Credit risk
The aftershocks of Einar Aas
The €114m default of Nasdaq power trader Einar Aas will have consequences across markets - but energy could be particularly badly affected
Lessons from two commodity defaults
Regulators and exchanges need to learn from the Greenhat/PJM default in the US as well as the Norwegian Nasdaq blowout
CVA pricing for commodities with WWR
A calculation of CVA integrating a commodity futures exposure with probability of an event under WWR and credit downgrades
Climate risk joins ethics in driving lending decisions
Barclays, BNP Paribas and others are analysing risk of climate change-related losses
DRW calls for physical settlement of bitcoin futures
Prop shop’s head of market structure says underlying spot exchanges are not transparent enough
Bitcoin futures pricing kindles manipulation fears
CME and CBOE insist pricing methodology is robust; critics say contracts are ripe for manipulation
Energy Risk Asia Awards 2017: The winners
Societe Generale takes finance house and research gongs; Citi picks up derivatives award
CFTC’s Quintenz: dealer threshold could exclude cleared swaps
Commissioner suggests risks should be better considered in de minimis reappraisal
Commodities firms fear EBA’s inappropriate capital charges
Energy lobbying overlooked as proposed regime threatens vigorous demands
Energy firms raise concerns over CFTC capital rules
Commercial swap dealers might not qualify for a treatment designed specifically for them
Finding alpha in uncertain energy markets
An overview of how energy traders can tap into market data and risk analytics to avoid blind spots in Uncertain Energy Markets.
Beware the pitfalls of right- and wrong-way risk
Credit exposure can be hazardous. Misinterpreting the risks posed can be ruinous
Too little, too late: Esma data won’t fix energy firms’ Mifid woes
Data confusion and unworkable exemption timeframe risk commodity market disruption
Kaminski: discounting for energy swaps ‘a big mess’
Energy Risk USA: most energy firms still prefer Libor for discounting
US shale fluffing its feathers in mating dance with banks
Cash-addicted producers are making greater use of hedging to attract loans
People: CFTC picks enforcement and legislative affairs chiefs
Other changes at Eni, Societe Generale, Danske Commodities, Glencore, Global Coal, Six, plus more
Profile: DRW’s Wilson on risk, regulation and real estate
Most recently standing trial accused of manipulating an interest rate futures market, Don Wilson has had a colourful career
People: Morgan Stanley sees raft of commodities exits
A number of senior bankers across Morgan Stanley’s commodities and energy lending units in the US are leaving the bank
Asia commodity finance house of the year: Societe Generale
SG CIB makes Asia renewables expansion the cornerstone of its commodity finance business
EEX futures contract triggers margining spat
Rivals criticise use of lower margins in marketing push
UK resists expansive view of Mifid II position limits
FCA suggests limits shouldn’t apply to OTC trades between non-EU entities
Ex-Barclays fixed income head builds commodity hedge fund
Lamorre-Cargill seeks to entice investors back to commodities with Argon