Derivatives
Political turmoil rattles Turkish lira carry trade
Echoes of March crackdown that sparked market rout leave traders on alert
Book notes: Making money work, by Matt Sekerke and Steve H Hanke
This book provides a critique of the post-crisis monetary and financial system, proposing changes that deserve to be broadly read
Ex-OCC chief Michael Hsu on the impact of an America-first agenda
The former acting comptroller of the currency speaks with Christopher Jeffery about the future of the US Treasury market, Fed independence, financial de-regulation, the Genius Act and international co-operation
NY Fed’s push for repo haircuts gets a tepid response
New risk management standards could make it harder to finance US Treasury purchases
BoE makes subtle leverage snipe at CCP cross-margining
Margin offsets might increase risk, but could also encourage more central clearing
Leverage ratio reform: the good, the bad and the Treasury
A simple cut would be less likely to stoke interest rate risk than exempting US government bonds
BoE to consult on promoting clearing for gilt repo market
Deputy governor also takes aim at bilateral repo haircuts and cross-CCP netting
Inside the week that shook the US Treasury market
Rates traders on the “scary” moves that almost broke the world’s safest and most liquid investment
No need for repo clearing ‘cannon’ in Europe, says industry
Observers question rationale for a clearing mandate, calling for clearer incentives
Gilt repo clearing mandate on Bank of England’s radar
Sources say regulator mulling benefits of US-inspired regime, but is non-committal
Basel uniformity fades as members defy dress code
Rule-makers diverge from Basel III standards, denting aims of comparability and fuelling fears over fair competition
Trump’s tariff threats stress London gold market
Banks scrambling to get enough gold to fund customer positions, with BoE the first port of call
Bank of England wants dynamic Emir for UK clearing houses
Review won’t just photocopy EU legislation, as BoE seeks to make rules simpler and adaptable
Trump’s tariff threats fuel corporate FX hedging revamp
Treasurers mull options and longer-dated hedges in face of mixed signals on extent and timing of measures
Basel stops short on wrong-way risk
New guidelines a step in right direction, but experts warn they won’t prevent another Archegos
Repo and FX markets buck year-end crunch fears
Anticipations of changes to the Fed’s reverse repo programme contributed to easing balance sheet pressures
Banxico ops chief confident on swaps reference rate transition
Major exchanges to introduce TIIE de fondeo on November 22, with derivatives liquidity expected to grow
The GFXC chair on the next steps for the FX global code
Global FX Committee chair Gerardo García speaks with Christopher Jeffery about updating FX best practice, improving buy-side engagement and revising settlement risk estimates in the BIS’s triennial survey
Bank of England to review UK clearing rules
Broader collateral set and greater margin transparency could be adopted from Emir 3.0, but not active accounts requirement
Implementation of regulatory reforms ‘uneven’, says FSB
Annual report reviews efforts over past year to adopt Basel III and tackle risks in non-bank sector
Philippines launches new interest rate swap market
Central bank says platform could boost trading and liquidity in domestic bonds
Indian central bank postpones IM go-live date
RBI communicated delay to initial margin rules one day before planned November 8 implementation
Liquid assets best placed to reap benefits of AI – IMF report
Study explores risks and rewards to capital markets from emerging technology
ECB official open to offering liquidity aid to non-banks
Deputy director doesn’t rule out copying UK plan to extend repo facility to pension funds and life insurers