Colleague met a guy yesterday literally called Ben Hur. Awesome.

I finally get around to setting up an autocorrect to put the accents in Societe Generale, and they decide to take them off!

Cutting Edge introduction: Living la vida local dld.bz/dgJ7a

Good paper on local correlation by Julien Guyon. Here's my introduction, with one of my better headers: risk.net/risk-magazine/…

Congressional Republicans are wondering why their wasn't a C/B analysis for Volcker. "We did, kinda," say regulators risk.net/risk-magazine/…

Nomura latest to announce an FVA line item: ¥10 bn ($98m) loss risk.net/risk-magazine/…

Follows JP's $1.5bn and Deutsche's €364m (~$495m) FVA losses

Difficult to compare FVA numbers depend on methodology and portfolio moneyness, but DB number feels low to me. Pure speculation, of course

German DMO to start collateralising its swaps: risk.net/risk-magazine/…

CFTC declares war on trees: risk.net/risk-magazine/…

Contributing authors forgetting to attach copy to email and then going on unreachable holiday. Grrr.

Got a couple of technical articles for you coming up...

Jon Frye at the FRB Chicago reckons all the bells and whistles of LGD models add nothing statistically risk.net/risk-magazine/…

Reckons using a plain old Vasicek distribution function with realised estimates for PDs is just as good risk.net/risk-magazine/…

...and Barclays's Vladimir Piterbarg (2 time Risk quant of the year) is back on collateral choice CSAs risk.net/risk-magazine/…

Looks at various methods of pricing embedded options in CSAs. Trick making rates conditionally independent best risk.net/risk-magazine/…

Mandatory SEF starts today. Let me know how trading goes. New experience for many buy-side firms

Emir woes deepen - some corporates still waiting for connection to DTCC, and have stopped trading swaps as a result: bit.ly/McttDG

Cleared USD swap volumes fall 80% on first day of Sef regime: bit.ly/1eaFosB

IASB's Hoogervoorst: "a lot of work for nothing". FASB rejects IFRS 9 risk.net/risk-magazine/…