Regulation - Derivatives, EMIR, Dodd-Frank
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ESMA letter to the European Commission

ESMA letter to the European Commission

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Delay in ESMA's delivery of a 2nd RTS on the Clearing obligation

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Singapore to examine swaps trading change - FT.com

Singapore to examine swaps trading change - FT.com | Regulation - Derivatives, EMIR, Dodd-Frank | Scoop.it
Singapore is considering whether to require market participants to trade on regulated electronic trading platforms, marking a change of tack on its policy on a key aspect of over-the-counter (OTC) derivatives reforms. Sweeping reforms of the $700tn
Cees Onderwater's insight:

Following the US and Europe, Singapore is considering to mandate electronic trading and central clearing of derivatives.

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ESMA publishes updated EMIR Q&A | Esma

ESMA publishes updated EMIR Q&A | Esma | Regulation - Derivatives, EMIR, Dodd-Frank | Scoop.it
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ESMA published its - already 11th - update of the Q&As document regarding EMIR

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Dazzling Derivatives - week 42/2014 (with image) · QuietConsultant

Keeping a register on what you should have read last week - this is mostly about regulation of financial markets (esp. in derivatives) but also includes other aspects of how banks are affected by social media & innovation (some articles are behind the paywall, others require registration)
Cees Onderwater's insight:

Tom Riesack's weekly Scoop.it!

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EMIR delay prompts BNY Mellon clearing exit | news | Trading & Execution | Regulation | thetradenews.com

Cees Onderwater's insight:

Delay of entry into force of mandatory EMIR clearing from beginning to end of 2015 seems to have pushed Bank New York Mellon out of the European Clearing services market ... for the time being.

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ESMA plans phased-in approach to EMIR OTC derivatives clearing | Lexology

ESMA plans phased-in approach to EMIR OTC derivatives clearing | Lexology | Regulation - Derivatives, EMIR, Dodd-Frank | Scoop.it
The European Regulation on Derivative Transactions, Central Counterparties and Trade Repositories (known as the European Market Infrastructure…
Cees Onderwater's insight:

Compact overview article about EMIR's central clearing obligation

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Regulatory reform of over-the-counter derivatives: an assessment of incentives to clear centrally

Abstract of "Regulatory reform of over-the-counter derivatives: an assessment of incentives to clear centrally", a paper analysing whether the post-crisis regulatory reforms developed by global standard-setting bodies create appropriate incentives for different types of market participants to centrally clear OTC derivatives contracts.
Cees Onderwater's insight:

Bottom line: Regulatory reforms provide appropriate incentives to direct clearers to clear centrally. As they are responsbile for the bulk of the derivatives trading markets, the G20 objectives may be achieved.

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Battle Lines are Drawn | Calypso Technology

Battle Lines are Drawn | Calypso Technology | Regulation - Derivatives, EMIR, Dodd-Frank | Scoop.it
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Interesting article in the light of the coming central clearing obligations

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Ropes & Gray LLP: ESMA Plans Phased-in Approach to EMIR OTC Derivatives Clearing

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Summary in more 'everyday language' of ESMAs clearing obligation publications of this week 

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ESMA consults on draft standards for the clearing of foreign-exchange non-deliverable forwards | Esma

ESMA consults on draft standards for the clearing of foreign-exchange non-deliverable forwards | Esma | Regulation - Derivatives, EMIR, Dodd-Frank | Scoop.it
The consultation period runs until 6 November 2014.
Cees Onderwater's insight:

On the same day as the release of the final draft RTS re. IRS, ESMA started a consultation on clearing of FX NDFs, running until 6 November 2014. 

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DTCC and Euroclear Form JV to Solve Collateral Squeeze | The OTC Space

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If it can be made to work this is an important step

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ESMA consults on draft guidelines clarifying the definition of derivatives under MiFID | Esma

ESMA consults on draft guidelines clarifying the definition of derivatives under MiFID | Esma | Regulation - Derivatives, EMIR, Dodd-Frank | Scoop.it
Cees Onderwater's insight:

The words of ESMA herself ...

