Central counterparty (CCP)
Bank of England prepares for first public CCP stress test
Discussion paper sets out eight components of supervisory stress test for key market infrastructure
Central clearing of Treasuries could cut disruption – NY Fed paper
Central clearing could have avoided most settlement failures during Covid-19 crisis, authors say
CCP open access will be ‘integral’ part of Mifid review
EC official says politicians will need to decide whether to further delay open access
Central clearing proved resilient in ‘dash for cash’ – BoE’s Segal-Knowles
Challenge now is to “sustain and strengthen” the system, says executive director
BoE welcomes temporary deal on post-Brexit clearing
‘Equivalence’ decision will avoid short-term cliff-edge for CCPs, as Brexit negotiations enter final stages
After Covid, CCPs face calls for revamped disclosures
Banks and buy-side firms working with clearers to provide more granular info on margin shortfalls
EU hands CCP members a narrow win on skin in the game
Clearing members could use the final rules to push for higher CCP capital globally
PBoC takes on regulation of key financial infrastructure
Chinese central bank to take bigger role in regulation as country seeks to improve financial infrastructure
ECB mulls wider clearing house access to account facilities
Including CCPs in the Eurosystem may remove the need for them to seek a banking licence
EU council may cut margin haircuts for CCP resolution
Proposals would close avenues for regulators to dip into non-defaulting members’ initial margin
ECB calls for changes to German draft CCP recovery law
Law should be rewritten to provide more transparency on Bafin’s procedures and approach, ECB says
FSB warns gaps remain in resolution frameworks
Issues remain for central counterparties, global banks and insurers, report finds
EU seeks to offer reassurance on Brexit clearing exemption
Commission can act quickly to stave off no-deal market disruption, insists official
FCA chief calls for EU to extend Brexit clearing exemption
Bailey also urges EU to grant equivalence determinations for UK trading venues
Derivatives users split over legacy Libor swaps
CCPs say cleared swaps will move to new rates if Libor is no longer representative of markets
Fed pushes big banks to tally CVA for central counterparties
Banks told to quantify exposure to CCPs for annual stress tests
Regulations lower rates and cause imbalances – BoE paper
Research into repo market highlights some unintended consequences of post-crisis regulations
Finding our way to the new Ibors
Richard Heckinger highlights possible pitfalls on the road to new reference rates
ESRB publishes scenario for CCP stress tests
Esma announces UK-based CCPs will still be covered in event of “no-deal Brexit” on April 12
ECB rejects amendment from EU institutions on CCP regulation
Proposed changes would ‘distort’ ECB’s request for change, Draghi says
Time running out for Brexit data compliance, Bailey warns
FCA head also highlights shortfall on Mifid trading venue equivalence
ECB paper analyses eurozone’s interest rate swap market
Trading is concentrated around a small number of core participants, researchers find
NY Fed paper scrutinises post-crisis CDS market
Little research has been done on the market at a “granular level”, authors say
For-profit CCPs may not hold socially optimal capital – BIS paper
“For-profit CCPs have incentives that are misaligned with financial stability,” author says