The International Swaps and Derivatives Association, Inc. (ISDA), the Association of Financial Markets in Europe (AFME), International Capital Market Association (ICMA) and the Securities Industry and Financial Markets Association (SIFMA) and its asset management group (SIFMA AMG) have today launched a roadmap that highlights key challenges involved in transitioning financial market contracts and practices from interbank offered rates, or ‘IBORs’, to alternative risk-free rates (RFRs).
We’re now a full month into 2018. For a long time, we’ve been saying that MiFID is coming.
SFTR was published in the Official Journal back in 2015 and we’ve already gone live with the Article 15 ‘transparency of reuse’ requirements in 2016, as well as the Article 13 and 14 ‘transparency requirements’ for collective investment undertakings in 2017.
If an organization seeks to perform at world-class levels, it needs to have highly effective processes and practices for managing what might happen – risk.
Trading middle offices are not a new phenomenon, they have been in existence for a number of years.
The standard response I get to CSDR is the “yeah so what, we’re not a CSD”. Brilliant. That’s a bit like saying that you’re out of scope of EMIR because you’re not a CCP and so what is CSDR all about?
12 January 2018
BY Stuart McClymont
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.