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September 22nd, 2014 by Simon Lafrance

On 18 September 2014, the FSB published a report on “Jurisdictions’ ability to defer to each other’s OTC derivatives market regulatory regimes”. The FSB member jurisdictions were asked by the FSB Chairman to unlock the secrets of each other`s framework for making equivalency or comparability decisions on matters such as trade reporting, central clearing and […]

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September 18th, 2014 by Simon Lafrance

At a time where regulation is often not in tune with commercial necessity, a significant arrangement is underway for asset-backed securities (ABS). Benoît Coeuré, executive board member of the ECB, draws upon a joint Discussion Paper from the Bank of England and the ECB to advocate for a favourable regulatory treatment for “Qualifying securitisation”. The action […]

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September 18th, 2014 by Nick Railton-Edwards

A critical legal challenge to the Gensler-era CFTC was decided Tuesday, in a resounding victory for the agency. Judge Paul Friedman rejected arguments by three trade bodies[1] that the CFTC had overstepped its authority in extending the extra-territorial reach of its swaps rules. His 92 page opinion is decisive- The challengers “merely seek to delay […]

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September 17th, 2014 by Nick Railton-Edwards

ESMA announced today that BME Clearing will be added to its list of registered central counterparties (CCPs) under EMIR, making it the first Spanish CCP and the thirteenth EMIR-authorised clearer to date.  A list of registered CCPs can be found on ESMA’s website.

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September 16th, 2014 by Simon Lafrance

On 10 September 2014, the Presidency of the Council of the EU published its first compromise proposal for regulation on benchmarks. This last version reveals a variety of adjustments since the original proposal published in September a year ago. Although some changes result in a lighter bite for certain benchmark administrators, Brussels is sharpening the knives […]

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September 12th, 2014 by Simon Lafrance

The High Court in the UK[1] recently clarified important parameters of the Market Quotation process under the 1992 ISDA Master Agreement. It is now established that quotations must be obtained on or after the Early Termination Date and that “live” quotes must be obtained. Backdated or indicative quotes are definitely unacceptable. These questions had remained […]

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September 12th, 2014 by Simon Lafrance

Introduction The High Court in the UK[1] recently clarified important parameters of the Market Quotation process under the 1992 ISDA Master Agreement. It is now established that quotations must be obtained on or after the Early Termination Date and that “live” quotes must be obtained. Backdated or indicative quotes are definitely unacceptable. These questions had […]

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September 12th, 2014 by Nick Railton-Edwards

In line with last month’s speculation, Risk magazine reports an interview with Michel Barnier, the EC’s head of internal markets, in which he implies that his successor will extend the clearing exemption for pension funds- “I don’t think all the conditions have been met yet to ensure a smooth transition to clearing for pension funds.” […]

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September 10th, 2014 by Simon Lafrance

The ISDA Protocol on suspension of early termination rights (discussed here) is likely to be released in September, two months earlier than expected. Only G-SIFIs trading with other G-SIFIs would be covered initially, reflecting the less than enthusiastic reaction of other market participants to give away their early termination rights for the sake of reducing […]

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September 9th, 2014 by Nick Railton-Edwards

Michel Barnier, EU  financial services chief, has published a letter to the EBA asking the watchdog to accelerate its investigation into “allowances”. Since the EU’s CRD IV clampdown on banker’s discretionary pay, limiting bonuses to a maximum of one year’s salary (x2 with board approval), there have been widespread press reports of allowance inflation. Stuart […]

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