The latest batch of CPMI-IOSCO CCP disclosures are out for Q1 2017. We look at Initial Margin across Rates and FX. The Top 10 banks post $14bn across three CCPs. This gives us an insight into the cost of funding a trading business.
Joseph Noss and David Murphy
Speech by Andrew Bailey, Chief Executive of the FCA, at Bloomberg London.
The November 1st EMIR Reporting Big Bang webinar took place on the 22nd of June. If you couldn't attend you can now watch the video over on the RegTek website.
Read our top tips to achieve complianc with the Uncleared Margin Rules - 11 important topics you need to address.
This comes from a press release but the report makes for interesting reading, PDF attached below.
On Monday the 10th of July the CFTC published this roadmap that gives a view of the trail leading to Christmas 2019. It might only be the start of Q3, 2017 but this ten-page document means we can take a sneak peek under the tree and see what the 2019 Christmas pressies contain.
CME Clearing US adds Korean Won and Indian Rupee, currencies not yet cleared at SwapClear.
Lynn Strongin Dodd’s July 13, 2017 Article “Dodd Frank: Scale of Change Remains Uncertain”, covers all aspects of the regulation in light of the new Administration’s stated position to dismantle it.
Anyone who has tried to use the data made public by TRs subject to EMIR will know that the format and approach make the data nealry impossible to use across TRs or with the data from the US SDRs.
The race to be ready for the bi-lateral margining of OTC derivatives is reaching its closing stage but there is still work to be done. As the February Initial Margin (IM) deadline has passed and the March Variation Margin (VM) deadline looms, many firms are still not ready. There may be a method for some entities to continue trading without posting IM until August 2017.
On November 28th, 2016, the European Commission (EC) has published a proposal for a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, and (EU) 2015/2365l1. This regulation is based on the work at the international level of the Financial Stability Board (“FSB”), the Basel Committee, Committee on Payments and infrastructures (CPMI) and International Organization of Securities Commissions (IOSCO). FSB published in August 2016 a discussion note on “Essential Aspects of CCP Resolution Planning” and jointly with the Basel Committee, CPMI and IOSCO, a progress report on the work plan to enhance the resilience, recovery planning and resolvability of CCPs2.
The buyside have faced many challenges over the last few years, but 2017 is shaping up to be a vintage year. And just like several bottles of Châteauneuf-du-Pape, this year is likely to leave a very large hangover.
Following our successful webinar here is a high quality video recording of the event. We covered the lifecycle of work from re-papering to implementation and operational aspects of margin agreements.
UPCOMING WEBINAR - Get Ready for the November 1st EMIR Reporting Big Bang
On the 3rd of April ESMA published the latest version of their EMIR Q&A with changes to the details of trade reporting in 18 categories. The changes cover diverse areas including product and entity identifiers, margin, collateral, UTIs, notionals, positions, new fields and increased validation. On November 1st you need to be ready for these fundamental changes, join our webinar to ensure you understand what is needed and how to check early you've achieved compliance.
The Summit for Asset Management (TSAM) brings you together with senior decision makers from the world’s most innovative and forward thinking asset managers globally. OTC Space Registered readers can access a 20% discount on registration.
The European and global banking scene has been embroiled in a slew of changes in the clearing and margining world over the last years, with the rules on variation margin for uncleared OTC deals coming imminently.