Wednesday news roundup: corporate bond liquidity; the leverage ratio; asset managers and capital requirements (Premium Content)
The FSB on securities finance data collection and aggregation: a good start but there are some tough points to resolve
European rules on investment managers reporting securities financing to trade repositories — will they scare away lenders?
Fed's Potter outlines how they will raise rates….using higher IOER as a magnet. We think RRP is a better tool.
US regulators propose margin rules on non-cleared derivatives. Did they give non-financial end users a pass or not?
The Harvard Law School Forum article "Nationalize the Clearinghouses" — the author may have jumped the gun
Thursday news roundup: defining liquidity, Moody’s, seclending CCPs, non-bank financial credit providers
TRS as the next financing tool? Reuters and the FT have the story and we have some conclusions (Finadium subscribers only)
WSJ writes about increase in bank UST positions being a Volcker Rule dodge. We wonder if it might be about LCR compliance?
"Embedded Financing: The Unsung Virtue of Derivatives”: An article from the Journal of Derivatives that every securities financing professional should read
The Economist writes about repo: “Neither liquid nor solid” and blames tight specials markets on regulatory change. Sorry, but no.
Zoltan Pozsar's new paper “Shadow Banking: The Money View”: some very interesting ideas on how to use the Fed's reverse repo program
The next proposed US rules: adjusting the denominator of the Leverage Ratio (Finadium subscribers only)
The Net Stable Funding Ratio (NSFR) and repo market liquidity: A Basel accident or an effort at extreme risk mitigation?
“Matching Collateral Supply and Financing Demands in Dealer Banks” in the NY Fed’s Economic Policy Review. They really don’t like repo netting.
