On 15 January 2025, the Bank of England (BoE) published a statement on its input, together with the Commodity Futures Trading Commission (CFTC), into a report on initial margin transparency and responsiveness in centrally cleared markets.
The BoE explains that it and the CFTC have co-chaired international work on centrally cleared
On 15 January 2025, three international regulators – the Basel Committee on Banking Supervision (BCBS), the BIS Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) – published final reports on initial and variation margin in centrally cleared and non-centrally cleared markets.
Background
On 10 January 2025, HM Treasury (HMT) issued its response following its November 2023 call for evidence on the exemption which pension funds currently have from the obligation to clear certain derivatives contracts. The government previously extended the exemption to 18 June 2025 and noted that it would conduct a review to determine
On 19 December 2024, the Bank of England (BoE) published certain papers regarding central counterparty (CCP) resolution.
Power to direct a CCP to address impediments to resolvability
Earlier this year the BoE issued a consultation paper describing its proposed approach to exercising its power to direct a CCP to address impediments
On 17 December 2024, the European Securities and Markets Authority (ESMA) issued a Supervisory Briefing on central counterparties (CCPs) ongoing monitoring of operational capacity of clearing members under Article 37(2) of the European Market Infrastructure Regulation (EMIR).
The Supervisory Briefing is addressed to Member State competent authorities (NCAs
The Global Foreign Exchange Committee (GFXC) has issued a press release following its virtual meeting on 5–6 December 2024.
Among other things the press release notes that:
On 10 December 2024, the Financial Stability Board (FSB) issued policy recommendations to enhance the liquidity preparedness of non-bank market participants for margin and collateral calls in centrally and non-centrally cleared derivatives and securities markets (including securities financing such as repo).
The policy recommendations are part of the FSB’s work programme on enhancing
On 5 December 2024, the Financial Stability Board (FSB) published its 2024 Resolution Report.
The Resolution Report takes stock of the FSB resolution-related work of the past year as well as of the progress made by FSB members in implementing resolution reforms and enhancing resolvability across the banking, financial market infrastructure, and
On 4 December 2024, there was published in the Official Journal of the EU (OJ):
On 3 December 2024, the Bank of England (BoE) published a speech entitled ‘Once more unto the breach’, which was delivered by its Head of Foreign Exchange Division, Phillippe Lintern, at the FX Markets Europe event.
In the speech, Mr Lintern reflects on the lessons learnt from the history of the FX