Non-cleared trades
Japan holds firm on VM deadline as Fed tracks progress
JFSA says no “strong reason” for delay; Bafin and Fed monitor developments
Banks get no relief from CFTC’s variation margin delay
No-action letter will benefit only a dozen or so swaps brokerages and energy firms
EU will stick to March 1 variation margin deadline
US regulators also unlikely to delay as a result, say dealers
Australian VM relief undermined by backloading rule
Trades entered during six-month transition period will need margin from September 1
LCH platform to provide risk calculations for margin hub
SwapAgent agrees to send standardised sensitivities for bilateral trades to AcadiaSoft for IM calls
Buy-side firms seek ‘urgent’ VM relief
Two-thirds of firms have not signed any CSAs that comply with the new rules
People moves: Citi axes second Asia-Pac clearing head in 18 months
Deutsche loses Asia head of global markets; StanChart hires HK chief; new Singapore head for Credit Suisse; and others
VM rules may spark Asian migration away from EU/US banks
Six-month transition could make inter-Asian trades cheaper, but only if liquidity is sufficient
US dealers face trading lockout from small Japanese banks
Lack of substituted compliance for Japan's small bank margin rules causing concern
Banks seek to standardise cross-currency settlement dates
Talks under way to exchange principal amounts on IMM dates to allow for greater netting
Margin model keeps testing the limits of industry co-operation
Simm supporters say it is a work in progress, but more participants may slow that progress
Banks urge co-ordinated Asian reaction to CFTC swaps rule
Banks call for Asian regulators to unite against US supervisory overreach
Banks and clients clash over novation MVA charges
Some banks swallowing new margin funding costs, others forcing clients to pay up
Banks dismiss margin rule threat to synthetic prime brokerage
Growth in synthetic financing versus physical sees UBS, ING boost investment in prime brokerage units
Julius Baer calls for private bank margin rule exemptions
Existing client collateral provision sufficient, says firm
Non-cleared margin – a timeline
Milestones in the development of margin requirements for non-cleared trades
Giancarlo: March VM deadline is ‘massive challenge’
CFTC commissioner calls on regulators to address buy-side concerns if needed
VM showdown a clash banks could not win
Clients clinging to hard-won CSA terms, in face of dealer calls for standardisation
Isda touts CSA standardisation in margining countdown
But scale of challenge becomes clear in early tussles between dealers and clients
Docs shock: how dealers are tackling the VM deadline
Scale and complexity of negotiations raise fears many will be unable to trade from March
Isda Amend faces rival in CSA repapering effort
AcadiaSoft to launch new tool in January, but protocol approach attracts wider criticism
OTC market resisting swap futures threat
Swap futures yet to break out, but backers see margin, accounting and Citadel as tailwinds
US banks fear margin rules could hit emerging Asia liquidity
Unequal margining requirements may be a turn-off for local counterparties
VM regime threatens explosion of small margin calls
Transfer threshold designed to avoid small payments is unworkable, critics claim