Europe

European Trade Reporting | What's the Point?

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It is now more than two months since European EMIR Trade Reporting came into operation, read our analysis of the results and what Scott O'Malia at the CFTC thinks about our article.

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Weekly Roundup | MiFID II Special | 2nd February 2014

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Dear all,

After the agreement reached in Brussels two week's back a huge number of news items, commentary and analysis pieces have cropped up all over the internet.

MiFID II / MiFIR will have tremendous effects on our clients in the coming 2-3 years and we as Capco are supremely well positioned to help our clients to not only overcome this new regulatory burden but to actually profit from it.

If you have any questions on MiFID II / MiFIR please get in touch with Carsten Hahn or myself.

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OTC equivalency: A regulatory tug-of-war?

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On 1 September, ESMA issued its advice to the Commission on declaring countries outside the EU to be equivalent under EMIR.  The good news is that at long last we should have some certainty on what approach to expect.  The bad news: we are in for years of frustration as practitioners attempt to nit-pick their way through the new cross-border requirements.

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Weekly Roundup | Trading & Post-Trade Processing | 3 December 2013

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Trading

Europe’s OTF to Follow the US’s SEF? Lessons in Electronic Swaps Trading

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UPIs, UTIs and LEIs: Key issues and methods

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Following the success of Tony Russell's UTI article, it seems apparent that implementing new identifiers will be a major area of difficulty prior to the start of OTC/ETD trade reporting in Februrary 2014. The presentation below sets out the details of the proposals for the UPI and UTI, identifies some of the major issues and draws links between the three unique identifiers.

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Weekly Roundup | Clearing | 28 Oct 2013

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Clearing News

Clearing in Europe Won’t Bite Until 2015, Banks Expect

CFTC's Chilton says "continuing to kick the can down the road is just not acceptable", as expectations grow that Europe will miss 2014 start date. Risk.net: Clearing in Europe won’t bite until 2015, banks expect.

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ESMA CCP front-loading - problem waiting to happen? | Risk article

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ESMA rules deem that once one CCP is authorized to clear a given product, non-exempt participants have to clear every trade executed after that date - even if the clearing mandate for new trades is not live yet.   Participants can either clear the trades immediately on execution or more likely by catching up or "front-loading".

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Weekly Roundup | EMIR & MiFID II | 22 Oct 2013

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EMIR

Member States Freedom to Fine Breaches of EMIR

Article 12 of EMIR gives Member States the power to set their own penalties for breach of the Regulation.  This has led to deferred publication of the fines and left firms in many countries with a lack of clarity over what they are putting at stake (and a consequent inability to react proportionately).  So what do we know?

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The week that was (Dazzling Derivatives; issue of 15th October 2013)

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Dear all,

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The week that was (Dazzling Derivatives; issue of 8th October 2013)

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Dear all, This week, as started last week, also sees this newsletter spread over several pages - according the regular headers you are accustomed to. Happy reading. The TOP Stories of last week:

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