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One Repository to Rule Them All | FSB Feasibility Study Published | The OTC Space

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The Financial Stability Board's (FSB) second report on solutions to solve the fragmentation of derivative Trade Repositories

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First equivalence decisions under EMIR for non EU-CCPs –

The EU Commission begins its assessment for equivalence if a non-EU CCP applies to obtain recognition from ESMA. Equivalence assessments are intended to ensure that the relevant rules operating in the third country satisfy the same objectives as in the EU. Following publication of the... #emir
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Equivalence starts to roll ...

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Fed Official Slams ‘Fantasy’ Of CCP Default Management | The OTC Space

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Interesting article about default management processes in CCPs and its members

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Reference Rates Upgraded to all new Avatars | (Part I of 3) | The OTC Space

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Part 1 of a series of 3 about: "Everything you always wanted to know about reference rates/IBORs such as LIBOR, EURIBOR but were too afraid to ask". This first part provides an introduction to the subject of reference rates.

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Dazzling Derivatives - week 41/2014 (with image) · QuietConsultant

Keeping a register on what you should have read last week - this is mostly about regulation of financial markets (esp. in derivatives) but also includes other aspects of how banks are affected by social media & innovation (some articles are behind the paywall, others require registration)
Cees Onderwater's insight:

Tom Riesack's weekly Scoop.it!

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Dazzling Derivatives - week 40/2014 (with image) · QuietConsultant

Keeping a register on what you should have read last week - this is mostly about regulation of financial markets (esp. in derivatives) but also includes other aspects of how banks are affected by social media & innovation (some articles are behind the paywall, others require registration)
Cees Onderwater's insight:

Tom Riesack's 'private' weekly Scoop.it! ...

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Major Banks Agree to Sign ISDA Resolution Stay Protocol | The OTC Space

Major Banks Agree to Sign ISDA Resolution Stay Protocol | The OTC Space | Regulation - Derivatives, EMIR, Dodd-Frank | Scoop.it
Cees Onderwater's insight:

'Cooperation' between Financial Stability Board, ISDA and 18 major banks to improve systemic stability in case of certain credit defaults.

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Streetwise Professor » Damage Control at the CFTC

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Só in need of substitute compliance/equivalence, however só problematic to provide ...

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Trade reporting: next steps | The View From DTCC | The OTC Space

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Short overview of international trade reporting initiatives

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Does Clearing Increase or Decrease Systemic Risk? | A Debate between Pirrong and McNamara | The OTC Space

Cees Onderwater's insight:

Discussion of the +'s and -'s of central derivatives clearing via CCPs. My takeaway: central clearing/CCPs reduce risks in times characterized by normal distribution of outcomes ... but may worsen the situation when the whole market develeops into one direction ...

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ESMA defines products, counterparties and starting dates for the clearing of interest rate swaps | Esma

ESMA defines products, counterparties and starting dates for the clearing of interest rate swaps | Esma | Regulation - Derivatives, EMIR, Dodd-Frank | Scoop.it
ESMA has submitted today its final draft IRS RTS to the European Commission, which has now up to three months to endorse them. Following the non-objection period of the European Parliament and Council, the RTS will enter into force and become effective 20 days after its publication in the Official Journal.
Cees Onderwater's insight:

ESMA delivered its part. It is now up to the European Parliament and European Commission. Following their max. 3-months non-objection period , the IRS related RTS will enter into force and become effective 20 days after its publication in the Official Journal.

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Dazzling Derivatives - week 39/2014 (with images) · QuietConsultant

Keeping a register on what you should have read last week - this is mostly about regulation of financial markets (esp. in derivatives) but also includes other aspects of how banks are affected by social media & innovation (some articles are behind the paywall, others require registration)
Cees Onderwater's insight:

Tom Riesack's own weekly Scoop.it

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When are FX derivatives not FX derivatives? –

It had been anticipated that the Markets in Financial Instrument Directive (MiFID II) would properly distinguish between foreign exchange (FX) spot contracts and FX forward contracts for the purposes of regulatory compliance. However, at the beginning of this year it... #doddfrank #emir #mifid
Cees Onderwater's insight:

Good question?! Still unclarity and lack of a coherent approach between jurisdictions ...

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