Over-the-counter (OTC) derivatives
End-user hedging: FMC’s natural gas hedges show benefits of OTC trading
Exchange-traded futures are costlier and less effective, professors argue
Cutting edge introduction: Expanding collateral options
Two RBC quants propose a way to value CSAs with more than two currency posting options
End-users and banks seek radical change to Emir reporting
Corporates willing to write off sunk costs in move to single-sided regime
Australian regulator may review nexus trade approach
Asic commissioner hints at reviewing treatment of nexus trades
Technology – Solving the new equation of capital markets
Sponsored video: Murex
JSCC applies to US for exempt clearing status
Japan clearing house abandons three-year-long application to become approved DCO
Illiquidity means some hedges are no longer possible – GE
End-users unable to execute certain trades as dealers retreat, claims swaps counsel
Regulatory and supervisory deference in the context of Australia’s over-the-counter derivative trade reporting and derivative trade repositories regimes
This paper provides an Australian regulatory perspective on the over-the-counter landscape and shows how regulatory deference can play a facilitating role in the cross-border context.
CCP stress tests could help buy side pick winners
BlackRock exec calls for standardised test before European clearing starts
Competition is saving end-users from euro swaps price hikes
Swap dealers are often described as a cartel; right now, they are not acting like one
Veolia: taking XVAs by the horns
Veolia's Damien Vancraeyneste, on capping costs and challenging banks’ calculations
Mifid II price tiering guidance unlikely, say dealers
Banks warn vague rules "like the Rorschach test" and need clarification
Deutsches Risk survey 2015: German firms adopt wait-and-see on clearing
No scramble for OTC derivatives alternatives among survey respondents despite fears mooted carve-outs from regulation may disappear
The rise of KVA: how 10 banks are pricing the capital crunch
Risk survey shows new add-on is gaining acceptance and could reshape the swaps business
Regional swaps booking replacing global hubs
Banks complain of mixed supervisory messages, but regionalisation trend is clear
Banks bemoan data gap in Mifid II systematic internaliser test
Required EU trading data non-existent, dealers complain
Brokers defy BlackRock over average pricing on Sefs
"We're lions, not zebras," says Icap's Paulhac
Global regulators consult on codes for OTC derivatives deals
CPMI and Iosco unveil proposals for unique transaction identifiers
'Jury still out' on local currency clearing says CIMB
Asean OTC derivatives market is not big enough to warrant clearing
CCPs need thicker skins - Citi analysis
Analytical approach suggests CCPs should be putting more of their own capital at risk
US propane retailer hedges to offer customers stable prices
Michigan's Crystal Flash struggles with basis risk and volatile weather
US regulator asks banks for FVA information
OCC requests info on funding spreads, model validation and more
Regulators cool on plans to change leverage exposure sums
SA-CCR is mooted successor to 27-year-old CEM, but sensitivity may count against it
Italian refiner seeks boost from supply and trading unit
Saras gains from rebound in refining margins and flexible Sardinia refinery