Over-the-counter derivatives
Is this the beginning of a new era of credit risk management technology?
In the aftermath of the 2008 financial crisis, inadequate credit risk management systems have been widely held responsible by regulators for spreading the crisis’ germs all over the financial sector. As a result, a myriad of regulations affecting credit…
MAS aims to move OTC derivatives trading to ‘organised market’
As much as 80% of interest rate swaps in Singapore would have to be executed on exchanges or other centralised trading facilities
Singapore and Malaysia to set up stock market link
The two markets have a combined market capitalisation of more than $1.2 trillion and 1,600 publicly listed companies
OTC derivatives fall to lowest levels since financial crisis, BIS says
The gross market value of outstanding OTC derivatives contracts falls to below $13 trillion at mid-2017
Russian central bank slams ruling in €1bn Sberbank swaps case
Lawyers say shock court judgement in ruble options dispute “puts hundreds of contracts at risk”
Fixing the ‘perverse incentives’ in the SLR
Richard Heckinger warns the US’s supplementary leverage ratio in its current form discourages banks from using central counterparties
Risk management services provider of the year: OpenLink
OpenLink has continued the evolution of its Findur product with the development of collateral management functionality, notably supporting the Bank of Canada in its move towards collateral posting
First BIS survey data on central clearing shows gaps remain
OTC derivatives surveys capture central clearing for first time; data reveals marked differences between classes of derivatives and advanced vs emerging economies
ESRB publishes guide to OTC derivatives database
Draghi repeats pledge to extend central clearing regulation to all forms of derivatives; ESRB paper sheds light on “opaque” markets
Bank of Thailand's Veerathai on the Thai economy, governance and payment reform
Bank of Thailand's governor speaks to Christopher Jeffery about the resilience of the Thai economy, governance and payments infrastructure reforms, plus why he does not agree with the IMF
European supervisors raise ‘strong concerns’ over Commission’s delay in derivatives regulation
Three European cross-border supervisory authorities challenge European Commission over implementation of standards; delay could have "significant negative impact"
Sarb’s Lesetja Kganyago on divergent monetary policies and new supervision
The governor of the South African Reserve Bank talks to Christopher Jeffery about navigating divergent monetary policies, South Africa’s new supervisory regime and nurturing new talent
CCPs: too interconnected to fail?
The likely responses by national authorities to the possible failure of CCPs in stressed conditions aren't generally assured. But they may be reluctant to allow them to fail, writes Richard Heckinger
FSB finds fault with derivatives trade reporting
Despite large volumes of trades being reported, some authorities have restricted access to data, which is often low quality; some jurisdictions are experimenting with new analysis
RBA’s Edey explains cross-border treatment of CCPs
Australia will not insist on domestic incorporation for overseas CCPs; regulators favour a ‘graduated framework’ for imposing additional requirements on the most important CCPs if necessary
Iosco, Asifma officials urge early global co-operation on future rules
Joining forces early on would improve regulatory cohesion between countries, but post-crisis pressure on national rule-makers to legislate poses problems, it is suggested at Hong Kong conference
Organisations outline next step in plans to strengthen CCPs
Basel-based groups and Iosco publish workplan for coordinated international policies on CCPs, and offer update on story so far; 2016 will see the bulk of analysis published
CPMI-Iosco launch next phase of data aggregation work
Standard-setters begin consultation on first batch of key data on over-the-counter derivatives, as part of work on data aggregation by trade repositories
CPMI-Iosco unveil plans for unique transaction identifiers
Consultation lays out proposals for codes to identify over the counter derivatives transactions, as part of efforts to improve reporting to trade repositories
Greek swaps contract drama continues
Ongoing controls mean some end-user payments are more than a month overdue
Future-proofing risk in the Chinese economy
Zhang Shenfeng, chairman of the China Financial Futures Exchange (CFFEX), argues that a multi-layered capital market must include an active financial futures to facilitate real-world risk management
Fed's Tarullo sees few signs of illiquidity in OTC markets
Fed governor says markets are in transition, while many actors are telling the Fed that it is harder to move large positions
India to become netting friendly on bankruptcy law reform
Different treatment of public and private banks stymied netting - but this could now change
MAS and Esma ink cross-border CCP clearing deal
MoU paves way for Singapore CCPs providing clearing services to European banks to obtain EU recognition while remaining subject only to MAS regulatory regime