Clearing

Approaching Ambiguities in the Financial Entity Definition

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The third installment of our ongoing series on the 2014 CFTC Reauthorization Act covers a potential change to the definition of a “financial entity”, which has been a particularly troublesome and confusing definition for end-users, and the banks that enter into swaps with them. In addition, the CFTC may be able to address the confusion through its rule making and interpretations, without the need for a legislative change.

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EU Settlements: More Corporate Actions Claims?

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In focusing strictly on settling domestic and cross-border trades, the new central settlement platform, Target2Securities (T2S) may end up causing unintended operational glitches and additional costs when it comes to how corporate actions of European issuers are processed. Or so fear some managers who apparently aren’t buying the assertions made by custodians and securities depositories […]

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Three months left and counting down….

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European derivatives users are keenly waiting to discover what derivatives products are likely to be subject to the first clearing mandates, with the European Securities and Markets Authority (ESMA) expected to release its first consultation paper on the topic within weeks.

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The euro swaps surprise

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As surprises come, it should have been a non-event. On March 18, Swedish clearing house Nasdaq OMX announced it had been authorised as a central counterparty (CCP) under the European Market Infrastructure Regulation (EMIR), the first in Europe to get the regulatory nod of approval. Clearers had to submit their applications by September 15 last year, and national authorities had a six-month limit to consider them once they were confirmed as complete, meaning the authorisation was well in line with the schedule outlined by the European Securities and Markets Authority (ESMA).

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Progress, of a sort

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Eight months on from the much-heralded “path forward” agreement that set a roadmap for how US and European regulators would deal with cross-border regulatory issues, the fruits of the new cooperative approach have started to emerge.

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