The European Securities and Markets Authority (ESMA) has published a final report with draft regulatory technical standards (RTS) on the clearing obligation under the European Market Infrastructure Regulation (EMIR).
In the event of a no-deal Brexit, the report proposes a limited exemption in order to facilitate the novation of certain non-centrally cleared OTC derivative contracts to EU counterparties during a specific time-window.
Brexit and other European political factors will be the main driver of any European regulatory change in the near future, including any changes to MiFID II or the introduction of MiFID III, according MEP Kay Swinburne.
Delivering a keynote address at the Fixed Income Leaders Summit, MiFID II author Swinburne highlighted the UK’s upcoming departure from the European Union in March next year as key influencing factor on how regulatory change may play out.
Bill: This is a good post on how the multiple exposure calculation methods may change for US firms.
The US is introducing SA-CCR to calculate derivatives exposures in 2020. We look at the consultation. We compare add-ons under SA-CCR and the old CEM methodologies. Clarus offer FREE TRIALS of SA-CCR for Excel. SA-CCR Consultation The Federal Reserve, OCC and FDIC have launched a joint consultation on SA-CCR, the Standardised Approach to Counterparty Credit […]