Initial margin
MVA will be a ‘game-changer’, say valuation experts
Leap in initial margin will cut CVA, FVA and KVA, but generate new funding effects
BoE questions unfunded CCP default fund top-ups
Funds would have to be replenished during period of stress
Coen: leverage ratio hit to clearing due to clashing mandates
Coen calls for greater parity between leverage ratio and clearing requirements
Softer rules on clearing margin may not cut end-users’ costs
Leverage ratio burden only one part of costs
Double standards: CFTC margin rules redefine key concepts
When is a US person not a US person? The CFTC has the punchline
End-user hedging: FMC’s natural gas hedges show benefits of OTC trading
Exchange-traded futures are costlier and less effective, professors argue
O'Malia: US margin splits ‘very difficult’ for OTC market
Isda CEO criticises clashing rules on bilateral margin
Corporates fear end to Emir's hedge exemption
Counting all trades towards clearing threshold ‘would be a nightmare’
Intra-group margin will ‘stifle’ internal hedging, banks warn
Additional costs for end-users if no exemption granted
CCPs confront cleared swap basis threat
From Japan to Mexico, CCPs are trying to avoid repeat of CME-LCH price disparity
How to fix the leverage ratio (by a prudential regulator)
“Embarrassing … ridiculous”: unnamed regulator lets fly at leverage rules
CCPs need thicker skins - Citi analysis
Analytical approach suggests CCPs should be putting more of their own capital at risk
Dealers fear mix-and-match margining for cross-border swaps
National conflicts in margin rules can only be fixed via mutual recognition
CFTC casts margin net to catch US banks’ affiliates
Agency redefines ‘guarantee’, but lawyers caution it may not stick
Q&A: Iosco’s Medcraft on CCP stress testing
CPMI-Iosco launch fact-finding mission on CCP risk management
Banks and pension funds fall out over bond CSAs
Common ground hard to find as dealers try to cut leverage exposure
CCP stress-test rifts emerge as review gets underway
Banks, clearing houses and regulators all divided on question of standardised tests
No quick fix to leverage ratio stance on margin, banks told
Regulators to address capital hit via standard on segregation – but not before 2017
Regulators sound warning on collateral squeeze
Report calls on regulators to fix “structural and regulatory limitations” around collateral
Project Colin: why Goldman-led margin hub fell apart
Secretive group disbanded after dealers realised tech firms had similar plans
AcadiaSoft and TriOptima tie-up to usher in new margin hub
Goldman-led dealer consortium stepped aside for middleware and tech firms
CME-LCH basis affecting choice of venue, say buy-siders
Pimco: price gap is now “material”; Eaton Vance says lowest cost is key factor
Bank swap books suffer as CME-LCH basis explodes
Per-bank losses estimated at $20m; CME could lose business
Regulators to put CCP risks under microscope
CPMI-Iosco stress-testing quiz will be precursor for broader risk review