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July 23rd, 2014 by Nick Railton-Edwards

Scott O’Malia’s respite from the derivatives markets has been brief; it is likely the CFTC’s respite from Scott O’Malia will be equally short. ISDA have announced his appointment as chief executive, effective 18 August, succeeding Bob Pickel the CEO of 17 years. “Scott is a respected leader on many key issues affecting our markets, including […]

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July 22nd, 2014 by Simon Lafrance

On 18 July 2014, the EBA published a Consultation Paper on the Guidelines to assess other systemically important institutions (O-SIIs).  O-SIIs represent the EU implementation of the BCBS’ domestic systemically important banks (D-SIBs). Contrary to G-SIBs, the D-SIBs classification allows for considerable discretion by national authorities. Accordingly, a basket of optional indicators is available in […]

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July 22nd, 2014 by Nick Railton-Edwards

ESMA has published a major update to its Q&A document on the application of the AlternativeInvestment Managers Directive (AIFMD). The Q&A specifically pertains to:   the reporting obligations to national competent authorities the obligations for depositaries and the calculation of leverage   The AIFMD was transposed into UK law a year ago, 22 July 2013. […]

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July 21st, 2014 by Nick Railton-Edwards

Commissioner Scott O’Malia, the CFTC’s most trenchant and articulate insider-critic has resigned effective 8 August 2014. He was serving a five year term expiring in April 2015. In his letter to President Obama, he pointedly re-iterated the need for investment in technology and automation, “It is time for the Commission to fully integrate technology into […]

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July 21st, 2014 by Nick Railton-Edwards

ESMA has published the EC’s response to its own letter of 8 May regarding the frontloading requirement for OTC derivatives under EMIR. Michel Barnier’s letter makes the EC’s position uncharacteristically clear- hurry up and adjust the maturity threshold. The frontloading obligation requires the clearing of outstanding swaps. Cleared and uncleared swaps have widely different capital […]

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July 21st, 2014 by Simon Lafrance

On 11 and 15 July, ESMA published two Consultation Papers on the Market Abuse Regulation (MAR). Both papers represent a follow-up of the Discussion Paper dated 14 November 2013 on policy orientations, which contained an extensive list of 113 exploratory questions. The Consultation Paper of 11 July focuses on technical advice that ESMA proposes to […]

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July 17th, 2014 by Nick Railton-Edwards

The always-quotable CFTC Commissioner Scott O’Malia took a leaf from Hippocrates in a recent speech subtitled “Regulators must first do no harm”. His prescriptions for the contagions of market fragmentation, fractured liquidity and parasitical arbitrage, all consequent upon regulatory divergence, are as follows: The Cure Should Not Be Worse than the Disease: Fixing Unworkable Rules. […]

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July 16th, 2014 by Simon Lafrance

On 15 July, the FSB’s Foreign Exchange Benchmark Group published an interim report on FX benchmarks.  Responses should be sent by 12 August. The report focuses on the two pre-eminent FX benchmarks: the World Markets Co/Reuters (WMR) 4pm London fix and the euro foreign exchanges rates set by the European Central Bank (ECB). WMR publishes […]

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July 16th, 2014 by Nick Railton-Edwards

The EBA has released the draft RTS on the content of resolution plans and resolvability assessment and a draft set of guidelines on measures to reduce impediments to resolution. Articles 10, 12 and 15 BRRD (Directive 2014/59/EU) mandate the EBA to draft RTS that impose common European standards, facilitating harmonisation between resolution authorities.  The draft […]

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July 16th, 2014 by Simon Lafrance

On 4 July 2014, EBA published the final draft RTS on the clearing members’ exposure to clients. The RTS addresses the minimum margin periods of risk (MPOR) that financial institutions acting as clearing members may use as input for the calculation of their capital requirements for exposure to clients. MPOR reflects the time period from […]

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