Articles by Joel Clark
Risk Europe: euro volatility and regulatory uncertainty biggest concerns, say CROs
Buy-side chief risk officers voice their concerns about the effects of regulatory inconsistency on volatility.
Risk Europe: Industry should stop fighting Basel III and focus on transition
Senior Basel Committee member tells banks to get involved in negotiations over the phase-in period for Basel II reforms
Risk Europe: EU supervision package could be delayed
Creation of new European supervisory authorities is hampered by disagreements between EU parliament and council
Risk Europe: ECB insists eurozone bonds decision was its own
Political pressure played no part in ECB decision to buy bonds, says board member
Return to variance?
Banks and investors were hammered on short single-stock variance positions during the crisis, causing many dealers to pull back from the variance swap market altogether. Instead, some have been pushing volatility swaps as an alternative, but not everyone…
15 minutes with: Eric Litvack, SG CIB
SG CIB's Eric Litvack talks to Risk about the implications of evolving rules on bank capital and OTC derivatives.
Industry disappointed by lack of clout in CCP standards
Dealers complain a long-awaited draft of standards for derivatives clearing platforms fails to address key issues.
Bankers question Wellink’s claim on Basel III economic impact
Bankers question how the committee chairman can accurately estimate the impact of Basel reforms.
Basel Committee’s Walter: Basel III on track
A package of reforms to the Basel II capital framework will be calibrated by year-end as planned, says secretary-general.
Waiting for CCP standards
Proposed standards for central counterparties clearing over-the-counter derivatives will be published in May, tackling contentious issues such as governance, margin practices and default management. Dealers are anxious to ensure the standards are…
Losing the asset swap lifeline?
A price difference between inflation-linked and nominal bonds last year created a huge opportunity for real-money investors to benefit through asset swaps. Now the opportunity has diminished, how important are asset swap investors in providing inflation…
Banks call for Basel III rewrite as QIS exercise ends
The industry hopes the impact study will lead to a rewrite of proposed new rules on capital, liquidity and leverage.
Dealers warn of risks of forced allocation in OTC clearing
Clearing houses could cause large losses for their members if they don't put limits on portfolio allocation, dealers think.
EU derivatives experts suggest threshold system for corporates
Legislators at the European Commission will today move a step closer to determining whether non-financial users of over-the-counter derivatives should be forced to clear trades through central counterparties (CCPs) – a possibility corporates have…
Doubts raised over viability of Lloyds CoCo bonds trigger
Bankers and regulators are looking at possible standards for contingent capital, but are struggling with the definition of an appropriate trigger.
Between volatility and variance
Banks and investors were hammered on short single-stock variance positions during the financial crisis, leading many dealers to withdraw from the variance swap market. The alternative that some have reverted to is the volatility swap, although this has…
Contingency plans
Following recent issues of contingent capital by Lloyds Banking Group and Rabobank, other firms are eyeing similar issuance as a means of meeting higher capital requirements in a cost-effective way. But the Basel Committee, which is due to discuss the…
Mastering sharia
The International Swaps and Derivatives Association and the International Islamic Financial Market published the long-awaited Islamic master agreement in March after more than three years of negotiations. Market participants welcome the document, but say…
European Commission admitted to CPSS/Iosco working group on CCPs
The EC says its seat on the steering committee will help keep global regulation coherent.
Basel Committee proposals could break IASB loan-loss deadlock
The Basel Committee has revealed its thinking on loan loss accounting to standard-setters and industry experts.
