OTC Derivatives

January 30th, 2019 by Nick Railton-Edwards Tags: , , ,

DRS recently hosted a well-attended IM Breakfast Roundtable at the Gherkin. A distinguished list of panellists included Mayer Brown’s Ed Parker, Margin Reform‘s Chetan Joshi and Bank of New York Mellon’s Mark Higgins. Focused primarily on the imminent challenges of IM Phase 4, participants were drawn from the sellside; the event’s success effectively mandates a […]

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December 5th, 2018 by Nick Railton-Edwards Tags: , , , ,

Rising to the repapering challenges of IM Phases 4 and 5   Introduction The deadline for compliance with Phase 4 and Phase 5 of the IM requirements is miles away, isn’t it?  Isn’t it…? The truth is that, whether you like it or not, the clock is already ticking.  Whether anyone has told you or […]

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The CFTC’s Office of the Chief Economist (OCE) has responded to industry petitions to mitigate the widely-forecasted IM Phase 5 oncoming storm. Readers will recall the July 2018 ISDA/SIFMA white paper previewing the phase 5 population explosion and recommending various reduction strategies: • Raising the in-scope AANA threshold from $8bn. to $100bn. • Postponing mandatory […]

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A question that has been ignored, until very recently, is how firms will deal with cross-border derivative contracts when the UK leaves the EU in March 2019. Leaving the single market without either EEA membership or a trade agreement covering financial services, will result in complications for existing derivative contracts. With approximately £26 trillion of outstanding […]

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As market participants are all too aware, following the financial crisis in 2008-2009, G20 agreed to a regulatory reform agenda covering the OTC derivatives market and market participants, including proposals for margin requirements for non-centrally cleared derivatives. The recommendations were finalised in the BCBS-IOSCO’s Final Framework for Non-Centrally Cleared Derivatives, which established the international standards […]

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In the previous article, Custody 101 C, we commenced the review of the various things that can happen during the regular course of holding your clients’ securities under custody. That entire article dealt with financial activities; income and capital payments related to the securities. This article will review various regular events that can take place […]

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This blog aims to provide a brief overview of the potential impact of Brexit with regard to the UK’s civil judicial cooperation with the other European Union Member States, in particular with respect to jurisdiction, recognition, enforcement and choice of law, with some added commentary on the impact on derivatives transactions. In brief, the UK’s […]

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March 2nd, 2018 by Nick Railton-Edwards Tags: , ,

ISDA has released new model clauses and non-binding guidance in respect of Section 13 (a) and (b), dealing with choice of Governing Law and choice of court. The 15 page 2018 Choice of Court and Governing Law Guide (“the Guide”) contains the following: New exclusive jurisdiction model clauses. One in favour of the English courts, another […]

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February 27th, 2018 by Nick Railton-Edwards Tags: , , , ,

Although we are reluctant to contribute to the now well-established industry of Brexit crystal ball-gazing, there are a number of documentation issues in which there is at least enough certainty to formulate the questions; definitive answers will attend the daily twists and turns of politics. These issues include: the future status of trade lifecycle events, […]

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February 19th, 2018 by Torsten Krebs Tags:

Introduction The first article provided a high-level review of the parties, the agreement, accounts and assets involved in the most standard of custody relationships: namely a commercial bank providing global custody to local institutional investors and local market sub-custody to global custodians from other jurisdictions [= “you” in these articles]. It can be observed in […]

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