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Topic: Clearing and settlement

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ESMA issues final standards for publication of derivatives data

The European Securities and Markets Authority (ESMA) has published a final report containing draft technical standards on data to be made publicly available by trade repositories under Article 81 of the European Market Infrastructure Regulation (EMIR). Article 81 of EMIR requires ESMA to develop draft regulatory technical standards (RTS) specifying the frequency and the details … Continue Reading

ESMA consults on guidelines on internalised settlement reporting under CSDR

According to Article 9(1) of the Regulation on improving securities settlement and regulating central securities depositories (CSDR), settlement internalisers shall report to the competent authorities of their place of establishment on a quarterly basis the aggregated volume and value of all securities transactions that they settle outside securities settlement systems. Competent authorities shall, without delay, … Continue Reading

International committees complete the April 2015 workplan on CCP resilience, recovery and resolvability

The Financial Stability Board (FSB), the Committee on Payments and Market Infrastructures (CPMI), the International Organization of Securities Commissions (IOSCO) and the Basel Committee on Banking Supervision (BCBS) have co-published three guidance documents and two reports as part of their work on central counterparty (CCP) resilience, recovery and resolvability. The three guidance documents are: CCP … Continue Reading

Commission seeks to address barriers to cross-border transactions in non-euro currencies

The European Commission has launched a 4 week public consultation on the REFIT review of Regulation (EC) No 924/2009 on cross-border payments in the Community (SEPA Migration Regulation). The review is one of the first initiatives of the Commission’s Action Plan on Consumer Financial Services to be put into motion.  The inception impact assessment explains … Continue Reading

ECB recommendation amending Article 22 of its Statute published in OJ

On 23 June 2017, we reported that the European Central Bank had issued a press release stating that its Governing Council had adopted a recommendation to amend Article 22 of its Statute so that it would have clear legal competence in the area of central clearing. The recommendation has now been published in the Official … Continue Reading

FSB reports on reforms to OTC derivatives markets

The Financial Stability Board (FSB) has published three reports concerning the progress on reforms to the over-the-counter (OTC) derivatives markets: Review of OTC derivatives market reforms: Effectiveness and broader effects of the reforms. This report provides a comprehensive review of the OTC derivatives market reforms and their effects; OTC Derivatives Market Reforms: Twelfth Progress Report … Continue Reading

Commission adopts amending Delegated Regulation on access to data and aggregation and comparison of data under EMIR

The European Market Infrastructure Regulation (EMIR) requires all counterparties and central counterparties (CCPs) to report the details of any over-the-counter (OTC) derivative contracts they have concluded and of any modification of termination of the contract to a trade repository. In order to ensure transparency and allow the appropriate regulatory and supervisory bodies to fulfil their … Continue Reading

European Commission proposes amendments to EU and third-country CCP regime

The European Commission has today published a legislative proposal to amend Regulation (EU) 648/2012 on OTC derivatives, central counterparties and trade repositories (“European Market Infrastructure Regulation” or EMIR) and Regulation (EU) 1095/2010 establishing a European Supervisory Authority (“Regulation establishing European Securities and Markets Authority” or ESMA Regulation) in respect of the procedures and authorities involved for … Continue Reading

Official EU language translations of ESMA guidelines under CSDR

The European Securities and Markets Authority (ESMA) has published the official EU language versions of the following guidelines under the Central  Securities Depository Regulation (CSDR): guidelines on CSD participants default rules and procedures. The purpose of these guidelines is to ensure common, uniform and consistent application of the provisions in Article 41 of the CSDR. … Continue Reading

Seventh Implementation Regulation extending transitional periods related to own fund requirements for CCP exposures published in OJ

There has been published in the Official Journal of the European Union (OJ), the Commission Implementing Regulation (EU) 2017/954 of 6 June 2017 on the extension of the transitional periods related to own funds requirements for exposures to central counterparties set out in the Capital Requirements Regulation and the European Market Infrastructure Regulation. The Implementing … Continue Reading

ESMA updates its CSDR Q&As

The European Securities and Markets Authority has updated its Q&As on practical questions regarding the implementation of the Central Securities Depositories Regulation. The updated Q&As include new answers regarding certain aspects of the regime applying to central securities depositories (CSDs): CSDs’ investment policy; access to CSDs; and conditions to provide services in another Member State. … Continue Reading

