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IOSCO

Aussie IM Phase 4 double whammy

Bill: More work for Phase 4 UMR, if we're unlucky.


Opinions obviously vary, but for me there are very few opportunities to be glad not to be Australian. Here is one for already punch-drunk IM lawyers and compliance personnel. The largest four banks in New Zealand are Australian-owned- ANZ, ASB, BNZ and Westpac. New Zealand is not a G20 member and has therefore been (relatively) […]

ISDA presses the panic button on IM

As market participants are all too aware, following the financial crisis in 2008-2009, G20 agreed to a regulatory reform agenda covering the OTC derivatives market and market participants, including proposals for margin requirements for non-centrally cleared derivatives. The recommendations were finalised in the BCBS-IOSCO’s Final Framework for Non-Centrally Cleared Derivatives, which established the international standards […]

 

Click the link below for the full article - useful in parallel to our earlier papers and the one from ISDA. Bill.

ISDA presses the panic button on IM

As market participants are all too aware, following the financial crisis in 2008-2009, G20 agreed to a regulatory reform agenda covering the OTC derivatives market and market participants, including proposals for margin requirements for non-centrally cleared derivatives. The recommendations were finalised in the BCBS-IOSCO’s Final Framework for Non-Centrally Cleared Derivatives, which established the international standards […]

Jurisdictions Progress Towards Implementing Standards for Payment, Clearing and Settlement

Jurisdictions are reporting progress towards implementing international standards for payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories, according to a new report by the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO).

SIMM 2.0 How the Updated Model Helps Firms Prepare for the Next Phase of IM Requirements (Infographic)

In a recent DerivSource webinar, panellists from the International Swaps and Derivatives Association (ISDA), Standard Chartered Bank and Murex explored the typical operational and organisational challenges firms face as they prepare to comply with new IM requirements, and discussed the nuances of the recently updated SIMM model, and how it can assist firms in implementing the necessary collateral management changes. The charts below are based on live audience polls.

IOSCO Consults on Recommendations to Help Trading Venues Manage Extreme Volatility

The Board of the International Organization of Securities Commissions (IOSCO) is seeking feedback on its proposed recommendations to assist trading venues and regulatory authorities in the implementation of mechanisms to manage extreme volatility.

Margin Regulation & SIMM: Preparing for the Next Wave of Change

With phase 3 of the new margin rules for BCBS/IOSCO OTC non-cleared derivatives deadline coming up this September, many market participants are gearing up their collateral management operations to comply with these new initial margin (IM) requirements. For the firms who fall under the phase 3 requirement, the use of the newly updated common initial margin calculation methodology, the Standard Initial Margin Model (SIMM) may be a key part of their implementation strategy and change plans.

Benchmark Bother

Overshadowed by the MiFID 2 regulatory colossus, the start of the year also marked the coming into force of the EU’s Benchmark Regulation (BMR). As well as defining and categorising benchmarks, the BMR lays down obligations that affect both administrators and users, requiring firms to prepare written plans detailing their response to the cessation, material […]

IOSCO Board Communication on Concerns related to Initial Coin Offerings (ICOs)

Initial Coin Offerings (ICOs, also known as token sales or coin sales), typically involve the creation of digital tokens – using distributed ledger technology – and their sale to investors by auction or through subscription, in return for a crypto-currency such as Bitcoin or Ether (or more rarely for government-backed or official fiat currency (such as the US Dollar or the Euro)). These offerings are not standardized, and their legal and regulatory status is likely to depend on the circumstances of the individual ICO.

Non-cleared margin rules- Rumoured EU finger removal

This new information changes the timeline we published previously, see the commentary below from DRS and be prepared for sudden change.


Today’s Risk magazine quotes a number of unofficial sources who expect the EC to finalise the non-cleared margin RTS at a meeting on 4 October. The adoption would then be published in the OJ late November, entering into force 20 days later and entering into application one month after that.  This projected timeline would result […]

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