On 4 May 2017, the European Commission published its legislative proposal for the long-awaited review of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (‘EMIR’).
The European regulatory process is a flowchart with many options and possible loops, the arrival of the regulations for uncleared OTC business. Follow this timeline and see when you think they will be published and fully effective.
Finally, the EU Commission has published the delegated regulation on organizational requirements, including thresholds for systematic internalisation (SI), inter alia.
If your point of reference is ESMA’s technical advice back from December 2014, you will see some unwanted surprises. However, if you had a chance to look at the leaked version late in 2015, you may feel some relief now.
As I have said in past articles, and since every swaps market participant and every swaps market regulator recognizes that transaction reporting has been something of a disaster, we are all waiting to see what the regulators will do about it. Recently, two swaps regulators went in somewhat different directions on this subject.
As I was a bit lost regarding the starting date of the IRS Clearing obligation in Europe, I sent a mail to ESMA two days ago to get more information on the implementation calendar. I received an answer yesterday, and I would like to share the response with you, it could be helpful.
I had 2 specific questions:
Credit Suisse becomes top swaps clearer in U.S.
Credit Suisse has moved to the top spot as the largest over-the-counter derivatives clearinghouse in the U.S., according to the National Futures Association. With a $7.2 billion client-margin requirement for cleared swaps, Credit Suisse has moved ahead of Barclays, which had been ranked first but has slipped to second. Risk.net (subscription required)