Leverage ratio
LCH and Eurex extend new swap VM treatment
Three US banks used method to cut swaps assets by more than $300bn in third quarter
BAML and Morgan Stanley swaps drop $186bn on VM change
At least seven banks now using settled-to-market treatment for variation margin
Q&A: Giancarlo stresses importance of international relations
EU regulatory inexperience causes problems for CFTC chairman
Q&A: CFTC’s Quintenz weighs swap dealer threshold impact
Activity-based threshold could be ‘disincentivising’ dealers, says commissioner
Goldman swaps assets drop $140bn after margin change
Move follows guidance from US regulators; no word from Goldman on capital impact
Banks prepare for battle with Fed over G-Sib rules
Proposals would kill client clearing business, FCMs claim – but postponement is a chance to fight back
CCPs say central bank access needed to avoid liquidity crisis
Uniform access to deposit accounts and overnight liquidity vital, say market participants
CFTC commissioner wants say over bank capital rules
Inability to influence SLR is “incredibly frustrating”, says Quintenz
P2P repo platforms in bid to solve US liquidity crunch
New peer-to-peer services claim buy side is failing to reap benefits of higher volumes
In the balance: global regulation walks a tightrope
FSB evaluation could maintain international standards or accelerate their decline
Eurex urges more regulators to endorse VM capital savings
CME, Ice and LCH treat variation margin as settlement; Eurex awaits further guidance
US regulators approve VM route to capital savings
Guidance tips balance in debate over interest payments in settled-to-market swaps
New EU bank rules threaten Eurex, LCH investment policies
CCPs with EU bank licences currently run leverage ratios of less than half the minimum
VM change helps Barclays cut derivatives by $113bn
Three factors slashed size of book by 25%, including move to treat margin as settlement
Bailout obsession holds back US CCP resolution regime
Dodd-Frank leaves legal uncertainty, but proposed alternatives could be even worse
Fed weighing VM capital cut for cleared swaps
Powell implies support for practice that saved UBS $300m in capital
A 10% leverage ratio does not justify waiving the Volcker rule
Former Fed manager Christopher Laursen warns against prop trading, even for well-capitalised banks
Scrap the gold plate: Mnuchin goes global on bank rules
Treasury converges to international standards, but leverage ratio exception may delay Basel deal
US Treasury’s leverage fix tipped to boost repo market
US Treasury plan to exempt US government bond exposures expected to help struggling market
World Bank bets on compression for EM currencies
NY-based start-up LMRKTS gets backing to support illiquid markets
LCH set to launch repo client clearing service
Project will allow buy-side firms to access CCP through sponsor banks in coming months
EU regulator dampens SA-CCR reform hopes
Isda AGM: EBA acknowledges approach’s shortcomings, but warns Basel is not reconsidering
Swaps market’s health seen as resting on sickly repo
Isda AGM: Panellists warn repo market is risky way to fund swaps margin
Giancarlo: SLR change would cut clearing capital by 70%
Isda AGM: netting of clearing collateral would boost activity without weakening banks, claims CFTC chair