Dodd Frank Wall Street Reform and Consumer Protection Act

€20 billion: The annual cost of OTC derivatives regulation

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Trade repositories: reporting start date come and gone

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Not sure if you noticed this but Tuesday (June 25th) came and went and not a single trade repository was registered by ESMA. And so the indicated reporting start date for interest rate and credit derivatives of September 23rd is not achievable anymore.

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Is there a way to avoid regulatory arbitrage? Vol 2

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A few days ago I did this post on Elisse Walter's speech on regulation of cross-border OTC derivatives. On April 18, 2013, the Japanese Financial Services Agency, jointly with eight foreign authorities, sent a ministerial-level joint letter to U.S. Secretary of the Treasury Jacob J.

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Ever thought swaps trading was a niche market...

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... well, think again, as the DTCC confirmed a whopping 65,000 entities have been registered and certified via the CFTC Interim Compliant Identifier (CICI) utility until April 10th, the deadline imposed by the CFTC to get such an identifier if you want to continue trading in the swaps market. This number includes market participants from over 100 jurisdictions with a little more than half of it coming from the US.

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Traiana Launches Swap Data Repository Service

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After recently unveiling its pre-credit check solution "CreditLink" Traiana is now offering an SDR connectivity service called "Harmony TR Connect". According to their press release:

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Omgeo expands ProtoColl | Regulatory Compliance

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Post-trade vendor specialist Omgeo has announced the expansion of ProtoColl, its collateral and margin management product, to cater for regulatory measures. Provisions in both the US Dodd-Frank Act, and the European Market Infrastructure Regulation (EMIR) have introduced central clearing and new eligibility criteria for collateral. ProtoColl allows for asset managers to monitor their margin and collateral requirements across the entire trading landscape, and an automated collateral-selection function which grades the available assets and suggests which to use for specific trades.

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Can pitfalls of Central Clearing be avoided?

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OTC clearing processes are officially up and running since March 11th for the US category 1 firms,  but at the same time operational risk fears build up as market participants strive to fine tune all parts of the clearing chain.

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CFTC Provides No-Action Relief from SDR Requirements to Swap Counterparties that are not SD or MSP

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Yesterday, the CFTC provided a no-action relief to all swap counterparties not being an SD or MSP that they do not need to report trades to a swap data repository. The relief runs until end-May, end-July, end-September and end-October respectively depending on the counterparty's status as well as the relevant instrument type. It is being differentiated between "financial entities" and "non-financial entities," with non-financial entities getting more time.

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BaFIN briefing: EMIR II under development

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6355756-fake-stampContacts at BaFIN I met last week described negotiations being conducted within the European Parliament, which frankly mean far more work for regulatory compliance, than expected. EMIR II, i.e.

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