Fed: Clearinghouse stress tests should be wider, more frequent | May: Brexit deal in doubt but could get Parliament's OK | Regional differences in G-SIB leverage makeup apparent
December 14, 2018
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Fed: Clearinghouse stress tests should be wider, more frequent
If stress tests of US and EU clearinghouses are to identify consequences of bank and clearinghouse collapses for the financial system, they must include more jurisdictions, banks and risk scenarios and must be performed more frequently, according to a Federal Reserve working paper. Clearinghouse testing by US and EU regulators "is in its infancy," the paper says.
MLex (subscription required) (12/13) 
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May: Brexit deal in doubt but could get Parliament's OK
British Prime Minister Theresa May has told an EU committee that UK parliamentary approval of the Brexit deal is still possible but that an orderly withdrawal is at risk. The EU has said the backstop deal to prevent a hard border between Ireland and Northern Ireland is intended to be temporary and has refused to give legally binding guarantees.
BBC (12/14),  Politico (12/14),  The Independent (London) (tiered subscription model) (12/14) 
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Industry News and Trends
Regional differences in G-SIB leverage makeup apparent
Global systemically important banks had a different composition of exposure as measured under the leverage ratio through 2017, with derivatives and repo accounting for less exposure at Japanese and eurozone G-SIBs than at US, UK and Swiss G-SIBs.
Risk (subscription required) (12/13) 
Regulatory Roundup
BoE sees need for targeted approach to Sonia adoption
A working group on risk-free rates at the Bank of England wants greater focus on adoption of the Sterling Overnight Index Average. "It would be appropriate to begin considering more granular milestones with a more targeted approach," according to minutes from the group.
Futures & Options World (subscription required) (12/13) 
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Asian banks scramble to test margin models
Banks in Asia lack the data they need to test their initial margin models to meet the calculation requirements of upcoming initial margin rules.
Risk (subscription required) (12/13) 
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ISDA News and Events
ISDA Annual Legal Forum -- Jan. 28 in London
ISDA Annual Legal Forum -- Jan. 28 in London
ISDA's 4th Annual Legal Forum will provide comprehensive updates on key current legal issues around benchmark reform, Brexit, implementation of margin requirements and the future of derivatives documentation. REGISTER: ISDA Annual Legal Forum on Jan. 28 in London *NEW* Sponsorship & Exhibitor Opportunities available
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