Giancarlo: SLR change would cut clearing capital by 70%
Isda AGM: netting of clearing collateral would boost activity without weakening banks, claims CFTC chair
MEP: Basel too slow to deal with clearing capital clash
Isda AGM: Swinburne criticises Basel’s lethargy on clash between leverage and clearing rules
CFTC counsel warns of threat to clearing portability
Leverage ratio seen as biggest impediment to porting client positions
CCP chiefs warn on clearing provision capacity
Ice and LCH question whether direct buy-side clearing models can alleviate capital crunch
Regulators may consider portability in CCP fire drills
BoE, BaFin and CFTC move signals concern over whether client positions can be moved between banks in a crisis
Start-up looks to break swaps clearing bottleneck
Sernova promises everything an FCM can do – apart from taking risk
Clearing portability under threat as FCM pool shrinks
Failure of big clearing brokers could see clients unable to move to stable competitors
Banks seek to pry open CCP black boxes
Clarity on model inputs may have averted Brexit chaos, FCMs claim
Clearing house of the year: LCH
Risk Awards 2017: CCP enjoys stellar year for volumes, and demonstrates willingness to adapt following Brexit stresses
Why liquidity risk is the silent clearing killer
A quant paper shows feedback effects can amplify CCP margin requirements in stressed markets
EU net margin rules are riskier than US regime, warns CFTC
Commission’s Bandman raises margin financing as emerging systemic risk to CCPs
Barclays loses top clearing exec
Industry has seen string of departures from senior clearing roles over past year
Emir countdown raises cost questions for the buy side
Firms fear wider spreads, lower liquidity after May 21 frontloading date
Basel Committee to amend leverage ratio calculation
CEM to be ditched, but regulators still considering treatment of client margin