Articles by Viren Vaghela
Lenovo turns to dim sum market to reduce forex hedging costs
Rising cost of CNY forwards and tighter regulation encourage renminbi funding
US dollar/yen basis blows out to –100 on negative rates
Bank of Japan policy adds to domestic banks’ dollar funding dilemma
Autocallable issuers avoid pain despite HSCEI collapse
Dealers say Korean autocall pain has been subdued as volatility stays low
Japan’s Quick takes on MarkitWire with domestic affirmation service
Japanese language service targets domestic regional banks
Fears leveraged ETFs could amplify Japan equity swings
Leveraged ETFs are amplifying index movements in Japan after huge investor inflows led to record AUM. Tactical investors are taking advantage of the market dislocations but a dearth of liquidity across markets means such events may become more frequent,…
Slow start to US dollar rates clearing in Japan
Dealers cite limited demand to clear foreign currency interest rate swaps at JSCC as reason for slow volumes, with two trades cleared in four months
HSCEI autocallable hedging hitting forex market, say dealers
Dealers flock to Hong Kong dollar options and forwards markets amid depeg fears
Sliding HSCEI threatens fresh autocallable losses
Banks nervy as index approaches key options barrier
Singapore rates benchmark error causes CCP split
Delays amending an incorrect fixing of Singapore's swap offer rate in March led to a price difference between an interest rate swap traded at LCH.Clearnet and Singapore Exchange
NAB pushed into clearing role by Clydesdale spin-off
Both parties felt it might be difficult for the UK bank to find a clearing provider alone
Dealers warn of hit to Asia from short margin transfer times
Japanese firms and Isda call for three days to be allowed for margin transfer in cross-border uncleared swap trades
Basel Committee 'will move' to more sensitive leverage ratio
Regulators want to switch CEM for SA-CCR, conference told
For a few dollars more: Japan banks tackle dollar/yen basis jump
The dollar/yen cross-currency basis has widened nearly 50% in recent months due to a surge in demand from Japanese banks and regulatory constraints curbing supply from US dealers. With trading costs soaring, Japanese banks are turning to more exotic…
Omnibus accounts in favour despite higher capital charges
Operational complexity in Europe and low volumes in Asia are deterring buy-side clearers from ISAs
HKEx waits for regulator to approve cross-currency swaps clearing
Race to be the first CCP to launch the clearing "killer app" continues
Dollar/yen basis blows out as leverage ratio bites US banks
Widening in the dollar/yen cross-currency basis is being blamed on regulation such as the Basel III leverage ratio which is decreasing the appetite of foreign banks to provide liquidity for cross-currency swaps
Tokyo Financial Exchange to enter margin utility business
Bourse becomes latest firm to offer services to meet uncleared margin rules
Video: Financial system more interconnected than in 2008 – DTCC
The cumulative effect of post-crisis regulation has reduced the number of market-makers, which has in turn made the financial system more interconnected than in 2008, according to Michael Leibrock, chief systemic risk officer at DTCC
Only 4% of Japan swaps have traded electronically
Despite the September mandate, electronic trading platform volumes have been low and participants are concerned about how the scope of the regulation will evolve
Korean crunch: how HSCEI fall hammered exotics desks
The 40% fall in the HSCEI index in September left dealers scrambling to hedge their Korean autocallable and variance swap positions, leading to losses of more than $300 million
JFSA calls for substituted compliance on uncleared margin rules
Deputy commissioner Shunsuke Shirakawa says the remaining differences make compliance more important
CFTC's Giancarlo blames dwindling liquidity on bank regulators
Insolvency risk has been transformed to liquidity risk, says CFTC commissioner
Repeat of Asian crisis ‘unlikely’, say Singapore bank chiefs
Policy-makers are responding more proactively to risks than in 1997, and economies are seen as much stronger
Korea Securities Depository aims to be industry-owned utility
Despite losing the tender to be the domestic trade repository, KSD's Jaehoon Yoo has plans to emulate the DTCC's model