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September 30, 2013

The week that was (Dazzling Derivatives; issue of 30th September 2013)

Dear all, Back after a refreshing holiday – please receive the latest news digest on the dazzling world of derivatives. From this week onwards I will add "pagination" to the Dazzle – this means that you will find each separate area of the newsletter (e.g. Regulation Europe, Infrastructure, etc.) on its own page (look for the Pages 1,2,3,4,6 underneath the Like button). (FYI, some articles require a subscription (e.g. RISK, Financial News), others a free registration (e.g. Tabb Forum, DerivSource))

THE ARTICLES

(1) REGULATION (1.1) EUROPE Futures reporting delay “will not take place” says EC’s Pearson – Risk.net As hinted at yesterday, it appears that the only option available to delay ETD reporting is for ESMA not to approve any TR until the many data format and structural issues are resolved. http://www.risk.net/risk-magazine/news/2297192/futures-reporting-delay-will-not-take-place-says-ecs-pearson https://theotcspace.com/2013/09/27/futures-reporting-delay-will-not-take-place-says-ecs-pearson-risk-net/ http://regulatoryreform.wordpress.com/2013/09/27/emir-futures-reporting-no-delay-shock/ German election results revive FTT threat The prospect of a controversial European financial transaction tax may have been revived following the results of the German elections. http://www.efinancialnews.com/story/2013-09-23/german-election-results-revive-ftt-threat Lawyers Deal Latest Blow to FTT After months of wrangling between European states over the introduction of a blanket tax on all financial transactions in 2014, lawyers now have concluded that the tax would be ‘illegal.’ A devastating blow for the Tobin supporters and a very convenient ‘get out’ clause for many politicians, the most important message is that the FTT could never have delivered what was hoped for. http://www.derivalert.org/blog/bid/95109/Lawyers-Deal-Latest-Blow-to-FTT LSE, lobbyists and fund managers unite in Mifid II plea The London Stock Exchange Group, nine trade bodies and four of the world's largest asset managers have united in an unusual last-ditch attempt to influence key rule changes to Europe's securities markets, including a new approach to the oversight of controversial dark pools. http://www.efinancialnews.com/story/2013-09-26/lse-lobbyists-and-fund-managers-make-last-ditch-plea-on-mifid EU-US OTC equivalency? Or just another regulatory tug-of-war? 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. http://regtechfs.com/eu-us-otc-equivalency-or-just-another-regulatory-tug-of-war/ ISDA Publishes Form of Change of Status Notice for EMIR Protocol On 9 September 2013, ISDA published the Form of Change of Status Notice for the ISDA 2013 EMIR NFC Representation Protocol (the “EMIR Protocol”).  The Protocol enables parties to amend ISDA Master Agreements to reflect their status under EMIR. http://regulatoryreform.wordpress.com/2013/09/10/isda-publishes-form-of-change-of-status-notice-for-emir-protocol/ Has ETD Reporting Really Been Delayed ? | No Confirmation from the European Commission In a story a while back I was probably over-selling the request by ESMA to move the start date for Exchange Traded Derivatives back by a year. Since then I believed my own hype until recently when I began hearing that regulators are pointing out that the ESMA request has not been granted, and therefore the start date for ETD reporting, is still timed to occur at the same time as OTC products on February 12th 2014. https://theotcspace.com/2013/09/16/has-etd-reporting-really-been-delayed-no-confirmation-from-the-european-commission/ The long shadow of European regulations Claudio Capozzi, managing director EMEA of Sungard’s energy business, takes a quick look at the wave of regulation approaching European shores. http://www.fow.com/Article/3255235/The-long-shadow-of-European-regulations.html Industry forced to rethink reporting after Esma rejects GFMA proposal Forex participants must reconsider their approach to dual reporting under Emir, after Esma rejects industry proposal http://www.risk.net/risk-magazine/news/2296104/industry-forced-to-rethink-reporting-after-esma-rejects-gfma-proposal E-Day has dawned 15 September 2013. The deadline for compliance EMIR portfolio reconciliation and CCP registration is here. http://regulatoryreform.wordpress.com/2013/09/16/e-day-has-dawned/ ESMA Publishes Responses to EMIR Clearing Obligation and Draft RTS Consultations http://regulatoryreform.wordpress.com/2013/09/18/esma-publishes-responses-to-emir-clearing-obligation-and-draft-rts-consultations/


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