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IM Phase 5 delay on the horizon?

Risk Magazine is reporting today about the keynote speech given by Patrick Pearson (Head of the Financial Market Infrastructure and Derivatives unit at the European Commission) at the OpRisk Europe conference in London earlier today.  He is reported to have hinted that a delay in the implementation of the final phase of the IM rules […]

EMIR = CFTC – better late than never

On 13 October 2017, the CTC and the EU announced substituted compliance determinations in respect of margin requirements for OTC derivatives. The determinations accept that the CFTC’s Final Margin Rule and EMIR’s risk mitigation and margin requirements are sufficiently comparable on a substantive outcomes basis. For those interested in reading the full text, we recommend […]

CFTC “simplifies” Portfolio Reconcilation

The CFTC seeks comment on a proposed rule to modify which Part 45 data fields are regarded  as “material” under Regulation 23.502. Readers will doubtless recall CFTC No-Action Letter  13-31, granting relief as to the “material terms” of a swap for the purposes of portfolio  reconciliation; the proposal is to amend then codify and replace […]

CFTC gets new Head Chef

The U.S. Senate has confirmed the appointment of President Obama’s three nominees to the CFTC, restoring the five-member Commission to its full complement. The confirmation of Timothy Massad as Chairman is the more consequential, and potentially more interesting, of the three. Massad is something of an enigma, although previously active in a number of high-profile […]

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