International Organization of Securities Commissions (Iosco)
Non-EU banks consider updating benchmark fallbacks
Move follows Iosco call for contingency planning that mimics new EU standards
Europe leaves IM haircutting in CCP recovery crosshairs
No explicit ban in parliamentary text; banks say method could spark exodus from stricken CCPs
FSB recommends global governance for transaction identifier
FSB concludes ISO should publish and maintain the standard with additional governance from CPMI and Iosco
ETFs under scrutiny over liquidity risk
Secondary market trading in funds could freeze up in times of stress, supervisors fear
CFTC flags global progress on swaps reporting standards
CFTC says common transaction identifiers close to completion, with product identifiers not far behind
Q&A: Asia caught in the Basel crossfire, says Andrew Sheng
Veteran regulator says international standards may be the wrong medicine for emerging markets
CCP stress testing gets real
Quants propose technique to generate effective, plausible CCP stress-testing scenarios
Bailout obsession holds back US CCP resolution regime
Dodd-Frank leaves legal uncertainty, but proposed alternatives could be even worse
Accounting for initial margin under IFRS 13
Chris Kenyon and Richard Kenyon show why initial margin should be part of the fair value of a derivative
CCP margin backtests can hide flaws, research finds
In richer test, ‘filtered’ VAR beats five other measures
Netting no problem for blockchain, tech firms tell regulators
Firms say DLT can sit with current market practice, but acknowledge instantaneous settlement not desirable
A sound modelling and backtesting framework for forecasting initial margin requirements
Anfuso, Aziz, Loukopoulos and Giltinan propose a method to develop and backtest forecasting models for IM
Does initial margin eliminate counterparty risk?
Andersen, Pykhtin and Sokol show the existence of residual exposure after initial margin posting
Monthly swaps data review: ETD vs OTC margin totals
New disclosures from big CCPs show listed market consumes more margin than cleared swaps
Buy side may have to take on CCP losses – FSB’s König
Exempting ailing banks from CCP wind-up process could force wider allocation of losses
CCP resolution plans ‘on the wrong path’, says Fed adviser
Bank framework has “contaminated” policy for CCPs, says Chicago Fed’s Steigerwald
Stretched margins: growing pains for Simm
The standard initial margin model could become more strained as its use expands in 2017
Banks and CCPs clash over non-default losses
Clearing house members have balked at being on the hook for catastrophic losses from investments or cyber attacks that threaten the solvency of a CCP – but clearers say they should share the load. Both agree further guidance is needed from regulators
Brexit will hit equivalence decisions, warns Iosco chair
Asia may face harder negotiations with EU as result of Brexit
Netting questions linger in Asia margining rules
Hong Kong set to exempt non-netting trades from margin regime, following Australian position
CFTC ‘puzzled’ by CPMI-Iosco plan on margin procyclicality
Commission finds variation margin calls pose greater procyclical risks than initial margin
Lawmakers rush to double Euribor panel membership
Benchmark designated “critical” to stem departures and enable transaction-based methodology
Non-cleared margin rules unsettle Asian booking hubs
European banks reluctant to rely on complicated exemptions for inter-affiliate trades
Non-cleared margin rules put spotlight on Blazer market hub
Trade and model mismatches will be key tests for vital margin call service