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Topic: Clearing and settlement

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Equivalence decision on supervision of derivative transactions in Japan published in OJ

On 2 May 2019 there was published in the Official Journal of the EU, Commission Implementing Decision (EU) 2019/684 of 25 April 2019 on the recognition of the legal, supervisory and enforcement arrangements of Japan for derivatives transactions supervised by the Japan Financial Services Agency as equivalent to the valuation, dispute resolution and margin requirements … Continue Reading

Delegated Regulation amending clearing obligation RTS published in OJ

There has been published in the Official Journal of the EU (OJ) Commission Delegated Regulation (EU) 2019/667 of 19 December 2018 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178 to extend the dates of deferred application of the clearing obligation for certain over-the-counter derivative contracts. The Delegated Regulation, which reflects a mandate under … Continue Reading

Official translations of ESMA guidelines on CCP conflict of interest management under EMIR

On 5 April 2019, the European Securities and Markets Authority (ESMA) published the official translations of its guidelines on central counterparty (CCP) conflict of interest management under the European Markets Infrastructure Regulation. The guidelines will apply from 5 June 2019 (two months from the date of publication of the guidelines in the official languages of … Continue Reading

Framework for ESMA’s third CCP stress test

On 3 April 2019, the European Securities and Markets Authority (ESMA) published the framework of its third EU-wide stress test exercise for central counterparties (CCPs). The framework details the design of the CCP stress test exercise, including the objectives, the methodology and the key milestones. The exercise covers both credit and liquidity risks and further … Continue Reading

Commission adopts Delegated Regulations under EMIR to prepare for no-deal Brexit

On 28 Mach 2019, the European Commission adopted the following Delegated Regulations under EMIR in preparation for a no deal Brexit scenario: Commission Delegated Regulation (EU) of 28.3.2019 amending Delegated Regulation (EU) 2016/2251 supplementing EMIR as regards the date until which counterparties may continue to apply their risk-management procedures for certain over-the-counter derivative contracts not … Continue Reading

ESMA guidance on clearing obligation under EMIR Refit

On 28 March 2019, the European Securities and Markets Authority (ESMA) published a statement providing guidance on the new EMIR Refit regime for the clearing obligation for financial and non-financial counterparties. The statement provides guidance for financial and non-financial counterparties subject to EMIR on when they need to determine whether they are subject to the … Continue Reading

EMIR: Amending Delegated Regulations relating to trade repositories

On 22 March 2019, there was published in the Official Journal of the EU (OJ),: Commission Delegated Regulation (EU) 2019/361 of 13 December 2018 amending Delegated Regulation (EU) No 151/2013 with regard to access to the data held in trade repositories. This amending Delegated Regulation inserts a new Article 2 into Delegated Regulation (EU) No … Continue Reading

Jurisdictions move forward towards implementing standards for payment, clearing and settlement

On 14 March 2019, the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions jointly published an update on the progress jurisdictions have made in implementing international standards for payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories. The information is based on self-assessments made by individual … Continue Reading

Delegated Regulations under EMIR preparing for no-deal Brexit published in OJ

On 13 March 2019, two Commission Delegated Regulations were published in the Official Journal of the EU (OJ): Commission Delegated Regulation (EU) 2019/396 of 19 December 2018 amending Delegated Regulation (EU) 2015/2205, Delegated Regulation (EU) 2016/592 and Delegated Regulation (EU) 2016/1178 supplementing EMIR as regards the date at which the clearing obligation takes effect for … Continue Reading

Basel Committee and IOSCO guidance on implementation of margin requirements for non-centrally cleared derivatives

On 5 March 2019, the Basel Committee on Banking Supervision (Basel Committee) and  the International Organization of Securities Commissions (IOSCO) published a joint press release on the final implementation phases of the margin requirements for non-centrally cleared derivatives. The press release notes that: the Basel Committee and IOSCO realise that market participants may need to … Continue Reading

Commission consults on draft Decision on the equivalence of Japan Financial Services Agency under EMIR

On 26 February 2019, the European Commission published for consultation the draft text of its Implementing Decision on the recognition of the legal, supervisory and enforcement arrangements of Japan for derivatives transactions supervised by the Japan Financial Services Agency as equivalent to the valuation, dispute resolution and margin requirements of Article 11 of the European … Continue Reading

ESMA 2018 annual report and 2019 work programme

On 19 February 2019, the European Securities and Markets Authority (ESMA) published its annual report and work programme to highlight its direct supervisory activities during 2018 regarding credit rating agencies (CRAs) and trade repositories (TRs) and outline its main priorities in these areas for 2019. In addition, ESMA outlines its activities regarding the monitoring and … Continue Reading

