Futures commission merchant (FCM)
Who will be the dummy in CCP crash-tests?
Clearing houses, banks and regulators could all be caught in the wreckage
CCP stress-test rifts emerge as review gets underway
Banks, clearing houses and regulators all divided on question of standardised tests
Nomura, JP Morgan and BNPP lose clearing execs
McCormack, Serafini and Dixon depart; SG shakes up global markets team; Piterbarg joins Rokos
No quick fix to leverage ratio stance on margin, banks told
Regulators to address capital hit via standard on segregation – but not before 2017
CFTC steps up enforcement of data reporting violations
Agency “much more aggressive” in fining firms for reporting errors, say lawyers
Nomura reviews viability of swaps clearing business
OTC clearing service in Europe and US may face the chop
In-depth introduction: Clearing incentives
Price hikes at Goldman Sachs show how much pressure FCMs are under
Goldman hikes clearing fees by 75bp as leverage ratio bites
New fee structure amounts to a fourfold increase in some cases
Unclear incentives: do capital and margin rules support CCPs?
Regulators see incentives to use cleared swaps; critics claim analysis is flawed
Basel will address leverage ratio threat to clearing
FAQ document to tackle treatment of segregated initial margin
Top five US swaps clearers have 73% of the business
Full year of clearing data highlights market's reliance on handful of banks
SunGard unveils clearing utility as FCM exit fears grow
Barclays is first client for service that promises 20% savings for FCMs
Calypso Technology: No FCM, no problem
Ex-RBS clearing head maps out a world without FCMs
Banks blame regulation for FCA's clearing worries
UK regulator warns client clearing could become a “missing market” but defers study
JP Morgan warns on swaps clearing
Bank says client clearing returns are "incompatible" with current capital rules
Massad backs leverage ratio changes
CFTC chairman “very concerned” about negative impact on clearing
House committee calls on Fed to change leverage ratio
US politicians argue "unwarranted" capital burden will hike end-user costs
Wells Fargo: clear ambition
Low leverage gives clearing newcomer a chance to expand
Leverage ratio threat to Eurodollar liquidity
Cost of benchmark contract will rise and liquidity will fall, clearers warn
Goldman client margin soared $4.5bn during wild October
Biggest one-month margin jump of 2014 triggers speculation among rivals
US energy firms welcome CFTC tweaks to Dodd-Frank rules
Proposal on ‘seventh prong’ seen as positive step by industry
Netting problems will restrict pension funds, FCMs warn
Lawyers’ reluctance to grant netting opinions is hiking capital requirements for low-risk trades
CCPs criticise JP Morgan clearing white paper
CME, Eurex, LCH.Clearnet: no need for new loss funds or more CCP capital
LCH and CME have enough capital, says Isda's O'Connor
Isda chair's comments at odds with industry calls for bigger CCP capital cushions