U.S. banks have found a new way to destabilize the financial system.

Since the beginning of 2013 in the United States come into effect new rules for transactions in derivatives, which must now be provided with highly reliable assets like US Treasuries. True, the market is so large that its members face the risk of a lack of affordable high-quality securities. Some U.S. banks have decided to provide customers with reliable tools in debt in exchange for a lower-quality paper. This increases the risk of destabilization of the financial system.
Since January 2013 many American participants derivatives market volume of 648 trillion dollars will be traded under the new rules. In particular, they will have to make their transactions through clearing houses, providing collateral for these intermediaries conducted transactions. Under the new rules as a deposit can only be used for highly reliable paper, such as U.S. government bonds. However, the volume of such securities, in free circulation does not meet demands of the industry.
To date, the U.S., Japan and Europe have released bonds rated AAA or AA in the amount of about 35 trillion dollars, but most of these are already in use by other market participants in financial markets, such as central banks or sovereign wealth funds. Recently, an additional demand for them (2.4 trillion dollars) created a large banking companies are forced to increase their net worth. Even up to 2.6 trillion in assets may additionally need to ensure that all transactions with derivatives. In other words, all highly assets may not be enough.
However, enterprising American bankers have found a way out. According to Bloomberg, several major banks, including JP Morgan Chase, Bank of America, Barclays, Deutsche Bank and Goldman Sachs, intend to provide its customers' transformation of the security deposit. " In exchange for the paper is not very high credit quality, they will lend customers a highly reliable instruments that can be used as collateral for transactions in the derivatives market. In return, the banks will not only receive a fee for this service, but also enjoy higher commissions due to increased activity in the sector.
The possibility of such magical transformations of financial instruments not seriously alarmed by the experts and the participants of the market, predicts the imminent intervention in the business regulatory authorities. "Dealers pursue only their own interests and do not necessarily follow the systemic risk associated with the exchange of assets. Once this practice becomes widespread, the government necessarily interested in it, "- says a professor of finance at Stanford University Derrell Duffy. Agrees with this director ED Capital Management Ilya Kravetts, told RBC daily, that this transformation of assets only masks the financial risk, rather than their level: "In fact, it is a kind of financial alchemy, when copper makes gold. Banks can understand - they are looking for new ways of earning. The only question is how soon it will turn into gold over copper. "
Yet another way out, apparently unavailable. Realizing this, the largest U.S. clearing houses have begun to mitigate collateral requirements. Thus, the company CME, owner of the exchange Chicago Mercantile Exchange and Chicago Board of Trade, announced that increases the limit of corporate bonds are available for use as collateral, from 300 million to 3 billion dollars for each primary dealer. This is intended to reduce pressure on the government bond market. But even so, analysts say, is unlikely will save Wall Street from new attempts to make candy out of garbage assets.