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Topic: Clearing and settlement

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CPMI calls for ideas on solutions to expand PvP settlement

On 7 October 2021, the Committee on Payments and Market Infrastructures (CPMI) issued a call for ideas on payment-versus-payment (PvP) mechanisms. As part of the G20 cross-border payments roadmap, the CPMI is developing proposals for increased PvP adoption by encouraging enhancements to existing PvP arrangements and/or the design of new public and/or private sector solutions. … Continue Reading

FSB / IMF latest progress report on the G20 Data Gaps Initiative

On 8 October 2021, the Financial Stability Board and the International Monetary Fund co-published their sixth progress report on the G20 Data Gaps Initiative. Key messages in the progress report include: Significant progress has been achieved during phases 1 and 2 of the Data Gaps Initiative in closing identified policy-relevant data gaps. Although the initiative … Continue Reading

ECSDA issues updated CSDR penalties framework

On 5 October 2021, the European Central Securities Depositories Association (ECSDA) published an updated version of the ECSDA CSDR Settlement Fails Penalties Framework. The current version of the document provides the changes in comparison with the previous one highlighted in grey and the assumptions pending European Securities and Markets Authority and European Commission feedback in … Continue Reading

New ESMA Q&As available

On 30 September 2021, the European Securities and Markets Authority announced that it had updated its Questions and Answers on the following: EMIR implementation. SFTR data reporting. MiFID II and MiFIR transparency topics.… Continue Reading

ESMA recommends to Commission to delay buy-in rules

On 24 September 2021, the European Securities and Markets Authority (ESMA) published a letter it had sent to the European Commission regarding the implementation of the Central Securities Depositories Regulation (CSDR), urging it to consider a delay of the mandatory buy-in regime. As the final Commission legislative proposal for the review of the CSDR, possibly … Continue Reading

ESMA guidelines on settlement fails reporting

On 24 September 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). ESMA has produced the guidelines in order to ensure the consistent application of Article 7(1) of the CSDR as supplemented by Articles 14 and … Continue Reading

ROC publishes revised version of the CDE Technical Guidance

On 22 September 2021, the Regulatory Oversight Committee (ROC) of the Global Legal Entity Identifier published a revised version of the CDE Technical Guidance which includes corrections that the ROC considers appropriate to facilitate its jurisdictional implementations. In developing these corrections, the ROC considered the responses to a public consultation that was run between 5 … Continue Reading

Delegated Regulation supplementing EMIR specifying the conditions when commercial terms of central clearing are FRANDT

On 8 September 2021, there was published in the Official Journal of the EU Commission Delegated Regulation (EU) 2021/1456 of 2 June 2021 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council by specifying the conditions under which the commercial terms for clearing services for over-the-counter derivatives are to be considered … Continue Reading

GFXC releases guidance paper on Last Look, publishes disclosure templates

On 18 August 2021, the Global Foreign Exchange Committee (GFXC) issued a guidance paper on ‘last look’ trading within the Foreign Exchange market. Last look is a practice used in electronic trading where a market participant has a final opportunity to accept or reject a trade request made on its quoted price. The GFXC is … Continue Reading

CPMI work programme for 2021-22

On 5 August 2021, the Committee on Payments and Market Infrastructures (CPMI) published its work programme for 2021-22. The annual work programme has been publicly released for the first time as part of the CPMI’s commitment to increased transparency. The annual work programme will focus on shaping the future of payments and addressing risks in … Continue Reading

ESMA third report on CSDR implementation

On 16 July 2021, the European Securities and Markets Authority issued its latest report on the implementation of the Central Securities Depositories Regulation (CSDR). The report looks at the provision of banking-type ancillary services by central securities depositories (CSDs). The report contains suggestions to enhance the authorisation process for CSDs to provide banking-type ancillary services … Continue Reading

GFXC updates FX Global Code, publishes new templates for disclosures and guidance paper on Pre-hedging

On 15 July 2021, the Global Foreign Exchange Committee (GFXC) completed its review of the FX Global Code, updating its principles of good practice in the foreign exchange market in several key areas. The GFXC also published templates for industry participants to use in improving disclosures and assisting with transaction cost analysis. The GFXC is … Continue Reading

ESMA consults on EMIR reporting guidelines

On 13 July 2021, the European Securities and Markets Authority (ESMA) issued a consultation paper on draft guidelines for derivatives reporting under the European Market Infrastructure Regulation (EMIR). When finalised the guidelines will apply to financial and non-financial counterparties to derivatives as defined in Articles 2(8) and 2(9) of EMIR, to trade repositories as defined … Continue Reading

