Over-the-counter derivatives
The ECB's approach to central banking without data borders
Data sharing and access to confidential information – on a need-to-know basis – remain a legal, cultural, technical and organisational challenge at the ECB and elsewhere, writes Aurel Schubert
Barnier hints at longer pensions clearing exemption for OTC derivatives
The EC's outgoing head of internal markets, Michel Barnier, has hinted the Commission will extend a pension funds derivatives clearing exemption beyond 2015
Negative Eonia rate causes CSA headaches
Eonia's move into the negative means parties posting variation margin must also pay interest to their counterparties, which has led to calls for clarity from dealers – especially for one-way CSAs
Carney urged to help end masking of swap counterparties
'Ambitious but realistic' deadline could be set for banks to stop hiding counterparty details – the industry’s response to a conflict between privacy and reporting rules
Germany finds Emir enforcement fix for OTC derivatives
Derivatives users in Germany face Emir compliance audit - but enforcement in other EU countries may be impossible, lawyers say
Emerging market governors favour Fed policy normalisation, says MAS’ Menon
MAS head Ravi Menon says most emerging market central banks want to see the Fed normalise policy, China is at an inflection point and Singapore could lose out from new OTC derivatives rules
EU sovereign debt managers fall in line with two-day settlement rule
EU member states' treasuries will settle over-the-counter sovereign bond transactions in a maximum of two days from October this year
Prasarn says Thailand still unsure of CCP viability
Thai governor says emerging markets need more time to assess whether creating central counterparties would bring the ‘intended benefits’ without ‘undue consequences’
CLS set to add Russian ruble in November, source says
Industry settlement utility CLS is poised to add the ruble to its currency universe in November
Shanghai Clearing House becomes fifth in Asia to start OTC clearing
First onshore renminbi interest rate swaps cleared in China; two international banks sign up to new clearing service
Commodity price inflation caused by 'financialisation', RBI paper finds
Research also shows private liquidity is inflationary while official liquidity is not and and that derivative traders, active and passive, have played an important role in inflation dynamics
Frontloading fears remain despite Esma guidance
Uncertainty has been narrowed by Esma Q&A, but dealers say they will still face pricing headaches
OTC derivatives reform contains ‘real world challenges' says Fed governor
Jerome Powell says worldwide reform efforts will turn OTC derivatives market infrastructure into a ‘pillar of strength in the next crisis' if implementation challenges can be overcome
Bill Clinton says failure to reform OTC markets earlier was a "real mistake"
Speaking at Sifma AGM, former US president says OTC market should have been forced into collateralised regime before 2008 crisis
BoE and FDIC campaign for end to ‘early termination’ of derivatives contracts
International authorities want a ‘short-term suspension’ of the rights that allow derivatives contracts to be terminated ahead of schedule when a major financial institution is being resolved
OTC derivatives reform could ‘fall short’, says Fed’s Dudley
NY Fed president William Dudley says reforms in OTC derivatives market are lagging work on bank regulation; calls for greater global coordination to push reforms as far as they will go
BIS' Cecchetti evaluates OTC derivatives reform
BIS Monetary and Economic department head Stephen Cecchetti says market responses to OTC derivatives reform will alter degree of netting of counterparty exposures
Cœuré warns of threat of regulatory arbitrage on OTC derivatives
Benoît Cœuré says much progress has been made since Pittsburgh in 2009, but argues there is a risk of business moving to jurisdictions which lag behind in implementing the reform agenda
Regulators exempt forex swaps and forwards from initial margin rules
Working Group on Margining Requirements exempt forex swaps and forwards from initial margin rule for non-centrally cleared derivatives; offer a more restricted exemption for cross-currency swaps
BIS sizes up derivatives reforms and Basel III progress
Bank for International Settlements releases one report on the expected benefits and costs of OTC derivative reforms, and another on countries’ progress in implementing Basel III
Volcker rule in its ‘purest form' necessary to curb derivatives speculation
Under pressure from banks and hedge funds, the definition of ‘hedging' in the final Volcker rule could be so broad as to allow unchecked speculation dressed up as hedging, Vembar Ranganathan argues
Basel leverage ratio would double up collateralised OTC positions
Ratio could be a 'game-changer', dealers warn, as Basel Committee proposes counting received collateral as well as derivatives exposures
BIS: Forex OTC markets hold steady, despite regulatory uncertainty
Semi-annual BIS survey reveals a rise in forex OTC derivatives transactions in the second half of last year
CCP ‘armageddon’ could lead to sovereign default, warns HSBC executive
Single bank default could affect multiple CCPs, leading to crippling default contribution for existing members and a chain of bank failures