Initial margin
Operational risk technology product of the year (buy side): CloudMargin
Clearing adds complexity for small buy-side firms; CloudMargin aims to take it away
Law firm of the year: Cadwalader, Wickersham & Taft
US law firm proposed relief to Tob programme, and won mandate to develop rule change
Looming EU-US deal on clearing gets cool welcome from banks
Proposed European rule change will raise risks and costs of clearing, critics fear
Fresh delay for EU rules on CCP spillover losses
Recovery and resolution rules will miss the revised February delivery date
Banks try to copy Citi and UBS clearing leverage cuts
Tactic slashes exposure for FCMs, but could undermine lobbyists
CFTC eases margin requirements for inter-affiliate trades
Bowen votes against final rule exempting non-cleared inter-affiliate trades from initial margin
US margin rules threaten clearing bottleneck
Fed estimates $2.5 billion annual cost of funding margin on bilateral trades
CFTC quizzes clearing banks over leverage-cutting tactic
Billions of dollars in client margin have already been moved off balance sheet
EU regulators split over using initial margin to resolve CCPs
Rules on CCP resolution were due last month but are now slated for February
Eurex and LCH reject one-day margin regime for futures
Decision on whether to copy US rules still in the balance, says Esma
FDIC margin rule hands pricing advantage to EU banks in Asia
European and US regulators differ in their treatment of inter-affiliate trades
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