Counterparty risk
Hidden Road ready for rush hour after FCM approval
Prime broker is trading “trillions” of notional with “a few hundred” counterparties in FX and crypto
It pays to be selective when choosing clients, say FXPBs
Credit Suisse collapse strained relationships and showed importance of a partnership approach
Isda’s fork provision gives crypto market plenty to chew over
Not everyone is happy with the discretion new digital definitions offer to calculation agents
CVA exposures to UK corporates jump ‘hundreds of millions’
Dash for credit protection triggered a doom loop in the CDSs of cross-currency swap counterparties
LCH mulls FX spot clearing as buy-side demand grows
Anticipated ForexClear service could reduce funds’ reliance on prime broker credit lines
Can ESG trading and best execution coexist?
Not everyone thinks making a statement on ESG would work against client interests
Buy-side traders start to cool on ESG-deficient dealers
Managers adopting ESG metrics in counterparty evaluations may exclude dealers that aren’t up to scratch
PBs get new help in war on generosity
Big FX venue operators offer way to reduce overallocation of credit
Dealer concentration in FX forwards
Counterparty Radar: data shows panel depth and top bank share correlated to size of manager’s book
US regulator casts doubt on key SA-CCR netting benefit
OCC rejects suggestion banks can net certain cleared client exposures; Fed stays silent
Margin rules snare FX options users
US banks forced to post margin on ‘naked’ trades, with buy-side firms soon to follow
PBs seek remedy for credit addiction in FX
Group set up after big Citi loss considers limit-checking hub, among other options
On dealer and currency choices, big US funds differ
Pimco, Vanguard and other fund giants account for up to 60% of forwards trades – but have very different hedging needs and dealer panels
Ex-Isda risk chief: ditch gross notional thresholds for clearing
10 years on, David Murphy says mandate should be rebased to exempt less risky firms
Filings reveal biggest FX forwards dealers
Counterparty Radar: Group of four banks executed 47% of sector’s trades during second quarter
Delay to IM calculation window leaves some exasperated
“Hasty” decision by global rule-makers frustrates firms that had already started initial margin prep
E-trading takes hold for FX swaps – sort of
Bulk of trades are being executed over screen, but bolder changes have stalled
Institutional crypto interest awaits infrastructure
Start-ups and entrenched players aim to bring over custody, execution and post-trade capabilities
FXPB fee jump unlikely, say dealers
HSBC and NatWest say client charges unlikely to rise significantly despite new margin costs
LCH adds five currencies to non-deliverable swaps offering
Expansion in response to customer demand in Asia and Latin America
Independent Reserve joins OTCXN network
Australian crypto exchange joins to attract more institutional liquidity