Proprietary trading
Q&A: French regulator defends bank rules for prop traders
ACPR official wants to set asset threshold for full CRR application below current €30 billion
Rise of the cyborgs: tech remakes the front office
Dealers “have no choice” but to change, says UBS’s Orcel – and plenty of changes are coming
New DTCC fee structure could lure non-bank traders
US regulator approves proposal targeted at government securities business
EC official offers hope to prop traders on capital rules
Official sees problems in draft regulation, says EU council and parliament are discussing them
Volcker rule revisions may complicate compliance – experts
US regulators’ efforts to simplify key test of trading intent could ramp up data demands
CME has chance to rule US rates after Nex deal
Market expects exchange to unite bond, repo, futures and swaps clearing – eroding grip of banks and DTCC
FRTB, CCAR and bonus caps for prop traders
The week on Risk.net, December 16-22, 2017
EBA steps up bonus cap pressure on Dutch prop traders
Dutch regulator told to “pay attention” to pay rules EC plans to scrap for non-banks
Unlucky for some: Europe’s war on 13 Dutch prop traders
Liquidity hit feared as FlowTraders, IMC, Optiver and other non-banks face bank-style capital rules
Video interview: Fabio Merlino, Intesa Sanpaolo
Fabio Merlino, head of retail and insurance risk discusses how the wealth management division of Intesa Sanpaolo upgraded its risk analytics capabilities with the algo system used by its proprietary traders
Covered funds seen as starting point for Volcker rule reform
Inter-agency consensus may prove more elusive on altering prop-trading definitions
EU prop firm capital crunch could hit market liquidity
Traders claim they would be put out of business by bank-style capital rules
A 10% leverage ratio does not justify waiving the Volcker rule
Former Fed manager Christopher Laursen warns against prop trading, even for well-capitalised banks
Critical Mass: why US Treasury swallowed unloved Volcker rule
Bank prop trading ban drafted in a lunch break after Democrat defeat in Massachusetts
Mnuchin: FSOC working on revised Volcker rule
US Treasury secretary wants revamp of prop trading ban; not repeal
Fed’s Powell joins chorus of Volcker rule critics
Governor seeks to simplify rule banning prop trading
Volcker fights back as prop-trading ban comes under attack
Former Fed chair tells Risk.net that calls for total overhaul of eponymous rule are misplaced
Esma turns the screw on direct electronic access
Guidance thwarts narrower definition adopted by Eurex to help third-country clients
Non-banks disappointed by Europe’s CRR escape hatch
Proposed alternative prudential regime still doesn’t reflect the true risks of non-banks, say critics
Virtu’s bid for KCG stokes liquidity fears
Deal could result in less trading and lower exchange revenues
New EU prudential framework proposed for investment firms
Non-bank Mifid firms could be subject to liquidity rules for first time
From Russian roulette to overcautious decision-making
Risk-taking ought to be judged by its necessity, not likely outcomes, says Ariane Chapelle
HFT firm Teza said to be eyeing prop trading retreat
Big US Treasury trader has seen hedge fund add $1.5bn this year
Props stopped: non-banks struggle to crack US swaps market
Teza, TransMarket, Virtu among firms held back by regulation and old market practice