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November 17th, 2017 by Nick Railton-Edwards

A brief spotlight through the fog swirling around the upcoming obligation to exchange margin on forward foreign exchange. There was a widespread, if only whispered, expectation that a 7/8 November ESMA Board of Supervisors meeting would result in an official announcement of forbearance. While the EU has no equivalent mechanism to the CFTC’s enthusiastic use […]

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October 26th, 2017 by Nick Railton-Edwards

The European Commission has quietly buried its TBTF ringfence proposal. At least to the financial community, the contents of Tuesday’s publication of the Commission Work Programme for 2018 were more notable for what they omitted. Under the aspirational subtitle “A Deeper and Fairer Economic and Monetary Union”, Annex III of the Programme contains nine financial […]

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October 20th, 2017 by Michael Beaton

On 19 October 2017, ESMA published its “first-time overview” of the EU derivatives market – a study of the size of the EU derivatives market based on aggregated data sourced from the 6 EU-authorised trade repositories. The analysis takes the most updated values of all derivatives contracts with open interest at the end of 24 […]

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October 17th, 2017 by Nick Railton-Edwards

On 13 October 2017, the CTC and the EU announced substituted compliance determinations in respect of margin requirements for OTC derivatives. The determinations accept that the CFTC’s Final Margin Rule and EMIR’s risk mitigation and margin requirements are sufficiently comparable on a substantive outcomes basis. For those interested in reading the full text, we recommend […]

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October 6th, 2017 by Michael Beaton

Introduction On 28 September 2017, the European Securities and Markets Authority (“ESMA”) submitted its final report containing draft Regulatory Technical Standards (“RTS”) on the trading obligation for derivatives under MiFIR with respect to interest rate swaps (“IRS”) and credit default swaps (“CDS”) to the European Commission (“EC”).  The EC has three months to decide whether […]

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September 19th, 2017 by Matthew Nicholson

Introduction Ambiguity in contracts is not unheard of. In the recent case of Wood v Capita Insurance Services Limited[1], we found the opportunity to have a closer look at the Supreme Court’s guidance on contractual interpretation. The exercise was so instructive that we thought we would share it. We hope that you find this useful […]

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August 16th, 2017 by Michael Beaton

  Introduction On 26 June 2017, the FCA published its consultation paper, “Individual Accountability: Extending the Senior Managers & Certification Regime to all FCA firms”.  The deadline for responses is 3 November 2017. In future, if they are to sleep easily, all Senior Managers will have to be able to prove that they have taken […]

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August 10th, 2017 by Jessica Cousin

  Introduction The recent Court of Appeal case of African Export-Import Bank & Ors v Shebah Exploration & Production Company Ltd & Ors [2017][1] dealt with a Rumsfeldian “known unknown” – the question of whether dealing on negotiated industry standard terms could be said to be dealing on “written standard terms” for the purposes of […]

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June 30th, 2017 by Michael Beaton

On 19 June 2017, ESMA published a consultation paper on the trading obligation for derivatives, as detailed in Articles 28 and 32 of MiFIR.[1]  The closing date for responses is 31 July 2017. By way of reminder, derivatives that are subject to the trading obligation under MiFIR may only be traded on: A Regulated Market; […]

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April 27th, 2017 by Graham Reynolds

The Supreme Court’s recent decision in FCA v Macris is likely to have a significant effect on the way that enforcement bodies draft, publish and craft their warnings and final enforcement notices. To begin, please consider the following scenarios: Scenario A: A notice is drafted that places blame with a particular set of individuals. The […]

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