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Compression for Clients of Clearing Members Becomes Available to Release Capital
In order to look ahead, we must first take a look back and examine how OTC markets have evolved; some of which was voluntarily undertaken, most of which was regulatory reform driven.
According to a recent survey of banks’ legal and regulatory operations executives, an overwhelming number of respondents noted a concerning lack of clarity around margin mandate regulations and compliance requirements.
On 9th June, it became clear that the European Union would delay the implementation of the mandatory bilateral margin. See for example the Risk article or the Bloomberg article.
In November 2015 we consulted on guidance to clarify the requirements on firms when outsourcing to the ‘cloud’ and other third party IT services. The guidance is updated in the following areas:
Like many people, I woke up on Friday June 24 expecting to hear the UK had voted to remain in the European Union (EU). The final polls had suggested the Remain campaign was ahead, and sterling had begun to rally the day before.
This is the first part of a video series looking at how data in the OTC market needs reconciliation to achieve high quality for internal and regulatory purposes. This video features Julie Carruthers who is Head of Operations for the ICAP global broking division, taking about how the role of IT is changing, why Excel is no longer suitable for carrying out reconciliations.
The last few years have seen many anti-abuse cases brought against traders, spanning LIBOR, insider dealing and others. We have also seen some anti-abuse cases in commodities and energy, for example the case where the CFTC and FERC investigated a North America based oil company in 2015 for gas price index manipulation. However, many cases have not resulted in fines. Examples of this include the alleged NBP price manipulation of 2012 and the “Chocfinger” case in 2010, neither of which resulted in convictions.
Many financial institutions and buy side firms in particular are seeking ways to leverage the work required in achieving MiFID II compliance by adopting a much more strategic approach to all of their regulatory trade & transaction reporting requirements.
On Tuesday, 28th June, I posted a blog post about the impact of Brexit on OTC swaps cleared margin. We anticipated that the impact of Brexit would progressively increase in magnitude over the subsequent days.
FRTB isn't just a bag of maths, like any regulation it gives firms choices to make about how they organise and run their trading desks. David Chen from TMX explains how in this free webinar.
European Supervisory Authorities say to the European Commission on the bilateral margin rules, in brief, WTF? You had plenty of time and participation to get this done.
Wind down of SwapClear LLC in the US
There's a lot of legal words in the PDF below, but the short answer is that Danish retirement pension plan is right to apply for a permanent exemption from clearing and reporting under EMIR and has been granted an exemption as requested.
Posted by Christopher Leonard, Akin Gump Strauss Hauer & Feld LLP, on Thursday, June 30, 2016
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