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
On 17 May 2021, the International Organisation of Securities Commissions (IOSCO) published a speech by Ashley Alder (CEO Hong Kong Securities and Futures Commission and IOSCO chair) entitled A global perspective on derivatives regulation.
Key points in the speech include:
On 11 May 2021, the Global Foreign Exchange Committee (GFXC) announced that it was seeking industry feedback on draft guidance papers for the usage of ‘pre-hedging’ and ‘last look’ within foreign exchange markets. When finalised the guidance papers will not be part of the FX Global Code but should instead be read alongside
On 5 May 2021, the Regulatory Oversight Committee (ROC) of the Global Legal Entity Identifier (LEI) System published a consultative document, Harmonisation of critical OTC derivatives data elements – revised CDE Technical Guidance.
The Technical Guidance for the Harmonisation of critical OTC derivative data elements (Technical Guidance) provides
On 12 April 2021, the Financial Stability Board (FSB) issued FAQs to promote a common approach on the national implementation of the SFT Data Standards.
In November 2015 the FSB developed the data standards and processes for collecting and aggregating global data on securities financing transactions (SFTs) (the SFT Data Standards).
On 8 April 2021, the Global Foreign Exchange Committee (GFXC) announced that as its review of the FX Global Code was nearing completion it was issuing a request for feedback on proposed changes to the Code and draft disclosure templates. The GFXC’s request for feedback covers proposals for updating the Code’s guidance in
On 27 January 2021, the European Commission adopted an equivalence decision determining that the United States Securities and Exchange Commission (SEC) regime for US central counterparties (CCPs) is equivalent to EU rules. The equivalence decision complements the existing equivalence decision for US CCPs regarding the United States Commodity Futures Trading Commission,
On 7 January 2021, the United States’ Commodity Futures Trading Commission (CFTC) and the European Securities and Markets Authority (ESMA) announced that they had signed a new Memorandum of Understanding (MoU) regarding cooperation and exchange of information with respect to certain registered derivatives clearing organisations established in the United States that are central counterparties (CCPs)
On 18 December 2020, there was published a letter from the chairs from the Basel Committee on Banking Supervision (BCBS) and the Committee on Payments and Market Infrastructures (CPMI) encouraging bank supervisors and banks and other participants in the FX market to follow the expectations set out in the 2013 BCBS
On 3 December 2020, the Financial Stability Board (FSB) published a note regarding the progress made in implementing the over-the-counter (OTC) derivatives market reforms.
The key message in the note is that overall implementation of the G20’s OTC derivatives reforms is well advanced, but there has been limited progress since October