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Topic: Clearing and Settlement

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ESMA issues four consultations on CCP resolution regime

On 19 May 2022, the European Securities and Markets Authority (ESMA) issued four consultation papers on proposed guidelines for the EU central counterparty (CCP) resolution regime. The consultation papers cover draft guidelines on: The summary of resolution plans. The guidelines provide resolution authorities with guidance as to the type of information that should be included … Continue Reading

ESMA report on highly liquid instruments

On 19 May 2022, the European Securities and Markets Authority (ESMA) issued a final report on highly liquid financial instruments for central counterparty (CCP) investment policies under the European Market Infrastructure Regulation (EMIR). The final report has been published in response to a mandate that the European  Commission issued on 18 May 2020 asking the … Continue Reading

ESMA final reports on CCP resolution regime

On 16 May 2022, the European Securities and Markets Authority (ESMA) published its final reports on the central counterparties’ (CCPs) resolution regime under the Regulation on CCP recovery and resolution (CCPRRR). The final reports are: Final report on guidelines on the application of the circumstances under which a CCP is deemed to be failing or … Continue Reading

Published in OJ – Commission additional equivalence decisions for US exchanges

Further to our blog ‘European Commission adopts additional equivalence decisions for US exchanges’ the following were published in the Official Journal of the EU on 6 April 2022: Commission Implementing Decision (EU) 2022/551 of 4 April 2022 amending Implementing Decision (EU) 2021/85 on the equivalence to the requirements of Regulation (EU) No 648/2012 of the … Continue Reading

ESMA responds to Commission consultation on EMIR review

On 5 April 2022, the European Securities and Markets Authority (ESMA) announced that it had provided a high-level response to the European Commission’s consultation on a targeted review of the European Markets Infrastructure Regulation (EMIR) with respect to the EU’s central clearing framework. In its response the ESMA begins by outlining certain key considerations regarding … Continue Reading

European Commission adopts additional equivalence decisions for US exchanges

On 4 April 2022, the European Commission adopted a decision declaring that a number of United States (US) exchanges supervised by the US Securities Exchange Commission (SEC) are equivalent to EU regulated markets. Derivatives traded on these US exchanges will now be treated as exchange-traded derivatives under EU law. The Commission has also amended its … Continue Reading

EMIR and SFTR data quality report 2021

On 1 April 2022, the European Securities and Markets Authority (ESMA) published the second edition of its Data Quality Report which is based on the data that was gathered under the European Markets Infrastructure Regulation (EMIR) and the Securities Financing Transactions Regulation (SFTR) reporting regimes. The purpose of the report is to provide a holistic … Continue Reading

ESMA final report – Guidelines on transfer of data between Trade Repositories under EMIR and SFTR

On 25 March 2022, the European Securities and Markets Authority (ESMA) published a final report containing: Guidelines that amend the current guidelines on transfer of data between trade repositories (TRs) under the European Markets Infrastructure Regulation (EMIR). The amendments seek to strengthen the existing framework to port records from one TR to another under EMIR. … Continue Reading

ESMA extends UK CCPs’ recognition decisions

On 25 March 2022, the European Securities and Markets Authority (ESMA) announced that it had amended the recognition decisions and tiering determination decisions in respect of the three recognised UK central counterparties (CCPs) – ICE Clear Europe Ltd, LCH Ltd and LME Clear Ltd – that were adopted by ESMA on 25 September 2020, to … Continue Reading

ESMA updates on third-country CCP recognition decisions

On 25 March 2022, the European Securities and Markets Authority (ESMA) announced a series of updates in relation to the recognition of central counterparties (CCPs) established in third countries under the European Markets Infrastructure Regulation (EMIR). The updates include the review of recognitions of third country CCPs (TC–CCPs)  that were already previously recognised, the conclusion … Continue Reading

ESRB response to the Commission targeted consultation on the review of the central clearing framework in the EU

On 22 March 2022, the European Systemic Risk Board (ESRB) published a letter that it had sent to the European Commission concerning the targeted consultation on the review of the central clearing framework in the EU. Generally, the ESRB welcomes the consultation which reflect its proposals set out in a response to an earlier consultation … Continue Reading

Commission proposes simpler rules to make settlement in EU financial markets safer and more efficient

On 16 March 2022, the European Commission published a draft Regulation that amends the Central Securities Depositories Regulation (CSDR). In addition, the Commission has published FAQs, an impact assessment and a summary impact assessment on its proposal. The draft Regulation is intended to improve: The passport regime by, for example, shortening the period to transmit … Continue Reading

ESMA: Updated guidance on the annex to ESMA opinion determining third-country trading venues for the purpose of transparency under MiFIR

