EMIR

Updated EMIR Q+A

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Yesterday ESMA issued an updated version of the EMIR Questions and Answers document, which can be found here. There are several updates, some of which relate to the consequences of “REFIT” (see here). These are: OTC 2h (page 17) – Deals with entities that start to trade derivatives and by when they must calculate the … Continue reading

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Singapore and Korea join rush to delay IM

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The Korean Regulator, FSS, is the latest regulator to announce that they will adopt the BCBS/IOSCO guidelines for mitigating risk for non-cleared OTC contracts.

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IM- the breakdown (averted)

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As expected, ISDA have communicated a more granular breakdown of
estimates for the likely population of the new IM phases 5 and 6, via relevant
working groups. These have been replicated and published by a number of third
party firms. Although all the numbers are estimated, there seems to both a lack
of mathematical rigour and some confusion between the population and threshold
estimates.

The estimates are as follows:

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Trade and Transaction Reporting 2019 – the mid-year update

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It’s

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IM Phase 5 to bifurcate

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Confirming recent market rumours, BCBS\IOSCO have today announced their recommendation to stagger IM Phase 5 implementation over a two year period. An adjusted Phase 5 will apply to firms with an AANA equal to or greater than USD\EUR 50bn and less than 750bn.

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FIA position paper on ETD reporting under EMIR

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The Futures Industry Association has issued this paper on the topic of reporting Exchange Traded Derivatives (ETD) under EMIR. The paper proposes some changes to simplify position reporting of ETDs. Unlike other reporting regimes around the world, EMIR requires that ETDs be reported by market participants. Many of those who report prefer to do so … Continue reading

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EMIR 2.0- indirect, possibly unintended, certainly consequential

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Published in the OJ on 28 May, EMIR Refit entered into force on 17 June. Aimed at simplifying requirements and making obligations on smaller counterparties more proportionate, the Regulation is comprehensively summarised here.

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EMIR REFIT – Updates

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This blog is back after a short break. Last week, ESMA published an updated Questions and Answers (Q+A) document, as well as a letter around REFIT (see here). The updated Q+A, which can be found here, has two new answers: OTC 3 (Page 18) – Relates to the calculation of the clearing threshold under the … Continue reading

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