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August 21st, 2014 by Nick Railton-Edwards

The CFTC has issued three no action letters in as many days, variously relating to: SEF documentation of uncleared swap confirmations, customer account templates for the CME and Indian Rupee clearing by the Clearing Corporation of India Ltd. Each is only of specific import, a brief summary follows: SEF Documentation of Uncleared Swap Confirmations: Letter […]

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August 18th, 2014 by Nick Railton-Edwards

The WSJ reported on Friday that the EC has privately indicated that it will recommend a two year extension to pension funds’ clearing exemption under EMIR. The clock on the three year exemption has been running since EMIR’s entry into force on 16 August 2012, if granted the extension will run until August 2017[1]. Pension […]

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August 15th, 2014 by Simon Lafrance

At a time where an unknown number of institutions covered by EMIR are still figuring out what LEI means, sitting on their hands as partners in crime with national regulators which are equally puzzled with enforcement of trade reporting obligations, BaFin shouts Eureka. Risk.net has published an article  outlining the drastic solution put in place […]

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August 12th, 2014 by Simon Lafrance

On 12 August 2014, ESMA released an updated list  of CCPs established in non-EEA countries which have applied for recognition under EMIR. ASX Clear Pty Limited was added to the list, which makes it the second and last CCP operated by the Australian ASX Clearing Corporation to seek recognition under EMIR. The list remains subject to […]

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August 12th, 2014 by Michael Beaton

Introduction The requirement to create and maintain a CASS Resolution Pack (CASS RP), formed a key plank in the FCA’s review of the client assets regime in the UK.  It requires each firm which is subject to CASS Chapter 6 (Custody rules) or Chapter 7 (Client money rules) to collate certain information regarding its handling […]

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August 11th, 2014 by Simon Lafrance

On 6 August 2014, 11 US banks received a reminder by their regulators that the rights on early termination in their ISDA Master Agreements will require material changes in order to provide credibility for their living wills. This comment likely applies to every institution which is required to produce a living will under the Dodd-Frank […]

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August 11th, 2014 by Michael Beaton

On 8 August 2014, ISDA published the ISDA Reporting Delegation Agreement (the “RDA”).  The RDA is a bilateral standard form which allows market participants to comply with derivatives transaction reporting regimes by agreeing that one party (the “Reporting Delegate”) will report relevant data to a trade repository on behalf of the other party (the “Client”). […]

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August 11th, 2014 by Michael Beaton

Risk Magazine reports that the EU draft regulatory technical standards (RTS) on risk-mitigation techniques for OTC derivative contracts not cleared by a CCP, published in April 2014 (see this blog post for more detail) may mean that Japanese firms increasingly avoid trading with EU counterparties.  Apparently, the trigger is the concentration limit within the RTS […]

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August 8th, 2014 by Nick Railton-Edwards

Where is the wisdom we have lost in knowledge? Where is the knowledge we have lost in information? TS Eliot – The Rock (1934) January 2016 may still seem a distant prospect, but in the context of fundamental corporate reorganisation it is next week. This is the final deadline for the GSIFI implementation of the […]

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August 7th, 2014 by Nick Railton-Edwards

ESMA has issued a short paper containing Guidelines and Recommendations regarding national authorities’ implementation of the CPSS-IOSCO Principles for Market Infrastructure (PFMIs) in respect of Art. 22(1) EMIR- supervision of CCPs. In a belated realisation that the “operative language” of EMIR is not fully consonant with that of the PFMIs, ESMA has rushed out a […]

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