Weekly Roundup | Post-Trade Processing | 18 November 2013
European Exchanges Finally Get Chance to Compete. But Is It Too Late?
European regulators this past week finally confirmed the implementation date for derivatives trade reporting rules. But the slow adoption of EMIR stipulations on mandatory clearing and exchange trading of OTC derivatives may have left US exchanges with an insurmountable head start. Tabb Forum: European Exchanges Finally Get Chance to Compete. But Is It Too Late?
ESMA Announce New Q&A to Address Lack of Delay in ETD Reporting
In the body of a letter from ESMA to the European Commission, the final paragraph makes clear that in the event that the request for a one year delay is indeed rejected, a further Q&A will be published that will be “without consultation” and “unlikely to produce the desirable data quality” to steer the market towards some sort of Feb 12th start date.
- The OTC Space: ESMA Announce New Q&A to Address Lack of Delay in ETD Reporting
- Steven Maijoor's letter to Jonathan Faull at the European Commission (PDF)
FX Market Faces Challenges to Meet Emir Start Date for Trade Reporting
Mandatory trade reporting for all asset classes will begin on February 12, but the forex industry is still grappling with the challenges of dual reporting Risk: FX Market Faces Challenges to Meet Emir Start Date for Trade Reporting.
LEI ROC Backs London Stock Exchange as pre-LOU
On 11 November 2013, the Regulatory Oversight Committee (ROC) of the global legal entity identifier system (LEI) published a note on their webpage endorsing the London Stock Exchange (LSE) as a pre-local operating unit (LOU). Regulatory Reform blog: LEI ROC Backs London Stock Exchange as pre-LOU.
What LEIs Beneath: Will Navigating the Short Term Costs of the Global Identifier Reap Long Term Savings?
Anyone involved with the trade repository reporting for OTC derivatives will be aware of the LEI or “legal entity identifier”. RegTechFS: What LEIs Beneath: Will Navigating the Short Term Costs of the Global Identifier Reap Long Term Savings?
Trade Repository Competition Not Ideal, Agree DTCC, CME
Newly licenced trade repositories (TRs) may pull out of the market in the near future because of its unprofitable nature, delegates heard at the Mondo Visione Exchange Forum.
- The Trade News: Trade Repository Competition Not Ideal, Agree DTCC, CME
- The OTC Space: TR competition questioned by TRs | Mondo Visione Exchange Forum.