Articles by Joel Clark
Lufthansa wary of OTC regulations
Corporates across the globe have lobbied to ensure end-users are not subjected to new clearing requirements for derivatives. For Lufthansa’s treasury department in Frankfurt, ensuring it is able to continue to hedge its foreign exchange and interest rate…
Equity volatility backlash
Taking a long equity volatility position is a favourite macro hedge for risk managers and traders across asset classes, but the trade doesn’t always work as expected. How has the volatility experienced in May and June affected macro hedging? Joel Clark…
A focus on gone-concern contingent capital
Regulators have found it easier to reach consensus on a standard for contingent capital that converts at the point of a bank’s insolvency, but continue to struggle with the definitions for going-concern conversion. How will supervisors proceed? Joel…
Key Basel III decisions due as oversight board gathers
Governors and heads of supervision will review recommendations brought forward from July 14-15 Basel Committee meeting
Carlos Tavares replaces Eddy Wymeersch as chair of Cesr
Spanish regulator to succeed Eddy Wymeersch in August, but might only serve until January, when Cesr becomes Esma.
Basel Committee counter-cyclical proposals tie buffers to economic indicators
Committee publishes paper on counter-cyclical capital and defers recommendations on Basel III to oversight board meeting on July 26
Basel Committee convenes for crunch mid-year meeting
QIS results, industry feedback, recalibration and transition top the agenda of quarterly committee meeting.
Credit expert findings should help revise new impairment standard, says IASB
A proposed new approach to loan loss accounting is proving a tough nut to crack, but standard-setters say progress has been made.
No changes yet as Basel III redrafting looms
Basel Committee members are seeking to fend off speculation they have already decided to abandon or rewrite key elements of their proposals.
EU regulators ready to act in concert?
The European Union is close to reaching agreement on a new supervisory framework, designed to reduce the room for national discretion. But Germany’s recent short-selling ban shows domestic supervisors are not afraid to go their own way to protect…
IASB positive about progress on new loan loss standard as consultation ends
The findings of a group of credit risk experts should help IASB staff find a way to make its proposals operational, board member John Smith tells Risk
Basel Committee: no decision yet to scrap Basel III liquidity rules
Regulators accept reform package will need to be reshaped but claim no decisions will be taken until July's committee meeting
Regulators hit back at IIF’s doom-laden predictions of Basel III impact
Regulators believe the IIF has over-estimated the effect of the planned Basel III reforms.
BIS position on OTC clearing eligibility at odds with EC
BIS top economist suggests all OTC derivatives could be standardised and sent to CCPs, but EC favours a more measured approach to determining clearing eligibility.
EC derivatives consultation stops short of detail on corporate exemptions
Long-awaited derivatives proposals focus on standards for central counterparties that clear OTC derivatives.
EC accelerates consultation on beefed-up short-selling proposals
Under pressure from member states, the EC expects to adopt new short-selling rules by September.
European derivatives draft to be published for consultation within days
EC derivatives legislation set to be far more detailed than US financial reform bills, and open to industry comment before final adoption.
G-20 pursues systemically important banks, despite abandoning levy
Banks will still face new constraints as the G-20 continues with plans to prevent them from posing a systemic threat.
Industry urged to stop fighting Basel III and negotiate transition period
Banks should focus on the timeline for implementation and stop resisting the Basel reform package itself, say regulators
Lack of co-ordination contributes to European market sell-off
The Bafin decree on short selling in May signalled a lack of agreement by European regulators, say participants
Dealers and legislators left disappointed by CPSS-Iosco recommendations
Proposals on risk management by CCPs should be more detailed, say participants
Too networked to fail?
The need to craft special treatment for banks that are too big or interconnected to fail has long been a concern for regulators, but of equal importance is the challenge of identifying which institutions should be subjected to such measures. How can…
CFTC commissioner questions Senate ban on support for swaps
CFTC commissioner says Lincoln's proposal to ban federal support for swaps might not fly
Where there’s a will…
Living wills have quickly emerged as a new measure to ensure banks are better prepared for the next crisis. But clear definitions of exactly what information they should contain and how they should be drawn are lacking