Articles by Lukas Becker
SwapClear to restart compression in leverage boon for banks
Banks hope for leverage exposure relief after interest rate swap clearer fixes clash with CFTC rules
Massad to replace Gensler as CFTC head, and other recent job moves
Changing hats – December 2013/January 2014
Italy follows Ireland in retaining AFS bond filter
Banca d'Italia proposes to allow its banks to ignore some government bond volatility
JP Morgan names new divisional CFOs
The US bank appoints David Hudson as global markets CFO, while Mike Santomassimo is named banking and risk CFO
CME threatens to flee US as regulators challenge liquidity of US Treasury collateral
US CCPs may need committed funding to count US Treasury collateral as liquid
Central Bank of Ireland diverges from Basel III on AFS bonds
Irish bank capital numbers would filter out unrealised gains and losses on government bonds
Search for new OTC underlyings gets tougher
The history of the derivatives market has been punctuated by regular attempts to find new underlyings – never an easy task. But would-be innovators now face regulatory and political obstacles too. Lukas Becker reports
Leverage rumpus: Banks protest impact of ratio revisions
Client clearing, repo markets, credit derivatives – the leverage ratio casts a shadow over them all. But the overarching complaint is that the ratio should remain a backstop, and it’s a point on which many regulators agree. Lukas Becker and Tom Newton…
IMF: Making Basel III work in emerging markets
For many countries, Basel III is not an all-or-nothing choice. Part of Michaela Erbenova's job at the IMF is to help them work out which bits make sense. By Lukas Becker
Futures reporting delay 'will not take place', says EC's Pearson
Industry had been banking on one-year postponement - Esma now looking for solution to reporting impasse, according to senior EC official
Emerging market volatility not a sign of crisis, says Malaysian supervisor
Emerging markets are much better prepared to deal with foreign investment outflows, says Securities Commission Malaysia chairman
WGMR rehypothecation rules unclear and confusing, say lawyers
Final WGMR rules allow collateral on uncleared derivatives to be rehypothecated under strict conditions, but lawyers say they are unclear on how the rules will work in practice
Banks could quit CCPs that miss Esma deadline
A world of confusion
Leverage ratio changes threaten European clearing model, industry warns
Proposed revisions appear to catch back-to-back trades that are used to get exposure into European CCPs
CCPs in Japan, Mexico, Singapore and US to jump through Esma hoops
Eleven CCPs say they will apply to Esma for approval – sparing European members a capital hit – but Canada's CDCC has no plans to go through the process
Credit Suisse poaches Munich Re CRO, and other recent job moves
Tobias Guldimann moves to newly-created risk position, and other Changing Hats stories from the last month
Barclays leverage explosion baffles experts
Regulatory specialists unable to explain jump in leverage exposure at UK bank - the incoming ratio lacks clarity, say critics
Covered bond industry protests against Esma clearing push
Esma has ignored calls to exempt covered bond vehicles from clearing, to the dismay of issuers
The great unwind: Buy-side fears impact of market-making constraints
Some buy-side firms are already calling it the great unwind – the migration out of the huge bond portfolios buy-side firms have built up in recent years, as rates eventually rise. But with dealers less able to play the role of liquidity provider, it…
Basel faces challenge on charge for interest rate risk in the banking book
Rates expectations
Basel Committee has work cut out on interest rate risk charge
Basel Committee taskforce starts work to develop a Pillar I charge for interest rate risk in the banking book, but some bankers and former regulators say the challenges will be too great
FCA narrows AIF definition for SPVs
The UK regulator calms reclassification fears by exempting SPVs that issue debt securities from being classed as alternative investment funds
No CVA exemptions in US Basel III rules
Europe isolated as US regulators opt for broad counterparty risk charge