Over-the-counter (OTC) derivatives
All along the watchtower – Surveillance tools against market abuse
Surveillance tools against market abuse are enjoying a technological revolution in analytics, while anxious supervisors are also closing in on market practices. Risk.net hosted a webinar in association with NICE Actimize to analyse the threats and…
Easing of euro OTC trade terms anticipated – ECB
Financial strength of counterparties and competitive pressures could cause easing
OTC derivatives amounts sank in H2 2018
Fair values down 6% over second half of 2018, 72% from peak
Data reveals Emir swaps report matching rates at 40%
Figure is better than some feared, but still calls into question the value of dual-sided reporting
No-deal Brexit could force European swaps trading to US venues
Lack of equivalence between UK and EU regimes would create “conflicting obligations” for large dealers
Sovereign swaps users should learn from Italy’s mistakes
Posting collateral is a cost debt offices must embrace, argues Stefania Perrucci
Libor-in-arrears swaps face unwinds on benchmark death
Backward-looking fallbacks are incompatible with the product, which relies on forward rates
SOFR swap surge points to Q2 repo hedging
Strategists say 27 swaps traded last week with July 3 expiries likely to be quarter-end US repo rate hedges
MetLife executes $250 million SOFR-linked repo
Isda AGM: US insurer's hedging chief says systems issues hindering its use of derivatives, however
LCH discounting switch tipped to help SOFR swap market
Isda AGM: Using SOFR discounting for Libor swaps will help build liquidity, say market participants
Traders back SOFR derivatives as repo hedge
Isda AGM: Market participants say products linked to the rate could mitigate quarter-end spikes
EU permissions regimes could reduce no-deal risks
Isda AGM: UK firms could still trade with EU clients on exit, but solutions are complex and temporary
Hong Kong goes slow on swaps trading mandate
Isda AGM: Regulator fears disruption to its position as global hub if it forces trades on venue
CFTC official warns on Sef rule overhaul
Isda AGM: Targeted changes better than a total rewrite, says Rostin Behnam
LCH ForexClear posts two margin breaches in Q4 2018
Second-largest breach since public disclosure began was $17.8 million in size
Use-cases for Mifid II data prove elusive
Banks running market share analysis from trade reports, but data quality hampering other projects
EU swap users still hope for single-sided reporting, one day
Lawmakers fail to deliver Emir reprieve but tease at potential future changes
Jumbo SOFR swaps herald new world of repo betting
Swaps traders told to “learn repo market dynamics” as market catches glimpse of new trading strategy
Big US banks dropped $24trn of OTC notionals at year-end
Total notionals reported by the eight US G-Sibs stood at $196.3 trillion at end-December
‘No way’ to avoid no-trade lists in no-deal Brexit
EU clients are likely to sever some cross-border ties with UK banks
Mizuho reveals $270m CVA loss
Further losses may be reported as bank refines its methodology, sources say
Firms fear Mifid-style reporting crunch for Brexit day one
Operational clarity still needed to fully implement system changes in time for April 1
Who pays? Who gains? Central counterparty resource provision in the post-Pittsburgh world
In this paper, the authors develop a conceptual framework to examine whether the regulatory changes since the Pittsburgh Summit could be a catalyst for reconsidering the structure of clearing houses.
Cleared swaps grow 10 times faster than bilateral at HSBC
Total derivatives notionals up 25% year-on-year