Futures commission merchant (FCM)
CFTC’s cross-border clearing plan faces long haul
US clients warned not to expect access to foreign exempt CCPs for at least a year
Nasdaq slow to share defaulter info with peer CCPs
“Why didn’t you tell us earlier?” other clearers want to know
Spotlight on auction in €114m Nasdaq clearing blow-up
Four-member auction may have turned 39% margin breach into huge default fund loss
Morgan Stanley FCM gains ground in Q2
Share of required client margin increases to 19% at end-June
Swaps end-users struggle for clearing access – survey
Thirty of 44 derivatives end-users cite difficulties finding and maintaining access to CCPs
Dealers and FCMs split on clearing incentives
72% of client clearing firms say leverage ratio a clearing disincentive
Citi fastest growing FCM; Credit Suisse loses ground – CFTC data
Citi grows client margin 36% in year to end-April, Credit Suisse shrinks 16%
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