Non-cleared trades
Dealers and FCMs split on clearing incentives
72% of client clearing firms say leverage ratio a clearing disincentive
Industry seeks smaller ‘big bang’ for margin
New study supports sixfold hike in 2020 compliance threshold to avoid “dormant” margin accounts
Dealers slam ‘nonsensical’ treatment of forex derivatives
Proposal on US swap dealer threshold rekindles debate on definition of NDFs and window forwards
Initial margin – Preparing for the buy‑side ‘big bang’
Video Q&A: David White, triResolve
Hong Kong banks fear clashing swaps margin rules
SFC proposal could complicate trades with HKMA-regulated entities and centralised treasuries
Banks fear loss of Emir intragroup exemptions
Firms would have to clear or margin transactions with affiliates in non-equivalent jurisdictions
New DTCC fee structure could lure non-bank traders
US regulator approves proposal targeted at government securities business
US CVA charges over seven times higher than EU
Huge disparity appears to result from EU exemption for corporate trades
G-Sib swap portfolios reveal transatlantic divide
EU banks record 16% fall in non-cleared swaps, while US dealers see 9% growth
Isda faces member backlash on margin lobbying
Working groups were not consulted over Isda-funded paper that could threaten industry’s Simm
Barclays’ cleared and non-cleared OTC volumes diverge
Non-cleared notionals down 23% year-on-year
Over half of CDS contracts cleared – BIS
Non-cleared trades continue downward slide
CFTC, Treasury officials boost Isda push for IM revamp
Isda AGM: Research paid for by trade body calls for variable MPOR
Swaps market off pace for IM rules – Isda survey
Participants want to see more standardisation in collateral and custodial contracts
A&O vs Linklaters in IM platform race
Law firms are backing rival attempts to cut margin doc costs for buy side
Top UK banks slash CVA capital charges by £680 million
Hedging, market movements, and cuts to exposures behind reductions
LCH and CME to start clearing SOFR swaps in third quarter
Scramble to offer clearing aimed at cutting clients’ margin and capital costs
FCA: Libor contract changes shouldn’t trigger margin rules
Moving from Libor to an RFR shouldn’t force margin requirement on legacy non-cleared trades, says UK regulator
Equity derivatives now biggest consumer of initial margin
Fragmented product set is 1.3% of OTC notional but attracts more margin than rates and forex
Brexit: banks take the ‘no’ out of novations
Swaps clauses stop end-users blocking counterparty switch, making it easier to move trades to EU affiliates
Forwards users unclear on status of EU’s margin regime
National regulators have not all taken public stance on pending postponement
Mifid costs data leaves swaps users in the dark
Dealer charges can’t be compared, critics complain; banks already bracing for review
VM rules sound death knell for forex swaps in Europe
Market participants claim instrument was a “mythical creature” that never really existed