On 14 March 2022, the European Securities and Markets Authority (ESMA) published guidance on the annex to its opinion determining third-country trading venues for the purpose of transparency under the Markets in Financial Instruments Regulation (MiFIR). The guidance provides an overall description of the third-country trading venues’ assessment. It also provides general guidance concerning updates … Continue Reading

FSB, CPMI and IOSCO analysis highlights need to continue work on CCP financial resources

On 10 March 2022, the Financial Stability Board (FSB), the Committee on Payments and Market Infrastructures (CPMI) of the Bank for International Settlements and the International Organization of Securities Commissions (IOSCO) co-published a report analysing existing financial resources and tools for central counterparty (CCP) recovery and resolution, which confirmed the need for further work on … Continue Reading

Commission consults on recognising Malaysian CCP arrangements as equivalent to the EU system

On 7 March 2022, the European Commission issued a four week consultation on a draft Implementing Decision on the equivalence of the regulatory framework for central counterparties (CCPs) in Malaysia to the requirements of the European Market Infrastructure Regulation (EMIR). The draft Implementing Decision provides that for the purposes of Article 25 of EMIR, the … Continue Reading

ESMA launches call for evidence on climate risk stress testing for CCPs

On 23 February 2022, the European Securities and Markets Authority (ESMA) issued a call for evidence seeking views on: A proposed classification of climate risks relevant to central counterparties (CCPs). The methodology to build an EU-wide climate risk stress testing framework for CCPs. How to best calibrate this stress test. The current development of climate … Continue Reading

Commission adopts amendments to RTS clearing and derivative trading obligations under EMIR and MiFIR in light of benchmark transition

On 8 February 2022, the European Commission (Commission) published: Commission Delegated Regulation (EU) /… amending the regulatory technical standards (RTS) laid down in Delegated Regulation (EU) 2015/2205 as regards the transition to new benchmarks referenced in certain over-the-counter (OTC) derivative contracts. This amending Delegated Regulation amends Delegated Regulation (EU) 2015/2205 to reflect the LIBOR transition … Continue Reading

Commission extends time-limited equivalence for UK CCPs and launches consultation to expand central clearing activities in the EU

On 8 February 2022, the European Commission adopted an implementing decision extending market access for London clearinghouses until 30 June 2025. The implementing decision notes that the working group that the Commission appointed in 2021 on the opportunities and challenges related to transferring the clearing of derivatives from the UK to the EU have found … Continue Reading

ESMA publishes final reports on CCP Recovery Regime

On 31 January 2022, the European Securities and Markets Authority (ESMA) published its final reports on the recovery regime for central counterparties (CCPs), as required under the Regulation on CCP recovery and resolution (CCPRRR). The seven final reports are intended to further assist the preparedness of the market and ensure that CCPs can  restore their … Continue Reading

ESMA paper – Methodology for Mandatory Peer Reviews in relation to CCPs’ authorisation and supervision under EMIR

On 5 January 2022, the European Securities and Markets Authority (ESMA) issued a paper ‘Methodology for Mandatory Peer Reviews in relation to CCPs’ authorisation and supervision under EMIR’. The European Markets Infrastructure Regulation (EMIR), as amended by European Regulation No 2019/2099 (EMIR 2.2) requires ESMA to undertake, at least annually, a peer review analysis of … Continue Reading

ESMA guidelines on settlement fails

On 8 December 2021, the European Securities and Markets Authority (ESMA) issued a final report containing guidelines on settlement fails reporting under Article 7 of the Central Securities Depositories Regulation (CSDR). The guidelines apply to Member State competent authorities designated under Article 11 of CSDR and to central securities depositories (CSDs) as defined in Article … Continue Reading

FSB publishes implementation progress of OTC derivatives market reforms in 2021

On 3 December 2021, the Financial Stability Board (FSB) published a report regarding the implementation progress of over-the-counter (OTC) derivatives market reforms in 2021. The report tracks the international progress in implementing G20 reforms to global OTC derivatives markets following the 2008 global financial crisis. The following progress has been made since the previous annual … Continue Reading

ESMA announces upcoming publication aimed at CSDs

On 1 December 2021, the European Securities and Markets Authority (ESMA), announced that it will begin publishing information on trading venues with the highest turnover for bonds. This information is needed by Central Securities Depositories (CSDs) to apply cash penalties under the CSD Regulation. ESMA aims to publish the first data by 1 February 2022 … Continue Reading

IOSCO and CPMI publish a discussion paper on client clearing: access and portability

On 29 November 2021, the Committee on Payments and Market Infrastructures (CPMI) and the Board of the International Organization of Securities Commissions (IOSCO) published a discussion paper on client clearing. The discussion paper considers issues concerning access to central counterparties (CCPs) and effective porting practices. The discussion paper does not intend to provide guidance on … Continue Reading
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