ESMA announces recognition of UK CCPs in the event of a no-deal Brexit

On 18 February 2019, the European Securities and Markets Authority (ESMA) published a press release announcing that in the event of a no-deal Brexit, three central counterparties (CCPs) established in the UK (LCH Limited, ICE Clear Europe Limited and LME Clear Limited), will be recognised (under Article 25 of the European Market Infrastructure Regulation) to … Continue Reading

GFXC provides update on work

On 14 February 2019, the Global Foreign Exchange Committee (GFXC) published reports produced by its Disclosures and Cover and Deal working groups and released results from the second annual survey on the FX Global Code. One report, “The Role of Disclosure and Transparency in the Global FX Market”, describes eight characteristics to help market participants … Continue Reading

IOSCO final report with best or sound practices for commodity storage and derivative infrastructures

On 7 February 2019, the International Organization of Securities Commissions (IOSCO) published a final report on good or sound practices within commodity storage and delivery infrastructures. The report builds on the findings of IOSCO’s report ‘The Impact of Storage and Delivery Infrastructure on Derivatives Market Pricing’ (Storage Report), which was published in May 2016. The … Continue Reading

Political agreement reached on EMIR Refit Regulation

On 5 February 2019, the Council of the EU announced that it and the European Parliament had reached a preliminary agreement on the draft Regulation amending the EMIR (the EMIR Refit Regulation). The announcement states that the agreed text: introduces a new category of “small financial counterparties” which will be exempted from the obligation to … Continue Reading

ESMA updates Q&As on EMIR implementation

On 4 February 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on EMIR. The updated Q&As modify two questions concerning trade repositories, specifically regarding contracts with no maturity date (trade repositories Q34), and trades terminated before the reporting deadline (trade repositories Q38). A new question 50 is also … Continue Reading

ESRB report on interoperability arrangements between CCPs

On 1 February 2019, the European Systemic Risk Board (ESRB) published a report on interoperability arrangements between central counterparties (CCPs). A previous report published by the ESRB in 2016 concluded that, although interoperability arrangements provide clearing members with increased opportunities for netting and lead to a reduction in outstanding gross exposures in the system, they are … Continue Reading

ESMA statement EMIR Refit implementation issues

On 31 January 2019, the European Securities and Markets Authority (ESMA) published a statement on EMIR implementation considerations regarding the clearing and trading obligation for small financial counterparties and the backloading requirement with respect to the reporting obligation. Clearing and trading obligation for small financial counterparties Under EMIR, the clearing obligation start date for counterparties … Continue Reading

ESMA updates Q&As on CSDR

On 30 January 2019, ESMA published an updated version of Q&As on the Central Securities Depositories Regulation (CSDR). Two new Q&As have been inserted under Part III of the Q&As (settlement discipline). The new Q&As concern the calculation of cash penalties, and the scope of cash penalties.  … Continue Reading

Updated ECSDA draft CSDR settlement fail penalties framework

On 29 January 2019, the European Central Securities Depositories Association (ECSDA) published an updated version of its draft Central Securities Depositories Regulation (CSDR) penalties framework. The first draft framework was published for consultation in July 2018, and the updated draft reflects comments received during the public consultation. The ECSDA CSDR Penalties Framework is the effort … Continue Reading

Council of EU Decision incorporating CSDR into EEA Agreement published in OJ

On 29 January 2019, there was published in the Official Journal of the EU (OJ), Council Decision (EU) 2019/134 of 21 January 2019 on the position to be adopted, on behalf of the European Union, within the EEA Joint Committee, concerning the amendment of Annex IX (Financial Services) to the EEA Agreement. The decision states … Continue Reading

Commission Delegated Regulation modifying three existing RTS on the clearing obligation

On 19 December 2018, the European Commission adopted a Delegated Regulation amending amending Delegated Regulation (EU) 2015/2205, Delegated Regulation (EU) 2016/592 and Delegated Regulation (EU) 2016/1178 supplementing the European Markets Infrastructure Regulation with regard to regulatory technical standards on the clearing obligation to extend the dates of deferred application of the clearing obligation for certain … Continue Reading

ESAs publish joint EMIR STS standards

On 18 December 2018, the European Supervisory Authorities (ESAs) published: final draft regulatory technical standards (RTS) amending Delegated Regulation (EU) 2016/2251 on risk-mitigation techniques for over-the-counter (OTC) derivative contracts not cleared by a central counterparty (CCP) under Article 11(15) of the European Markets Infrastructure Regulation (EMIR) in the context of simple, transparent and standardised (STS) … Continue Reading
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