ESMA issues guidelines on relevant currencies and the substantial importance of a CSD for a host Member State

The European Securities and Markets Authority (ESMA) has published the following guidelines relating to the Central Securities Depositories Regulation (CSDR): guidelines on the process for the calculation of the indicators to determine the substantial importance of a central securities depository (CSD) for a host Member State. The purpose of the guidelines is to ensure common, … Continue Reading

ESMA consults on measures for CCPs to manage conflicts of interest

The European Securities and Markets Authority (ESMA) has issued a consultation paper on draft guidelines on central counterparty (CCP) conflicts of interest management. The European Markets Infrastructure Regulation (EMIR) only prescribes generic provisions in relation to the management by CCPs of conflicts of interest. Building on ESMA’s experience in CCP colleges, it appears to the … Continue Reading

ESMA updates list of recognised third-country CCPs

The European Securities and Markets Authority has published an updated list of recognised central counterparties based in third countries. The update concerns the New Zealand Clearing Ltd. View ESMA updates list of recognised third-country CCPs, 30 May 2017… Continue Reading

GFXC launches complete FX Global Code

The Global Foreign Exchange Committee (GFXC) has announced the launch of the Foreign Exchange (FX) Global Code (the Code). The Code was developed by a partnership between central banks and market participants from 16 jurisdictions around the globe. The Code is a set of global principles of good practice in the FX market, developed to … Continue Reading

FSB speech – Reforming derivatives markets: a stocktake

The Financial Stability Board (FSB) has published a speech given by its Secretary General, Svein Andresen. The speech is entitled Reforming derivatives markets: a stocktake. In his speech Mr Andreson discusses the emerging evidence about the effects of the G20 over-the-counter derivatives markets reforms. He then covers the FSB’s derivatives-related work for the next year … Continue Reading

LEI ROC comments on delays in LOUs implementing parent entity data collection

The Regulatory Oversight Committee (ROC) of the Global Legal Entity Identifier (LEI) has published its comments on the launch of the data collection on parent entities in the global LEI system. The LEI ROC welcomes the launch on 1 May 2017 of the collection of information on the direct and ultimate parents of legal entities. … Continue Reading

Member States consider closer alignment of the CCP recovery and resolution framework with FSB guidance

Last week Member State representatives met to continue discussions on the proposal for a Regulation on central counterparty (CCP) recovery and resolution. The Presidency compromise text, published on 28 April 2017, served as a basis of discussion. In this compromise text, the Presidency has sought to reflect Member States discussion thus far, as well as … Continue Reading

EMIR Review: 10 things you need to know

Proposed amendments to EMIR have been published – The European Commission has published its legislative proposal in relation to the update to EMIR. This has been produced following the EMIR review process, which was started in 2015 and involved a Call for Evidence, public consultation and two public hearings. In addition, the Commission published an … Continue Reading

Presidency compromise proposal on Regulation on CCP recovery and resolution

The Council of the EU has published its first compromise proposal on certain elements of the proposed Regulation on a framework for the recovery and resolution of central counterparties. The cover note for the compromise proposal states that the new text is marked in underlined bold and deletions are indicated in strikethrough. View Council of … Continue Reading

Delegated Regulation delaying EMIR clearing obligation for financial counterparties with a limited activity volume published in OJ

There has been published in the Official Journal of the European Union (OJ), Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178 as regards the deadline for compliance with clearing obligations for certain counterparties dealing with over-the-counter derivatives. The Delegated Regulation comes into force 20 … Continue Reading

ESRB report on revision of EMIR

The European Systemic Risk Board (ESRB) has published a report concerning the revision of the European Market Infrastructure Regulation (EMIR). In the report the ESRB: shares the European Commission’s (Commission) assessment that no fundamental change to the core requirements of EMIR are needed but considers the EMIR review as an opportunity to improve some aspects … Continue Reading

ESMA signs MoU on CCP with New Zealand regulators under EMIR

Article 25(2)(c) of European Markets Infrastructure Regulation (EMIR) requires the establishment of co-operation arrangements as a precondition for ESMA to recognise central counterparties (CCPs) established in New Zealand to provide clearing services to clearing members or trading venues established in the EU. The European Securities and Markets Authority (ESMA) has now published a Memorandum of Understanding … Continue Reading