ESMA publishes methodology for assessing third country CCPs systemic importance

On 13 July 2021, the European Securities and Markets Authority (ESMA) published a methodology for assessing whether a third country central counterparty (TC-CCP) or some of its clearing services are of such substantial systemic importance that the TC-CCP should not be recognised to provide certain clearing services or activities in the European Union. The methodology … Continue Reading

ESMA final report – technical advice on simplification and harmonization of fees to TRs under EMIR and SFTR

On 12 July 2021, the European Securities and Markets Authority (ESMA) issued a final report setting out its technical advice to the European Commission regarding the simplification and harmonisation of its fee regulations applicable to trade repositories (TRs) under the European Market Infrastructure Regulation and the Securities Financing Transactions Regulation (SFTR). In particular in section … Continue Reading

ESMA launches public consultations on CCP recovery regime

On 12 July 2021, the European Securities and Markets Authority (ESMA) issued seven public consultation papers intended to gather feedback on how to implement its central counterparty (CCP) recovery mandates. The seven consultation papers contain, among others, proposals for draft regulatory technical standards (RTS) on the methodology for calculation and maintenance of the additional amount … Continue Reading

Published in OJ – Commission Implementing Decisions on equivalence for third country derivatives regimes under EMIR

On 6 July 2021, the following European Commission Implementing Decisions on the equivalence of the regulatory regimes of third countries under the European Market Infrastructure Regulation were published in the Official Journal of the EU: Commission Implementing Decision (EU) 2021/1103 of 5 July 2021 on the recognition of the legal, supervisory and enforcement arrangements of … Continue Reading

ESMA guidelines on written agreements between members of CCP colleges

On 1 July 2021, the European Securities and Markets Authority (ESMA) published guidelines on written agreements between members of central counterparty (CCP) colleges. The guidelines apply to Member State competent authorities from 1 July 2021 and are intended to establish consistent, efficient and effective supervisory practices within the European System of Financial Supervision and to … Continue Reading

Commission draft report on the CSDR

On 30 June 2021, the European Commission (Commission) published a draft of the report that it is required to produce under Article 75 of the Central Securities Depositories Regulation (CSDR). Article 75 of the CSDR requires the Commission to review and prepare a general report on a wide range of issues by 19 September 2019. … Continue Reading

Published in OJ – Commission Implementing Regulation extending the transitional period for the treatment of exposures to third-country CCPs under CRR

On 25 June 2021, there was published in the Official Journal of the EU a Commission Implementing Regulation that extends the transitional period during which EU credit institutions can treat exposures to a third-country central counterparty (CCP) that has not been recognised in accordance with the European Market Infrastructure Regulation as if they were exposures … Continue Reading

Published in OJ – Commission Delegated Regulation extending the clearing obligation exemption for pension scheme arrangements

On 16 June 2021, Commission Delegated Regulation (EU) 2021/962 extending the transitional period under Article 89(1) of the European Markets Infrastructure Regulation was published in the Official Journal of the European Union. The Delegated Regulation extends the central clearing exemption for pension scheme arrangements until 18 June 2022. It enters into force on 17 June … Continue Reading

ESMA public statement on the implementation of the FRANDT commercial terms to provide clearing services

On 11 June 2021, the European Securities and Markets Authority (ESMA) issued a statement regarding the implementation of the fair, reasonable, non-discriminatory and transparent (FRANDT) commercial terms to provide clearing services. Key points in the statement include: ESMA is aware that certain clearing members and clients are facing challenges when preparing for the 18 June … Continue Reading

ESMA launches 2021 CCP stress test

On 7 June 2021, the European Securities and Markets Authority (ESMA) issued the framework for its fourth stress test for central counterparties (CCPs). The new stress test exercise has the following components: Credit Stress: assessing CCPs’ resources ability to absorb losses under a combination of market price shocks and member default scenarios. Concentration risk: assessing … Continue Reading

Commission specifies commercial terms for clearing services for OTC derivatives

On 2 June 2021, the European Commission (Commission) adopted a Delegated Regulation specifying the conditions under which commercial terms for clearing services for over-the-counter (OTC) derivatives are to be considered to be fair, reasonable, non-discriminatory and transparent (FRANDT). The statutory basis of the Delegated Regulation is Article 4(3a), third subparagraph, of the European Market Infrastructure … Continue Reading
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