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EC likely to extend own deadline for recognition of non-EU central counterparties

31/10/2014

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Almost 40 non-EU CCPs awaiting Commission decisions on equivalence, says Clifford Chance report

The European Commission is expected to extend its own December deadline for making the necessary decisions to recognise more than three dozen non-EU central counterparties (CCPs) and trade repositories (TRs), despite “significant pressure” from third-country regulators, say City lawyers.

A recent report by Clifford Chance lists the current status of currently-approved EU CCPs and TRs as well as a “non-exhaustive” list of non-EU CCPs awaiting approval.

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NEW: Jobs in financial regulation and regulatory data now on the Forum for Regulatory Change website

31/10/2014

 
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Click here for a wide selection of jobs in areas such as finance, regulatory reporting, data, treasury and risk management. 
Or visit the 'Jobs' tab at the top of this page.

Too many trade repositories mean “the plugs don’t fit”, says IOSCO head

31/10/2014

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Global markets body criticises proliferation of data collection centres as "a fragmented situation"

There are too many trade repositories (TRs) in the world collecting data on the $700 trillion derivatives market, according to the head of the global body for market regulators.

There are now 25 trade TRs established in 11 jurisdictions since the G20 called for the creation of a system to monitor systemic risks. David Wright (pictured), secretary general of the International Organisation of Securities Commissions (IOSCO), said at an International Swaps and Derivatives Association (ISDA) meeting in Singapore that “the plugs don’t fit”, the Financial Times reported.

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EMIR alert: Clearing obligation for interest rate swaps

28/10/2014

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PictureSykes, Kirschner, Clapham
Regulator ESMA sets out final draft rules and expected timetable for central clearing of interest rate swaps

By Will Sykes, Michelle Kirschner and Yvonne Clapham, Macfarlanes LLP 

Following the publication on 11 July 2014 of its consultation paper on the clearing obligation for some interest rate OTC derivative classes, ESMA, the European Securities and Markets Authority, published earlier this month its final draft regulatory technical standards (RTS) for the central clearing of Interest Rate Swaps (IRS). As and when adopted by the European Commission, regulatory technical standards are binding standards that implement the technical detail of certain European legislation. These RTS define the types of IRS contracts which will have to be centrally cleared; the types of counterparties covered by the obligation; and the dates by which central clearing of IRS will become mandatory for them.

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Regulator consults on ring-fencing and continuity proposals for resolution cases

14/10/2014

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The Prudential Regulation Authority has issued four discussion and consultation papers on proposed new rules relating to the failure of regulated firms. They cover:
  • Ring-fencing
  • Depositor-protection
  • Policyholder protection
  • Operational continuity in resolution 

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Resolvability: Breaking down the barriers

7/10/2014

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PictureDavid Strachan, James Polson
By David Strachan and James Polson, Deloitte

The EU's Bank Recovery and Resolution Directive (BRRD) gives EU resolution authorities wide-ranging and potentially very invasive powers to mandate changes to banks' legal, operational and financial structures in order to improve resolvability, powers which allow resolution authorities a significant amount of discretion. In the wake of the recent announcements from the US FDIC and Federal Reserve, in which they expressed their dissatisfaction with the current state of large banks' resolution planning in the US, it would also appear that the resolvability hurdle may be higher than previously anticipated. 

Ensuring that banks are resolvable has been high on the policy agenda for several years, but the practical work needed to achieve this looks set to move forward in earnest over the next year.

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