Weekly Roundup | Best of the Web | 26 March 2014
The Clock Starts Ticking Towards European Mandatory Clearing | OMX Authorised
If you haven't already heard, Nasdaq OMX announced they are the first European CCP to be authorised under EMIR - something they're quite happy about, you can read the press release here from this page here. Whilst this is good news for OMX, it means the EMIR process now starts moving forward towards mandatory clearing, something the US have already experienced.
ESMA Updates EMIR Q&A
On 20 March 2014, ESMA published a further update to its EMIR Q&A document.
- DRS: ESMA Updates EMIR Q&A
The OTC Space: Updated ESMA Q&A on EMIR
CTRM Center: New EMIR Q+A Published by ESMA.
Replicating CCP Methodologies for Validation, Pricing and ‘Resource Management’
Banks have become very sophisticated in how they capture and optimise the use of key economic resources like funding value adjustment (FVA), credit value adjustment (CVA), capital and balance sheet across their business. The OTC Space: Replicating CCP Methodologies for Validation, Pricing and ‘Resource Management’.
CFTC Extends MTF No-Action, Further No-Action Forthcoming
21st March 2014. As previewed in the “path forward“, the CFTC issued a short-term extension to No-action Letter 14-16, exempting EU MTFs from the SEF registration and trade execution mandates.
- DRS: CFTC Extends MTF No-Action, Further No-Action Forthcoming
- CFTC Press Release: CFTC’s Division of Market Oversight Provides Extension of Temporary No-Action Relief with respect to Swaps Trading on Multilateral Trading Facilities Overseen by Competent Authorities Designated by European Union Member States.
European Traders Seek Delay in Overseas Trading Restrictions
The Commodity Futures Trading Commission may be delaying overseas trading restrictions that are set to go into effect next week. European Traders are claiming that they need more time to comply, ensuring that overseas trading will be able to continue. CFTC Law: European Traders Seek Delay in Overseas Trading Restrictions.
Clearing Firms Fear Wall Street Regulator's Data Proposal
A proposal by Wall Street's industry-funded watchdog to ramp up oversight of securities brokerages could expose clearing firms to more enforcement actions and lawsuits, lawyers say. Reuters: Clearing Firms Fear Wall Street Regulator's Data Proposal.
CFTC Weekly Swaps Report: Over $214 Trillion in Interest Rate Swap Volume Cleared From March 3-7
As part of its efforts to encourage transparency in the swaps market, the CFTC developed a Weekly Swaps Report, which provides a detailed view of trading activity in the swaps market. DerivAlert: CFTC Weekly Swaps Report: Over $214 Trillion in Interest Rate Swap Volume Cleared From March 3-7.