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December 8, 2013

Weekly Roundup | European Regulation | 9 December 2013

EMIR & ESMA

 ISDA/FOA Assist with Ongoing EMIR Disclosure Requirements

On 29 November 2013, ISDA published its standard FOA/ISDA Clearing Member Disclosure Document, a document which facilitates clearing members’ compliance with certain obligations under Article 39(7) of EMIR. Regulatory Reform:  ISDA/FOA Assist with Ongoing EMIR Disclosure Requirements.

Concerns Over Data as ESMA Completes TR Registrations

All trade repositories (TRs) seeking regulatory approval by the European Markets Securities Authority (ESMA) have now been granted a licence, after the regulator registered ICE Trade Vault Europe and the CME Trade Repository this week. The Trade News: Concerns Over Data as ESMA Completes TR Registrations.

Seeing Through the Mask: How to Solve the Great Derivatives Counterparty Mystery

If markets used to be a masquerade, then regulation is rapidly making us lift the masks on all our counterparties. RegTechFS: Seeing Through the Mask: How to Solve the Great Derivatives Counterparty Mystery

OTC Equivalency: A 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. The OTC Space: OTC Equivalency: A Regulatory Tug-Of-War?

Europe Looking 'Dysfunctional and Extreme' over ESMA Equivalency Procedure

No guarantee of equivalence being granted to Asian clearing houses. Risk: Europe looking 'dysfunctional and extreme' over ESMA equivalency procedure. 

Comment: EU Derivatives Measures Worry Asian Policy Makers

Asian financial market policy makers are becoming increasingly concerned with extraterritorial measures emanating not from the US, but from Europe. FT: Comment: EU Derivatives Measures Worry Asian Policy Makers.

 

MiFID & MiFID II

Hitting the Bullseye

According to recent press articles, the MiFID II trilogue has agreed on capping dark trading at an arbitrary 4% per venue and 8% overall market share. At the heart of the discussion around dark trading lies the role of transparency in the wider market. Regulation Matters Fidessa Blog: Hitting the Bullseye.

The Case of Agricultural Commodities in the Revision of the Legislation on Financial Instruments

The market price of all grades of wheat (and rye) – including bread-making wheat – fluctuates depending on quality, supply and demand, stock levels, exchange rates, transport and energy costs. Markets prices in the EU are often affected by developments elsewhere in the world. During the past five years, world markets have experienced great and extreme volatility and this is likely to continue for the foreseeable future. The European Flour Millers: The Case of Agricultural Commodities in the Revision of the Legislation on Financial Instruments.

Final MiFID Regulations Creating New Challenges and Opportunities for European Exchanges; TABB Says 65% of Traders See 2014 Business Model Turning More Multi-Asset

With European Cash Equity Turnover Halved, Innovative Business Models from Data Provision to Trading Solutions Beginning to Emerge Ahead of Euronext Mid-Summer 2014 Sale. Fort Mill Times: Final MiFID Regulations Creating New Challenges and Opportunities for European Exchanges; TABB Says 65% of Traders See 2014 Business Model Turning More Multi-Asset. 

MiFID II/MAD Implementation Timeline

See the image for details. RegTechFS: MiFID II/MAD Implementation Timeline. 

 

Other European Regulatory News

Are You Ready?

For us, 2013 was the year of regulatory readiness as several regulations were about to hit the European commodity trading industry. As we conducted our research into the impacts of regulations such as EMIR, REMIT and MiFiD2 (1) (kindly sponsored by TriOptima) however, it became clear that this view wasn’t necessarily shared by all of our colleagues across the industry. Many, it seemed, had their heads buried firmly in the sand. CTRM Center: Are You Ready? 

EU to Hold Marathon Talks on New Securities Law

Negotiations over sweeping changes to European Union securities market rules enter what may be the final stretch on Wednesday with several key elements already agreed. Reuters: EU to Hold Marathon Talks on New Securities Law. 

EU Executive Document Says Transaction Tax Plan Legal

The proposed tax on financial transactions in 11 European Union countries complies with EU and international laws, the bloc's executive said, hoping to revive the flagging project. Reuters: EU Executive Document Says Transaction Tax Plan Legal.  

 


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