News and Notes

Liquidity will center on RFRs with alternative rates in the mix , ISDA AGM panelists say

ISLA gets seclending product into CDM codebase

BNY Mellon Appoints Laide Majiyagbe Head of Financing and Liquidity

DTCC receives SEC approval to provide security-based swap data reporting services in the US

ISDA video: Introduction to the 2021 ISDA Interest Rate Derivatives Definitions

FCA fines Sapien Capital Ltd for serious financial crime control failings in relation to cum/ex trading

Baton Systems Integrates with LCH to Deliver End-to-end Automation of the Collateral Workflow

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ARRC identifies market indicators to support a recommendation of a forward-looking SOFR term rate

SEC’s Gensler tells US House that market needs greater transparency on short selling

DTCC to US Congress: NSCC “does not impose trading restrictions”

WSJ: Banks in Archegos Aftermath Tighten Credit Lines, Scrutinize Swaps

BBH: 19 of 20 US ETF sponsors participate in securities lending, representing 99% of the $5 trillion market

EACH details governance, model validation, portfolio monitoring among best practices for credit risk management

Tradeweb’s repo ADV up 46.6% YoY to $326.4bn in April 2021

ISDA: draft legislation in China solves old problem with close-out netting rules

BME Clearing clears first cross-border repo with Italy’s Monte Titoli

BCBS, CPMI and IOSCO survey clients and non-bank intermediaries on margin calls

OCC seclending CCP volume up 87.5% in April 2021 over April 2020

Risk: SFTR pairing and matching an ongoing challenge

FT: JPM and Citi are encouraging corporates to hold money market funds, not deposits, to lighten balance sheet load

DataLend: 20% Year-Over-Year Increase in Securities Lending Revenue in April 2021

Korea Herald: Korean short sellers must take introductory class first

BPI thinks that the Fed RRP could reach $1 trillion in the coming months

Fed drops RRP AUM requirement from $5 billion to $2 billion

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PASLA comments on the partial resumption of short-selling in Korea

Fidelity expands Agency Lending to third party asset managers and institutions

LCH on plans to combine RepoClear and €GCPlus

ISLA publishes Institutional Investor Guide to Securities Lending in French

Risk: ISDA poised to issue India netting opinion

Law360: Denmark’s £1.5B Cum-Ex Fraud Suit Blocked In UK

Korea Institute of Finance: Cross-border Collateral Constraints in Asia and its Implications

New evidence on stock buybacks and hard to borrow pricing in securities lending

Bank of England blog: Decomposing changes in the functioning of the sterling repo market from 2014 to 2018

Major central banks to discontinue 84-day US dollar liquidity operations from 1 July 2021

Basel Committee: Assessing the impact of Basel III: Evidence from macroeconomic models: literature review and simulations

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ICMA’s green repo paper: some definitions but it’s still repo in the end

Reuters: China’s short-selling of stocks nears record high

Options and Murex teams take stock as demand for MX.3 in SaaS mode grow

ISLA Publishes Updated FAQs for GMSLA ‘Pledge’ Documentation

ISDA: Initial Margin Collected by Top 20 Firms Up by Nearly 20% in 2020

Bank of England publishes updated UK Money Markets Code

ECB paper: The use of DLT in post-trade processes

ARRC Announces Key Principles for a Forward-Looking SOFR Term Rate

Korea Financial Services Committee announces new stock loan system for retail investors

ESMA initiates SFTR data quality reporting

SEC issues staff statement on Fully Paid lending, no action letter to expire April 22, 2021

Basel Committee publishes work programme and strategic priorities for 2021-22