Counterparty risk
Crédit Agricole hires Varloot for risk role
Etienne Varloot joins as CIB head of market and counterparty risk
MarkitServ rolls out workflow automation for cross-currency swaps
Enhanced service launched in conjunction with CLS and LCH
GE’s FX managing director retires, launches advisory
As banks downsize their sales teams, David Rusate is looking to lend his currency expertise to small- to medium-sized firms
World Bank bets on compression for emerging market currencies
New York-based start-up LMRKTS gets backing to support illiquid markets
Compliance officers should look beyond third parties
The risks facing firms are usually at other levels of the business relationship, say financial industry experts
Buy side weighs risk mitigation against clearing costs
Buy-side firms look certain to bear some of the costs that result from mandatory central clearing, with some suggesting they might look to clear non-mandated products, were it not for the prohibitive costs
Australian regulators clamps down on leveraged forex trading
Australia joins global regulators to roll out rules protecting retail foreign exchange client assets
FX market a challenge for CCPs, says New York Fed official
Central counterparties might struggle to implement clearing solutions for the FX market, says Jeanmarie Davis
Prices diverge as CVA exemption remains in limbo
Dealers face pricing headache as they wait to see whether Europe's version of Basel III will exempt corporate customers from the CVA capital charge
Investing in the internationalisation of the renminbi
Despite a forecast slowdown in Chinese growth in 2012, Helen Lam, senior portfolio manager at Allianz Global Investors in Hong Kong, believes the long-term internationalisation of the renminbi will lead to continued currency appreciation this year. Saima…
Brakes remain on FX options clearing, despite regulatory easing
CPSS-Iosco working group ruled last week that CCPs do not have to guarantee settlement, but participants recognise the issue still has some way to run before options can be centrally cleared
FSA: facing up to cross-jurisdiction conflicts
David Lawton, head of market infrastructure and policy at the UK’s Financial Services Authority, talks to Michael Watt
Spotlight on: Mike Harris, Campbell & Company
The director of trading at commodity trading adviser Campbell & Company talks to Miriam Siers about the current trading environment and the challenges in the market for buy-side traders
Isda to review close-out value definitions
Absence of a standard approach is stifling attempts to value termination clauses, dealers complain
Bayer warns EC: Don’t force us to slash jobs in EU
Christian Held, head of corporate treasury at pharmaceutical giant Bayer, threatened to move jobs abroad unless the European Commission “lets common sense prevail” over FX derivatives regulation.
UBS: FX CCPs will be “too big to fail”
Foreign exchange central counterparties (CCPs) will automatically be “too big to fail” because the consequences of failure are too terrible, according to Huw Evans, managing director and chief operating officer of FX at UBS.
ICICI clears and settles first gold contract on SMX
Singapore Mercantile Exchange (SMX) said the Singapore branch of India’s ICICI Bank began clearing and settling trade activities for SMX with its first trade cleared on December 30, 2010 for the SMX Singapore-deliverable gold futures contract.
Isda pushes back on CCP ownership caps
US derivatives industry lobbyists are pushing back at proposals by the US government to resurrect and expand the Lynch amendment, which would have imposed limits on dealer ownership of derivatives clearing houses.
HKEx moves to introduce margins for cash clearing members
HKEx plans to beef up its risk management following the bankruptcy of Lehman Brothers in September 2008 by introducing margin rules and seeking more funds from cash clearing members. The move would bring cash clearing more in line with existing…
CFTC proposal sparks scrap over CCP membership
CFTC proposes a $50 million cap on minimum capital requirements set by CCPs for clearing membership
A call for closure
Indications of the multiplicity of challenges that central clearing will introduce to the forex markets came thick and fast at the FX Week Europe congress in London last Tuesday (November 16).
Asia Risk Congress 2010: Asian banks prepare for national clearing houses
Several Asian nations could compel their banks to clear swaps in-country - others seek to join foreign CCPs on special terms
Dealer concern over proposed change to client margin segregation
Ice Trust estimates it might have to increase initial margin by 63% to cover risk.
Cash variation margin requirements worry pension funds
Having to post cash as variation margin to central counterparties (CCPs) will cause substantial yield losses for pension funds that conduct liability-driven investment (LDI) strategies, according to fund managers.