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October 30th, 2014 by Nick Railton-Edwards

The FSB has published an interesting round-up of structural banking reforms as a report to the G20 Leaders for the November 2014 summit. The short (21 page) report overviews structural reform in the G20 jurisdictions and assesses their consonance and cross-border consistency. While it is a usefully concise summary of the various nascent and ongoing […]

October 29th, 2014 by Simon Lafrance

On 27 October 2014, the Fair and Effective Markets Review (FEMR) in the UK published a consultation paper on fixed income, currency and commodities (FICC) markets, with a section dedicated to benchmarks. The Review is led by staff from the HM Treasury, the Bank of England and the FCA. On the same day, the Council […]

October 23rd, 2014 by Simon Lafrance

On 20 October 2014, ICE Benchmark Administration (IBA) published a position paper on the evolution of ICE LIBOR. The paper moves past the issues of manipulation and envisions a root and branch reform of the methodology. As the new administrator of LIBOR since 3 February 2014, IBA found that each benchmark submitter has developed its […]

October 16th, 2014 by Olivia Ralevski

The final Delegated Regulation on the extra-territorial application of EMIR (Commission Delegated Regulation (EU) No 285/2014) came into force on 10 April 2014 with a separate deadline of 10 October 2014 to tackle derivatives contracts that are considered to have a “direct, substantial and foreseeable effect” within the EU (Article 2).  ESMA’s intention was to […]

October 15th, 2014 by Nick Railton-Edwards

The FDIC and the BoE have released news of a joint high-level meeting and exercise designed to “further the understanding, communication, and cooperation between U.S. and U.K. authorities in the event of the failure and resolution of a global systemically important bank, or G-SIB.” Timed to coincide with the annual 2014 IMF meeting, the event […]

October 14th, 2014 by Nick Railton-Edwards

The FT has reported ESMA’s decision not to define FX derivatives for the purpose of EMIR trade reporting, deferring instead to the 2017 implementation of MiFID II. The advent of mandatory derivatives trade reporting in February exposed Europe-wide fault lines, as national authorities differed on the “derivative or not” status of forward FX contracts, a […]

October 7th, 2014 by Nick Railton-Edwards

The PRA has published four papers, three consultations and one discussion, as part of the PRA’s wider “resolution and resilience agenda”. The implementation of ring-fencing: consultation on legal structure, governance and the continuity services and facilities- CP19\14 sets out the PRA’s proposed ring-fencing policy in three areas: the legal structure of banking groups, governance, and […]

October 3rd, 2014 by Olivia Ralevski

On October 1 2014, the European Securities and Markets Authority (ESMA) issued its third in a series of consultation papers on the clearing obligation under EMIR (ESMA/2014/1185). Following Consultation paper no. 1 on interest rate swaps (IRS) and paper no. 2 on credit default swaps (CDS), the latest publication clarifies the regulatory technical standards (RTS) […]

October 2nd, 2014 by Olivia Ralevski

On 30 September 2014, the European Securities and Markets Authority (ESMA) published an updated Q&A document (ESMA/2014/1194) on the application of the Alternative Investment Managers Directive (AIFMD). This is the fifth publication to date and likely not the last (please see our blog for a discussion of the July 2014 update).  The latest version significantly […]

October 2nd, 2014 by Simon Lafrance

On 30 September 2014, the FSB published the Final Report on Foreign Exchange Benchmarks, along with the Review of the implementation of IOSCO principles on financial benchmarks in connection with the WM/Reuters 4 pm Closing Spot Rate. Final Report on FX Benchmarks The Final Report contains 15 broad recommendations, covering: WM/Reuters 4pm London fix Central […]

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Derivatives Risk Solutions LLP