News on Post-Trading

ESMA consults on margin period of risk for CCPs’ client accounts

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The European Securities and Markets Authority (ESMA) has published a Consultation Paper on the Review of Article 26 of RTS No 153/2013 regarding the European Market Infrastructure Regulation (EMIR). In relation to the relevant Regulatory Technical Standard (RTS) ESMA is seeking feedback on deals with the length of the margin period of risk (MPOR) for CCPs’ client accounts.

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ESMA consults on improved access to trade repository data

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The European Securities and Markets Authority (ESMA) has published today a consultation paper which proposes to enhance the current functionalities offered by trade repositories (TRs) for data access under the European Market Infrastructure Regulation (EMIR). ESMA thinks that the current rules for TR access should be significantly improved as currently, the comparability of data is not sufficient.

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Press release - European swap clearing to start in June 2016

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Firms will have to centrally clear certain classes of interest rate swaps starting from 21 June 2016. The clearing obligation in the Europe Union (EU) will enter into force following the publication of the relevant technical standards in the Official Journal on 1 December 2015. This marks an important milestone in implementing the EU’s post-financial crisis’ derivatives regulation – the European Market Infrastructure Regulation (EMIR) – and follows the G20 commitment to clear all standardised OTC derivative contracts, where appropriate, through central counterparties (CCPs).

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ESMA and SFC to exchange information on derivative contracts held in trade repositories

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The European Securities and Markets Authority (ESMA) and the Securities and Futures Commission (SFC) of Hong Kong have concluded a Memorandum of Understanding (MoU) that will allow the exchange of information on derivative contracts held in trade repositories. 

 

This MoU allows ESMA and SFC to have indirect access to trade repositories established in the European Union and Hong Kong respectively. It became effective on 19 November 2015.

 

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ESMA will not exempt the collateralisation of bank guarantees for energy derivatives under EMIR

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The European Securities and Markets Authority (ESMA) has decided not to further extend the existing grace period of three years for the non-financial firms’ use of non-collateralised bank guarantees to cover transactions in energy derivatives cleared by European central counterpar-ties (CCPs). ESMA therefore reminds firms concerned that from 15 March 2016 CCPs author-ised under the European Market Infrastructure Regulation (EMIR) will need to fully collateralise commercial bank guarantees used to cover transactions in derivatives relating to electricity or natural gas produced.

 

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ESMA updates EMIR standards on data reporting

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The European Securities and Markets Authority (ESMA) has published today an update of existing technical standards regarding data reporting requirements under the European Markets Infrastructure Regulation (EMIR). EMIR requires counterparties to report their derivative trades to trade repositories following a defined data format. 

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ESMA consults on indirect clearing arrangements

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The European Securities and Markets Authority (ESMA) has opened today a public consultation on draft requirements regarding indirect clearing. Indirect clearing is in practice understood as when clients of a clearing member sign up clients of their own. 

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ESMA informs European Commission of delay in submitting the RTS on indirect clearing under MiFIR

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The European Securities and Markets Authority (ESMA) has notified the European Commission to inform it that it has not submitted its draft MiFIR RTS on exchange-traded derivatives in order to ensure consistency with the EMIR RTS on the indirect clearing of OTC derivatives.

ESMA believes that in order to ensure the orderly functioning of markets amendments need to be made to the EMIR RTS and will launch a consultation shortly on these changes. It will then submit both sets of draft RTS together.

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Press release - ESMA adds Index CDS to central clearing obligation

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ESMA publishes 14th update to its EMIR Implementation Q&As

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The European Securities and Markets Authority (ESMA) has today issued the 14th update of its Q&A document on the implementation of the European Markets Infrastructure Regulation (EMIR). The Q&As provide answers and guidance related to questions received regarding the implementation of EMIR.

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