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November 4, 2013

Weekly Roundup | Post-Trade Processing | 4 November 2013

Singapore Set for OTC Trade Reporting

OTC trade reporting begins in Singapore. Banks and swaps dealers in Singapore will for the first time be able to report their over-the-counter derivatives trades to a central data registry to meet part of sweeping G20 regulatory rules. FT: Singapore Set for OTC Trade Reporting.

SDRFix, What Do We Mean When We Say Transparent? | ClarusFT

Following on from my article on SDRFix, a Progress Report Two weeks after launch, I wanted to explain what we mean when we say that SDRFix is publicly available and transparent. The publicly available, requires no deep explanation. Anyone can go to sdrfix.com and see the index data. However transparent is a much used word in our industry and often open to wide interpretation. ClarusFT: SDRFix, What Do We Mean When We Say Transparent?

Tech Revolution to Transform Swap Trading

In 2005, some of Wall Street’s largest banks faced a stark choice. Embrace the electronic stock trading revolution which had dented their commissions in equities, or risk losing out on more income as investors rushed to embrace new technology. FT: Tech revolution to transform swap trading.

ESMA Gets Behind LEI: But Non-Endorsed LOUs Left Out in the Cold

Earlier this week, ESMA published an update of its Questions and Answers (Q&A) clarifying the use of Legal Entity Identifiers (LEI) for the purpose of OTC trade reporting to trade repositories. The Q&A finally provides for cross-border mutual acceptance by stating that only pre-LEIs endorsed by the ROC are eligible to be used for EMIR reporting.  While definitely good news, in that it marks the end of the political deadlock, this update introduces problems of its own. RegTechFS: ESMA gets behind LEI: But non-endorsed LOUs left out in the cold.

EBA Backs LEI for CRR

On 28 October 2013, the European Banking Authority (EBA) published a press release and consultation paper on a draft recommendation on the use of Legal Entity Identifiers (LEIs).  The consultation remains open for comment until 28 November 2013. Regulatory Reform blog: EBA Backs LEI for CRR.


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