Collateral
Phase five margin queues spur calls for custody revamp
Custodians urged to update “antiquated technology” ahead of threefold jump in phase six initial margin onboarding
PoP goes FXPB: prime of prime fizzes, but isn’t to all tastes
Sources report ebullient growth among PoPs, despite lingering wariness around risk redistribution
China netting law drives interest in CSAs
Steady growth in contracts with CSAs suggests confidence that clean netting is near
BIS to operate sterling liquidity facility backed by BoE
Move echoes twentieth-century arrangements when BIS acted as intermediary in swaps network
‘Crypto Dad’ Giancarlo says DLT could have aided in Archegos
Former CFTC chair says managing collateral by distributed ledger technology would enable better oversight of risks
Margin rules snare FX options users
US banks forced to post margin on ‘naked’ trades, with buy-side firms soon to follow
SA-CCR switch clouded by confusion over netting sets
An effort by US regulators to incentivise the switch to SA-CCR may be having the opposite effect
LCH to accept Sing dollar bonds as collateral
Singapore’s banks hope move will ease margin funding burdens, and speed direct membership
Facebook’s libra could disrupt collateral markets – IMF paper
Collateral used to back ‘stablecoins’ such as libra will be unavailable for reuse
FX swaps clearing redux
SA-CCR could unleash the potential of clearing, and may ignite some big changes
SA-CCR adoption may spur wider FX swaps clearing
With up to 90% lower exposures on offer, dealers say capital benefits could outweigh margin costs
Fed extends dollar funding to more central banks
New repo facility aims to ease strains caused by global flight to the safety of dollars
India preps margin regime as parliament debates netting law
Lawmakers thrash out bill on close-out netting; margin rules likely to follow in H1
Baton rounds out funding with $4m Illuminate investment
DLT firm plans Asia expansion due to demand for delivery of assets in Asian and non-CLS settled currencies
Record builds synthetic FXPB offering
Specialist currency manager will use tri-party model to move securities collateral between banks
OTCXN adds OSL as core liquidity provider
OSL is among the largest digital asset brokerage firms in Asia-Pacific
Hedge fund giants lead fourth wave of IM candidates
BlueCrest, Capula, Citadel, Millennium and Rokos expected to be in scope for next phase of margin rules
Day one of a no-deal Brexit: swaps and chaperones
Banks, platforms and repositories tee up EU entities – and dread the repapering crunch that would follow
Birchall joins LCH as head of Asia-Pacific
Kate Birchall fills the vacancy left by Marcus Robinson, who has taken a role at the clearing house in London
CloudMargin secures $10m to fund growth
Provider of collateral and margin management deepens relationship with IHS Markit
CME FX Link to go live on March 25
CME is launching a new central limit order book allowing participants to trade OTC spot and FX futures via a single spread trade
BNY Mellon to build franchise partnerships using FXPB
The bank’s FX prime brokerage beta clients could go live within the next month
LCH SwapAgent processes first cross-currency basis swap
It is the first non-cleared trade to be transacted as LCH STM, SwapAgent’s settlement-to-market legal and operational framework
European Commission backs FX forwards margin exemption
Need for change is “undisputed”, official says, but short-term relief expected to come via forbearance