(1.3) INTERNATIONAL & MIXED

Cart before the horse: Commissioner O’Malia lambasts CFTC’s approach to cross-border regulation At a recent conference in Switzerland, Scott O’Malia of the CFTC spoke out against his organisation’s approach to cross-border regulation thus far. http://regtechfs.com/cart-before-the-horse-commissioner-omalia-lambasts-cftcs-approach-to-cross-border-regulation/ ISDA Publishes Dodd-Frank – EMIR Protocol Bridge A further addition to the already long list of bilateral amendments to derivative documentation became available on 10 September 2013 when ISDA published its Dodd-Frank March 2013 Protocol (DFP2) to EMIR Top Up Agreement (the “Extension Agreement”) together with an Explanatory Memorandum. http://regulatoryreform.wordpress.com/2013/09/11/isda-publishes-dodd-frank-emir-protocol-bridge/ Clearing contagion risk ‘ignored’ by regulators Senior executives in the banking industry have warned that regulators have neglected the risk of potential contagion should a major clearing house member collapse. http://www.efinancialnews.com/story/2013-09-23/clearing-contagion-risk-regulators Asia trumps Europe in swaps reporting reforms Asia-Pacific is set to overtake Europe in providing a vital pillar of G20-led market reforms for over-the-counter derivatives trades. http://www.efinancialnews.com/story/2013-09-23/asia-trumps-europe-in-swaps-reporting-reforms Are We on Our Way to Basel IV? The Basel Committee unexpectedly admitted that Basel III may have become too complex. In indicating a willingness to rethink the risk-weighted asset methodology for risk measurement, however, the committee may well be on its way to making Basel III even more complicated. http://tabbforum.com/opinions/are-we-on-our-way-to-basel-iv Industry ‘won’t bother’ with one-time rehypothecation Critics say a limited provision in new WGMR rules for dealers to rehypothecate client collateral is impractical and offers no benefit to clients http://www.risk.net/risk-magazine/news/2294465/industry-won-t-bother-with-one-time-rehypothecation Interpretation of WGMR Haircut Means SCSA Lives To Fight Another Day Risk Magazine is reporting that certain unnamed US and European regulators are hinting that the additional 8% haircut levied on collateral denominated in a different currency to that of the underlying, to be introduced pursuant to the Working Group on Margining Requirement’s (WGMR) “Margin requirements for non-centrally cleared derivatives”, may be applied only to initial margin, and not to variation margin. http://regulatoryreform.wordpress.com/2013/09/25/interpretation-of-wgmr-haircut-means-scsa-lives-to-fight-another-day/ ECB’s Russo: indirect clearing model needs work Clarification call on capital charges that apply to indirect clearing http://www.risk.net/risk-magazine/news/2296431/ecb-s-russo-indirect-clearing-model-needs-work FT – A report that cast doubts on the effectiveness of the Financial Markets Regulation On the fifth anniversary of the collapse of Lehman Brothers, the Financial Times has published a report titled “Lehman’s Legacy” with the purpose of uncovering the impact on the financial markets of the various regulations implemented in the aftermath. https://theotcspace.com/2013/09/23/ft-a-report-that-cast-doubts-on-the-effectiveness-of-the-financial-markets-regulation/