The Movember Effect: Awareness & Education, Survivorship, Research
The funds raised in the UK are directed to programmes run directly by Movember and our men’s health partners, Prostate Cancer UK and the Institute of Cancer Research. We work with these partners to ensure that Movember funds are supporting a broad range of innovative, world-class programmes in line with our strategic goals in the areas of awareness and education, survivorship and research.
Allen and Overy provided one of their lunchtime seminars on Monday with a comparison between Dodd Frank and EMIR. Below are my notes from their presentation and a PDF of the slides.
You should follow up with the very knowledgeable A&O staff on this:
- Entity definitions for SD & MSP are done
- Product definitions are not, once they are, the rest of the regulations will lock into place
- EMIR final text not yet published, still being finalised
- Regulatory and Implementing Technical Standards are being prepare for Sept 30th European Commission
- First text of MIFIR out 9th May ‘first compromise text’
- Position limits
- Mandatory clearing of certain contracts
- Now goes into trialogue before final text
- SEC & CFTC product exceptions (page 7)
- Fx forwards and Swaps but not NDFs
- Page 8, definitions of an OTC product sources for Europe
- No carve out in Europe for FX contracts, MIFID doesn’t capture physically settled FX forwards
- Page 9: Not clear if trades with non-US parties count in aggregation towards SD threshold of $8bn
- Page 10
- Branches not yet clear
- Is a branch of a non-EU entity included?
- Intra-group exemptions for clearing and reporting
- Page 11
- Pre-enactment swaps
- Designation of clearable trades coming in the autumn
- Will probably be an exemption for inter-affiliate trades in the US
- Page 12: Exemption must be invoked on a trade by trade basis, to show they are hedging or mitigating commercial risks
- Page 13: LSOC implementation Nov 8th 2012
- Page 14: April 9th LSOC rule published, Compliance by Nov 8th 2012
- Page 16:
- A trade struck between a CCP offering it for clearing and ESMA agreeing it should be mandatory, should be back-loaded (front loading)
- Group assessment criteria need working through in detail to get group exemptions
- Page 21: Once mandatory clearing rules finalised (product definitions), then trading is 30 days after
- Page 24
- All swaps must be reported regardless of exemptions
- Regulators seem unconcerned whether swaps get reported to multiple repositories
- Who regulates the repositories?
- Trades struck on a SEF or at a CCP can be reported by the SEF of CCP, you need to provide valuation data on an on-going basis
- Page 25: Reporting is either July 16th or 60 days after the product definitions of swap
- Page 30
- If no repository available, then report to ESMA
- Reporting will be retrospective
- Page 36: Trades with NFCs don’t require collateral unless threshold reached
- Page 37:
- Once the product definitions are issued, registration will be required
- ISDA protocol project on business conduct standards
The full presentation can be downloaded as a PDF here.
From eFN & ICMA:
We are running our 4th annual regulatory snapshot survey (in association with the International Capital Markets Association) to gauge opinion on financial regulation.
We are looking for responses from across the industry – fund management, investment banking and capital markets, trading and technology to respond to the survey. Please can you pass this link
around your organisation/clients and ask them to take part? The questions have tickbox answers so the survey won’t take long to complete and it anonymous. The survey will close at the end of next week [April 29th or thereabouts]
If you have anyone who is super keen to talk about any of the regulatory issues raised in the survey, let me know as we can organise interviews for the accompanying editorial analysis, please ask them to fill out the survey first. The results will be published in FN on May 21st and distributed at the ICMA annual conference in Milan May 23-25.
Last year’s survey results and analysis are here
Bill: Apparently there may or may not be a secret prize for participating, but I’m not allowed to say.
Article here at :
At the bottom, footnote 2, is the source of the article, and because I love my readers, I went and found it for you, click here to download the PDF.
New business in the City employing students launches
JDX Consulting (www.jdxconsulting.com) has launched a new business to solve staffing needs in city institutions not served by other sources of people. JDX is recruiting graduates (or under-grads) who are energetic, communicative and enthusiastic to be placed into short and long term roles within banks, investment managers, trading firms and other institutions.
Example work assignments are:
- Re-keying accounting data into a new software platform
- Setting up new customers on an electronic global trade confirmation system
- Loading up derivatives trades into an electronic processing platform with their customers
- Reviewing expenses claims and looking for patterns
- Redacting (putting black lines through) names and addresses on legal documents to ensure privacy before sending offsite
JDX has a lively team at their office in Farringdon, we will provide all graduates with training specific to their work assignments, and in most cases a two week programme to teach you about the capital markets, it’s products and services, so you are able to fit into your roles and be oriented towards the companies you work at.
JDX will support each person or team whilst on site to ensure both they and the client are happy with progress. We will provide drinks, fun and frolics to build team spirit, in addition to attractive pay rates.
If you’re lively, able to take the initiative, like hard work, can communicate well, especially with customers and new contacts, are capable with a computer and software such as Word and Excel, then get your CV together and sent it to the address on this page:
If you know someone who might be interested, pass them this info and tell them to get in touch.