In January 2016, BCBS released revised minimum capital requirements for market risk following their eight-year long Fundamental Review of the Trading Book (FRTB). This framework represents an overarching view…
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Managing Non-Modellable Risk Factors under FRTB
FRTB allows for RF modelling under IMA only where adequate observable data is available. It prescribes a framework for assessment of the modelability of RFs based on their observability and other factors, and for capital charges …
Regulatory Trading Desk (RTD) Optimization Under FRTB
In January 2016, the Basel Committee for Banking Supervision (BCBS) released revised minimum capital requirements for market risk following their eight-year long Fundamental Review of the Trading Book (FRTB).
BCBS Proposes a Simplified Alternative to FRTB SBA
On June 29, BCBS released a consultative document for a simplified alternative to FRTB’s standardized approach (SA). This revised approach is designed to apply to banks that are not large or internationally active. The proposal…
Navigating New Cybersecurity Rules
The New York Department of Financial Services (DFS) has issued cybersecurity requirements for financial services companies (cyber rules) that recently went into effect March 1, 2017. The cyber rules, codified at…
Top 10 SEC Enforcement Highlights of 2016
We have compiled our annual Top Ten list of Enforcement Highlights. This time, it occurs towards the end of the tenure of SEC Chair Mary Jo White. Sullivan & Cromwell corporate securities and capital markets partner,
Will the Volcker Rule Survive Under the Trump Administration?
The “Volcker Rule a ban on proprietary trading activities by banks included in Dodd-Frank at the last minute, has long been one of the least popular parts of the landmark financial services reform law. Opponents of…
New Margin Requirements Sweep the OTC World
On March 1, 2017, the second wave of margin regulation for OTC derivative products swept over the world as the European rules for the mandatory posting of collateral for non-cleared derivatives began to take effect. This delayed…
Prepare for Growing Threats of Mobile Security
Ransomware was the single most frustrating and visible of issue throughout 2016. Although not the costliest or the most technically sophisticated, it wreaked havoc on a good deal of small and medium sized businesses…
Q&A with John Stacconi
You’ve been a corporate treasury executive at both major banks like J.P. Morgan and non-banks like Nomura and your current employer. What would you say are the major differences in how banks and non-banks…