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Topic: Clearing and settlement

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ISDA publishes EMIR refit whitepaper

The International Swaps and Derivatives Association (ISDA) has published a white paper concerning the European Commission’s proposals of 4 May 2017 concerning the review of the European Market Infrastructure Regulation (EMIR). The ISDA notes that according to the Commission, the aim of the proposals is to “eliminate disproportionate costs and burdens to small companies” that … Continue Reading

Commission draft Implementing Regulation extending transitional periods related to own fund requirements for CCP exposures

The European Commission (Commission) has published a draft version of the Commission Implementing Regulation (EU) No…/… of XXX on the extension of the transitional periods related to own funds requirements for exposures to central counterparties (CCPs) set out in the Capital Requirements Regulation and the European Market Infrastructure Regulation. The draft Implementing Regulation extends the … Continue Reading

ECB opinion on the proposed Regulation amending EMIR

The European Central Bank (ECB) has published an opinion concerning the European Commission’s proposed Regulation amending the European Market Infrastructure Regulation (EMIR). We blogged the Commission’s legislative proposal on 5 May 2017 (see here). The ECB generally supports the Commission’s initiative to introduce a number of targeted modifications to EMIR with a view to simplifying … Continue Reading

Commission adopts modified legislative proposal to amend EMIR supervisory regime for CCPs

On 13 June 2017, the European Commission (Commission) put forward a proposal for a draft Regulation amending Regulation (EU) No.1095/2010 establishing a European Supervisory Authority (ESA) (European Securities and Markets Authority (ESMA)) and amending the European Market Infrastructure Regulation (EMIR) (the Proposed Regulation).  The Proposed Regulation introduces significant changes to recognition and on-going supervision of … Continue Reading

Commission opinion backing increased regulatory powers for ECB published in OJ

There was published in the Official Journal of the EU, the European Commission opinion of 3 October 2017 on the recommendation of the European Central Bank for a Decision of the European Parliament and of the Council amending Article 22 of the Statute of the European System of Central Banks and of the European Central … Continue Reading

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

There has been published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2017/1800 of 29 June 2017 amending Delegated Regulation (EU) No. 151/2013 supplementing the European Market Infrastructure Regulation (EMIR).  The Delegated Regulation amends Delegated Regulation 151/2013 by further specifying the operational standards required to aggregate and compare data across trade … Continue Reading

ESMA updates Q&As on EMIR and CSDR implementation

The European Securities and Markets Authority (ESMA) has published: an updated version of its Q&As on the implementation of the European Market Infrastructure Regulation (EMIR). The document includes a new Q&A on ongoing monitoring of collateral requirements; and an updated version of its Q&As on the implementation of the Regulation on improving securities settlement and … Continue Reading

Presidency compromise proposal on draft Regulation amending EMIR

The Presidency of the Council of the EU has published its first compromise proposal on the proposed Regulation amending the European Market Infrastructure Regulation (EMIR). With respect to the original European Commission legislative text, new text is marked in underlined bold and deletions are indicated through strikethrough. View Proposal for a Regulation of the European … Continue Reading

ESMA finalises MiFID II’s derivatives trading obligation

The European Securities and Markets Authority (ESMA) has published final draft regulatory technical standards (RTS) specifying the trading obligation for derivatives for classes of interest rate swaps (IRS) and credit default swaps (CDS) as foreseen in Articles 28 and 32 of the European Market Infrastructure Regulation (EMIR). Article 28 of MiFIR introduces the trading obligation … Continue Reading

CPMI discussion paper on reducing risk of wholesale payments fraud relating to endpoint security

In September 2016, responding to the increasing threat of wholesale payment fraud, the Committee on Payments and Market Infrastructures (CPMI) announced the establishment of a task force (TF) to look into the security of wholesale payments that involve banks, financial market infrastructures and other financial institutions. The CPMI has now published a discussion paper on … Continue Reading

ESMA template or CSD register notifications under CSDR

The European Securities and Markets Authority (ESMA) has published a template for central securities depository (CSD) notifications under the Regulation on improving securities settlement and regulating CSDs (CSDR). The template comprises of three tables: EU CSDs authorised under Article 16 or Article 54 of the CSDR: general information; EU CSDs authorised under Article 16 or … Continue Reading

ESMA practical guidance on recognition of third country CSDs

The European Securities and Markets Authority (ESMA) has published a practical guidance note for the recognition of third-country central counterparties (CCPs). The purpose of the note is to provide information on the recognition by ESMA of third country CCPs under Chapter 4 of Title III of the European Market Infrastructure Regulation (EMIR) and Chapter II … Continue Reading

ECB opinion on the draft Regulation on CCP recovery and resolution

The European Central Bank (ECB) has published an opinion concerning the proposed Regulation on a framework for the recovery and resolution of central counterparties (CCPs). The ECB strongly supports the Commission’s initiative to establish a dedicated Union framework for the recovery and resolution of CCPs. It also agrees with the main thrust of the proposed … Continue Reading

ISDA recommendations for CCP recovery and resolution framework

The International Swaps and Derivatives Association (ISDA) has published a paper containing recommendations for a comprehensive recovery and resolution framework that would ensure central counterparties (CCPs) can withstand severe market stress. In doing so, the ISDA recognises that these strategies will necessarily have to vary by jurisdiction and by CCP, based on different CCP structures … Continue Reading

Member States continue review of CCP recovery and resolution proposal

On 12 September the Estonian Presidency held the first post-summer recess Council working group to continue discussions on the European Commission’s November 2016 proposal for a regulation setting out a recovery and resolution framework for CCPs (CCP RR). The meeting agenda included a review of the proposed provisions pertaining to group structures, as well as … Continue Reading

ESMA publishes the responses to its consultation on CCPs’ management of conflict of interest

The European Securities and Markets Authority has published the responses received to its consultation on guidelines on central counterparties’ conflict of interest management. The consultation closed on 24 August 2017. View ESMA publishes the responses to its consultation on CCPs management of conflict of interest, 25 August 2017    … Continue Reading

ESMA final report on guidelines on transfer of data between trade repositories under EMIR

The European Securities and Markets Authority (ESMA) has published a final report on guidelines on the portability of data between trade repositories (guidelines). The purpose of the guidelines is threefold in that they: aim at setting the necessary arrangements to foster and facilitate a consistent application of the relevant European Market Infrastructure Regulation (EMIR) requirements … Continue Reading

LEIROC consults on corporate actions and data history in global legal entity identified system

The Legal Entity Identifier Regulatory Oversight Committee (LEIROC) has published a consultation paper on corporate actions and data history in the global legal entity identifier systems (GLEIS). In 2016, LEIROC formed a working group, under its Committee on Evaluation and Standards, to evaluate how corporate actions affect the legal entity reference data recorded in the … Continue Reading

GFXC recommendations on establishing public registers for FX global code statement of commitment

The Global Foreign Exchange Committee (GFXC) has published a set of recommendations relating to the establishment of public registers for FX global code statements of commitment. In order to support the development of public registers, the GFXC is providing some initial guidance to potential public register hosts. The GFXC considers that public registers should be … Continue Reading

ECB sets out approach to implementing FX global code

The European Central Bank (ECB) has announced its approach to implementing the FX global code. The ECB invites FX trading counterparties to publicly commit to the principles set out in the FX global code by endorsing the statement of commitment annexed to the code of conduct by the end of May 2018. Counterparties are also … Continue Reading

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
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