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Brexit – contractual dis-continuity

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 […]

A way for non-EU benchmarks to keep a toehold in the EU?

The Presidency of the Council of the EU published the last compromise proposal for regulation of benchmarks, dated 21 November 2014. On that same day, the chairman of the CFTC criticised the EU benchmark initiative as it left no viable space to foreign benchmarks within the EU. Yet, from a version to another, the series […]

EU on benchmarks – L’Enfer, c’est les autres

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 […]

EU/US Joint Statement- we’re still together

Regulators from the US and EU met on 8 July to host a meeting of the Financial Markets Regulatory Dialogue. Each side brought an alphabet of agencies, subjects covered included key G20 reforms: Basel II capital\leverage\liquidity rules, respective implementation of derivatives reforms, and resolution planning[1]. Derivatives– a mutual pledge to provide greater certainty regarding trading, […]

The Day of the MiFIDs

MiFID II and MiFIR become law today following their publication in the Official Journal of the EU (OJ). This sets the seal on the legislative phase, while technical consultation with ESMA and the EBA is ongoing, as outlined in an earlier post. Importantly, publication in the OJ cements the date for the final application of […]

CFTC: new helmsman changing tack?

“Our dealings with the CFTC have been good over the last few weeks, better than before,” said an unnamed European official, commenting on a number of meetings between the EU and the CFTC. While referring to concerns over SEF-driven market fragmentation and extra-territorial fiat by footnote (513), the remarks are the latest indication that the […]

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