Steven Maijoor the Chair of ESMA has written a letter to Michel Barnier at the European Commission suggesting a new approach to handling the period between a CCP being authorised and any mandated clearing. Previous coverage of the front loading issue by Jon Skinner is on the site here for background reading.

Banks would not have to clear some of their derivatives transactions during the roll out of new rules aimed at making markets safer under a proposal put forth by a top European Union regulator on Thursday.

The European Commission adopted on 4th July 2012 nine regulatory and implementing technical standards to complement the obligations defined under the Regulation on OTC derivatives, central counter-parties (CCPs) and trade repositories, which constitute the so-called European Markets Infrastructure Regulation (i.e. EMIR) and have been developed by the European Supervisory Authorities.

 

A template for agreeing principal-to-principal client clearing for European derivatives trades has been published by the International Swaps and Derivatives Association (ISDA) and the Futures Industry Association (FIA) Europe. The ISDA/FIA Europe Cleared Derivatives Execution Agreement is a template document designed to assist market participants when negotiating execution agreements under English law for swaps intended to be cleared by central counterparties outside the US.

 

 

GFI Group Inc. (GFIG) anticipates that investors will soon start trading swaps on its platform, finally broadening access to a corner of the market previously reserved for banks. The shift would be a victory for Gary Gensler, the former chairman of the U.S.

The Commodity Futures Trading Commission is reviewing U.S. banks' steps to restructure overseas swap trading as part of an examination of whether the companies might be evading Dodd-Frank Act rules. The agency's staff is gathering information about any changes banks have made to derivatives contracts or their corporate structures seeking to free themselves from the law's restrictions, Mark P. Wetjen, the agency’s acting chairman, told reporters yesterday after a Senate hearing in Washington.