Over-the-counter derivatives
Indian central bank postpones IM go-live date
RBI communicated delay to initial margin rules one day before planned November 8 implementation
Fed throws curveball with agency clearing surcharge proposal
Revived plan could see capital for G-Sibs’ client clearing jump 40 times, says industry body
PBoC releases draft rules for Swap Connect
Foreign access to onshore CNY swaps limited to interbank bond market users, while Isda docs aren’t ruled out
BIS analysis finds ‘huge’ debts hidden in FX derivatives
Economists say banks and non-banks have major exposures hidden off balance sheet
Most central banks invest in derivatives
External managers facilitate wider use of these instruments
BoE to consult on Sonia clearing mandate
Long-dated Sonia swaps set to lose clearing exemption as liquidity shifts from Libor
BoE welcomes temporary deal on post-Brexit clearing
‘Equivalence’ decision will avoid short-term cliff-edge for CCPs, as Brexit negotiations enter final stages
Reserve Benchmarks 2020 report – charting new data frontiers
Perspectives on staffing and salaries, reserve coverage, portfolio construction, benchmarking, use of external parties and risk management
Central Banking’s strategic changes for a new era
New institute, benchmarks, virtual training and online event weeks launched
Collateral posting spreads among swaps users
Following the Bank of England’s example, most derivatives users now have two-way CSAs
EU central bankers urge UK to stay close on regulation
Klaas Knot and Luis de Guindos warn UK could lose out if it diverges from EU regulations, but Mark Carney says UK needs autonomy
Carney warns Germany and France of Brexit derivatives cliff edge
Bank of England governor says it is in the “interest” of EU countries to ensure the full viability of financial contacts ahead of Brexit
Regulations lower rates and cause imbalances – BoE paper
Research into repo market highlights some unintended consequences of post-crisis regulations
The IFF China Report 2019
Insight and perspectives from the world's leaders, premier policy-makers and financiers
The IFF China Report 2019: The Belt and Road Initiative
Over the past five years, China has invested more than $70 billion in Belt and Road Initiative (BRI) countries, of which there are now in excess of 100. Leading Chinese and international policy-makers explain how BRI efforts are progressing. This section…
ECB paper analyses eurozone’s interest rate swap market
Trading is concentrated around a small number of core participants, researchers find
FSB highlights more work to do on global reforms
Documents released ahead of G20 argue for additional efforts in several areas
Insights from network analytics in suptech
With regulators leveraging technological innovations to move towards informed, data‑driven decision‑making and automation, supervisory technology is attracting enhanced interest. Kimmo Soramäki and Phillip Straley examine how regulators are gaining…
FSB weighs effects of post-crisis reforms on central clearing
Report finds incentives to centrally clear are strong in the “systemic core” but weaker elsewhere; some rules could benefit from adjustment
Hong Kong mandates use of legal entity identifiers for OTC derivatives
LEIs will be mandatory for some firms from April 1, 2019
BoE paper studies ‘multiplex’ network model of derivatives market
Low liquidity buffers can lead to significant spillovers for some firms, authors warn