ESMAs review of TRs (as shown in the fact sheet summary below), indicates that clients do not find it easy to compare pricing across TRs.
Anyone who is a regulator or public observer of the OTC market should read this blog post to see why the current design of an ISIN for a rate swap isn't helping the goal of transparency.
Much like the SEF mandate in the US, following MIFID II certain OTC products must now trade on an electronic platform, for which the PDF below is the list. Products outside this list can still trade directly by other means.
It’s one of the more complex, technical issues related to Brexit, but it’s one that has focused the minds of derivatives professionals since the 2016 referendum result: what does the UK’s exit from the European Union (EU) mean for use of the Engli
The consequences of a 'no deal' Brexit on CCPs and TRs in the UK is perhaps catastrophic unless other arrangements are made. This FIA impact analysis is an excellent resource on the scenario and mitigations that FIA would like to see put in place.
Is this the end of new regulations for OTC derivatives? From January 2018 the major pieces of regulation since the 2008 crisis are in place, stable and not likely to endure major change. On the other hand Brexit, Donald Trump and the EMIR review may bring continued change driving yet more investment in compliance projects, keeping everyone busy.
There’s a lot of speculation and second guessing about the final form of Brexit and the impact on financial services.
The European Banking Authority (EBA) launched today its final guidance for the use of cloud service providers by financial institutions.
The focus on collateral management by both the buy- and sell-side has been one of the most important process changes that have emerged from financial crisis regulation.
by Alan McIntyre, Industry Relations Lead
The Financial Stability Board (FSB), the Basel Committee on Banking Supervision (BCBS), the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have agreed to undertake an ev
Bond yields have been falling since 1982. Many sovereign bonds have ultra-low yields today. Ultra-low yields generate ultra-high liability values since the time value of money does not apply when there is too much debt in the system. Pension schemes that were comfortably funded a few years ago at 5% now have huge deficits.
With all eyes on the impending introduction of the complex web of joy that is MIFID II, another less discussed regulation is fast approaching and this article seeks to highlight just what that regulation is, who it impacts and how.
The FCA have today issued their response to the ESAs 24 November FFX announcement. It is brief and is worth reading in full as a masterclass in ironic prevarication and understatement.
https://thefieldeffect.co.uk/white-papers/sftr-navigating-challenge/This is the second in a series of whitepapers where The Field Effect reviews the impacts of the Securities Finance Transaction Regulation (SFTR). This second 24 page white-paper covers in detail the Regulatory overview and business impacts, Changing your operating model and Next steps.
Publication of the latest package of capital requirements – often dubbed Basel IV – has been a long time coming.
Press release about Governors and Heads of Supervision finalising Basel III reforms (7 December 2017)
The original source of the updated Basle capital proposals, link below. Bill.
The transatlantic trading platform cousins have officially been recognised as twins, on 5 November the European Commission announced its long-promised equivalence decision in respect of U.S. swap execution facilities.
Cassini’s award winning software enhances front office trade decisions with visibility and analytics of post trade costs, and also provides post trade optimization and estimation tools for treasury and operations.
Whilst everyone talks quickly about the future impact of MiFID II, there is a more immediate impact for UK-based firms given the FCA focus on remediation, following their thematic review of asset managers. The FCA has made it increasingly clear in a series of industry engagements, from the thematic review in 2014, to the Press Release in March this year, that firms are not taking sufficient action to ensure their clients receive best execution.There is a particular focus on the OTC Fixed Income, Currency and Commodity markets. MiFID itself then adds to the complexity and the devil, as always, is in the detail.