Clearing and Settlement

On 14 February 2024, the Council of the EU published the final compromise text of the proposed Directive, amending Directives 2009/65/EU and (EU) 2019/2034, as regards the treatment of concentration risk on centrally cleared derivative transactions. An ‘I’ item note has also been published.

On 13 February 2024, the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report ‘Streamlining variation margin in centrally cleared markets – examples of effective practices’.

In September 2022, the Basel Committee on Banking Supervision, CPMI and

On 9 February 2024, the European Securities and Markets Authority (ESMA) published the official translations of its guidelines on the summary of resolution plans to be disclosed to central counterparties (CCPs) subject to resolution planning under Article 12(8) of Regulation (EU) 2021/23 on a framework for the recovery and resolution of

On 8 February 2024, the European Commission adopted a Delegated Regulation supplementing Regulation (EU) 2021/23 on a framework for the recovery and resolution of central counterparties (CCPRRR) regarding regulatory technical standards (RTS), specifying the minimum elements to be included in a business reorganisation plan and the criteria to be fulfilled for

On 7 February 2024, negotiators from the European Parliament’s Economic and Monetary Affairs Committee reached a provisional agreement with the Belgian presidency of the Council of the EU on a review of the European market infrastructure regulation and directive.

Main elements of the provisional agreement

The main elements of the provisional agreement are:

  • Adequate supervisory

On 2 February 2024, the European Securities and Markets Authority (ESMA) published the official translations of following guidelines under Regulation (EU) 2021/23 on a framework for the recovery and resolution of central counterparties:

  • Guidelines on written arrangements and procedures for the functioning of resolution colleges.

On 31 January 2024, the European Securities and Markets Authority (ESMA) published a report covering two topics: the cross border provision of services and the handling of passporting requests over three years (2020, 2021 and 2022). The report was published pursuant to Article 74(1) of the Central Securities Depositories Regulation which requires ESMA

On 26 January 2024, the Board of the International Organisation of Securities Commission (IOSCO) published a consultation report on post trade reduction services (PTRRS).

In 2015, IOSCO published the Risk Mitigation Standards (the Standards), setting out standards aimed at mitigating risk in the non-centrally cleared over-the-counter (OTC) derivatives

On 17 January 2024, the Basel Committee on Banking Supervision (Basel Committee) and the International Organization of Securities Commissions (IOSCO) published a report on streamlining variation margin processes and the responsiveness of initial margin models in non-centrally cleared markets.

The report follows the 2022 report reviewing margining practices and covers two

On 20 December 2023, the European Supervisory Authorities (ESAs) issued joint draft regulatory technical standards (RTS) under the European Market Infrastructure Regulation (EMIR) where they are proposing a two year extension to the equity option exemption from bilateral margining. The ESAs have also issued a no-action opinion which includes