(1.3) INTERNATIONAL & MIXED

The Bottom Line on Derivatives Reform: 7 Things We’ve Learned in Retrospect

A careful, dispassionate assessment of what has been a long and often torturous process reveals some stark conclusions about the success of global derivatives reform and where we need to go from here.

http://tabbforum.com/opinions/the-bottom-line-on-derivatives-reform-7-things-we%27ve-learned-in-retrospect

A Tower of Babel: OTC Derivatives Edition

Linking to a speech by Benoit Coeuré of the ECB (who gave the keynote at the Paris conference I spoke at a month ago), ISDA’s Derivativiews blog points out how the reporting of derivatives transactions has been totally botched due to jurisdictional fragmentation: http://streetwiseprofessor.com/?p=7705

EU firms forced to take action to avoid US clearing rules

US banks are facing a loss of business from small and mid-tier European buyside firms because of the cross-border application of derivatives rules included the US’ Dodd-Frank Act.

http://www.efinancialnews.com/story/2013-10-10/eu-firms-forced-to-take-action-to-avoid-us-clearing-rules

Progress report on implementation of the Basel regulatory framework

This updated Progress report on implementation of the Basel regulatory framework provides a high-level view of Basel Committee members' progress in adopting Basel II, Basel 2.5 and Basel III, as of end September 2013.

http://www.bis.org/publ/bcbs263.htm

Dispute resolution mechanism needed to resolve regulatory spats – EC’s Pearson

Differences in national regulations need to be ironed out, says Patrick Pearson

http://www.risk.net/risk-magazine/news/2300176/dispute-resolution-mechanism-needed-to-resolve-regulatory-spats-ec-s-pearson

Clearing houses are the biggest risk, says Tucker

The clearing houses which act as the processing centres for trillions of dollars of global trading could pose the biggest risk to the world’s financial system in a future crisis, according to the outgoing Deputy Governor of the Bank of England.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10363688/Clearing-houses-are-the-biggest-risk-says-Tucker.html

BoE's Tucker wants more robust CCP governance

Bank of England deputy governor Paul Tucker raises concerns over the size and for-profit nature of CCPs http://www.risk.net/risk-magazine/news/2299628/boes-tucker-wants-more-robust-ccp-governance

Energy Risk Europe: Commodity derivatives rules flawed, says SEB’s Iwarson

Derivatives regulation will impede attempts by banks to compete and do lasting damage to European market, says founder of SEB’s commodity business http://www.risk.net/energy-risk/news/2299340/energy-risk-europe-commodity-derivatives-rules-flawed-says-seb-s-iwarson

Energy Risk Europe: Questions over benefits of CVA for energy firms

Lack of credit team or CVA desk might make use of measure counterproductive, panellists worry http://www.risk.net/energy-risk/news/2299699/energy-risk-europe-questions-over-benefits-of-cva-for-energy-firms

Energy Risk Europe: Good times over for Europe's traders, says RWE's Krebber

Strain caused by regulation and renewables means European energy traders must adapt to survive, says RWE Supply & Trading CFO http://www.risk.net/energy-risk/news/2299345/energy-risk-europe-good-times-over-for-europes-traders-says-rwes-krebber

How OTC Derivatives Regulation is Impacting Commodity Market Participants

Matthew Healy, vice president and general manager of Kiodex, the commodities trading unit of SunGard’s capital markets business explores how OTC derivatives regulation and the consequent changes in liquidity management are causing commodity market participants to re-evaluate where they take their financial trading volumes.

http://www.derivsource.com/content/how-otc-derivatives-regulation-impacting-commodity-market-participants

Government Shutdown Creates Communication Gap between The CFTC and the European Commission

According to bankingtech.com, senior financial industry executives are less than pleased with the US and EU’s inability to work together on the implementation of derivatives reforms and swap execution facilities.

http://www.cftclaw.com/2013/10/government-shutdown-creates-communication-gap-cftc-european-commission/

Bank Rule Change Won’t Speed Up Risk Reduction: Danthine

Swiss National Bank Vice President Jean-Pierre Danthine said regulators should stick to their current plans on stricter rules to make the banking system safer.

http://www.bloomberg.com/news/2013-10-11/bank-rule-change-won-t-speed-up-risk-reduction-danthine.html

ISDA Publishes 2013 Discontinued Rates Maturities Protocol

On 11 October 2013, ISDA published the “ISDA 2013 Discontinued Rates Maturities Protocol” (the “DRM Protocol”), a protocol which amends confirmations relating to “Protocol Covered Transactions”. http://regulatoryreform.wordpress.com/2013/10/11/isda-publishes-2013-discontinued-rates-maturities-protocol/