Robert Mackenzie Smith
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Articles by Robert Mackenzie Smith
US Treasury’s leverage fix tipped to boost repo market
US Treasury plan to exempt US government bond exposures expected to help struggling market
Formosas, the Fed, and the billion-dollar Bermudan trade
Rates options desks on alert as decline in Formosa bond issuance could hit profits and raise US volatility
LCH set to launch repo client clearing service
Project will allow buy-side firms to access CCP through sponsor banks in coming months
Spectre of mass swap unwinds looms ahead of VM deadline
Dealers warn of market disruption if trades lacking new CSAs are terminated before September 1
‘Standstill’ agreement gives trueEX a lifeline
Temporary deal allows start-up Sef to continue operations until at least July 29
trueEX sues Markit over threat to withdraw service
Sef claims it would be forced out of business if it loses access to MarkitSERV
BrokerTec dominance ‘unhealthy’, says Nasdaq’s Shay
More clearing needed to improve US Treasury competition
Non-banks eye EGBs as primary dealers retreat
Primary dealers warn of further exits as principal trading firms wait in the wings
CFTC counsel warns of threat to clearing portability
Leverage ratio seen as biggest impediment to porting client positions
New data reveals liquidity gaps in EU bond markets
Liquidity in German, Italian and UK bonds has suffered over past three years
Dealers crack down on clients with dual netting sets
Pricing adjustments for posting non-cash collateral can run to 100bp
Banks calm on Eurex-LCH basis volatility
Past basis blowouts prepared banks for movements, say traders
Fed funds-linked swaps outstrip Libor for first time
Banks point to money market reform, Libor changes and Fed expectations as catalyst
CCP chiefs warn on clearing provision capacity
Ice and LCH question whether direct buy-side clearing models can alleviate capital crunch
Virtu’s bid for KCG stokes liquidity fears
Deal could result in less trading and lower exchange revenues
Masters: blockchain could ease margin headaches
Margining non-cleared derivatives a “massively under-optimised space”, says Digital Asset chief
DTCC’s Bodson criticises ‘dumb-ass’ cyber risk rules
Requirement to recover from cyber attack within two hours unrealistic, he says
Dealers at odds with Fed on variation margin relief
Significant exposure test should be applied on a gross basis, Risk.net has learned
Variation margin relief sparks swaps pricing disputes
Banks divided over whether to price trades using current CSAs or theoretical new agreements
Hazy guidance causes chaos on first day of VM regime
"We don’t know what the rules are," says one senior banker
Regulators relent ahead of VM big bang
Firms with 'significant exposures' must stick to March 1 deadline, however
VM push fails to deliver cleaner CSAs
Dealers have softened stance on collateral terms as March 1 deadline approaches
Japan holds firm on VM deadline as Fed tracks progress
JFSA says no “strong reason” for delay; Bafin and Fed monitor developments