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  1. Softer NSFR may not save repo, banks warn

    The problem for repos was that a draft version of the NSFR, published in January, applied an asymmetrical treatment to "non-bank financial institutions" such as money market funds, hedge funds and asset managers, which are big users of the market.

  2. Buy side attacks Isda early termination protocol

    This includes a stay on cross-default rights that would restrict the counterparty of a non-bankrupt affiliate of an insolvent US financial holding company from immediately terminating its derivatives contracts with that affiliate.

  3. FSB delays designation of systemic reinsurers

    The Financial Stability Board (FSB) has postponed the designation of global systemically important reinsurers, with regulators suggesting that worries about the assessment methodology may have stayed its hand.

  4. "Europeans are the problem" in CCP oversight standoff

    And as we know, in the financial industry, compensation is a pretty good way to motivate behaviours," said Davie. If approval is not granted, trades cleared at a non-qualifying CCP would attract the same capital as a bilateral trade, calculated...

  5. Sef execution of package trades to be postponed

    He did admit, however, that he is concerned about the departure of several large financial institutions from the clearing business over the past year – including the Royal Bank of Scotland and Bank of New York Mellon.

  6. Dealers fret over NSFR impact on equities

    The groups also requested more lenient treatment of exchange-traded equities – which attract an RSF of 50% if not issued by a financial institution – as well as matching ASF and RSF factors for linked transactions, such as equities held as a hedge...

  7. New frontloading flap over €8bn clearing threshold

    Membership of the new category two will be determined by whether a firm - which must also be deemed a financial counterparty or a larger alternative investment fund - has an aggregate month-end average notional amount of non-centrally cleared...

  8. Nationwide: ABS markets need more than warm words

    Regulators hit securitisation hard after the 2008 financial crisis, with the Basel Committee on Banking Supervision proposing bank capital requirements in late 2012 that were viewed by industry critics as too harsh.

  9. SEC to focus on fair value in alternative mutual funds

    Specifically, this re-examination should include, at a minimum, (1) ensuring consistency between representations to investors about valuation methodology and actual valuation practices, (2) adequate documentation supporting valuation decisions, (3...

  10. US bilateral margin rules: a hit parade of horrors

    In Europe, the rules apply to non-financial counterparties (NFCs) that exceed a threshold level of derivatives use - so-called NFC-pluses. There is, however, the possibility of at least some parts of a non-financial market participant still being...

  11. In-depth introduction: Expected shortfall

    A welter of double-digit-billions trading losses in the opening phase of the financial crisis broke VAR, and the Basel Committee has since proposed it should be replaced with expected shortfall – seen as a better judge of tail risk.

  12. Industry confronts hard choices in CCP recovery debate

    CCPs have ways to boost financial strength – none straightforward On October 15, the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions (CPMI-Iosco) published a final report on the recovery...

  13. CVA hedge losses prompt focus on swaptions and guarantees

    One European bank attempted to create a contingent CDS hedge in the form of a financial guarantee, but found it hard to get favourable accounting treatment. In the September issue of Risk, Dirk Schubert, a partner at KPMG in Frankfurt, sketched out...

  14. Japan FSA: cross-border recognition process too slow

    Moves by European and US regulators to recognise third-country regulations have been slow and lack transparency and there has been little evidence of the 2013 G-20 commitment to pay deference to home country supervisors actually being implemented...

  15. LNG market participants shun Japanese forwards

    It basically uses the financial market to settle the financial market, and – failing any financial bids and offers or trades – uses the physical assessments. The contract – a cash-settled non-deliverable forward – was listed by the Japan OTC...