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November 11, 2013

Weekly Roundup | Regulation | 11 November 2013

European Regulation: General EMIR

(For EMIR & Trade Reporting, see the Weekly Roundup for Post-Trade Processing)

EMIR: The Glorious World of Surprises, Challenges and Uncertainties, Part 2

It’s been more than half a year since the first set of rules from the European Market Infrastructure Regulation kicked in. Yet the industry continues to struggle to meet the complex new requirements, including margin and KYC rules, and to understand the cross-border implications. Tabb Forum: EMIR: The Glorious World of Surprises, Challenges and Uncertainties, Part 2.

Cross-border OTC Reforms: No Path Forward

Without working European rules, a system of equivalence testing will fall flat. Risk: Cross-border OTC reforms: No path forward.

Europe Faces Jigsaw of Regulation as Emir Stutters

There’s many a slip twixt the cup and the lip, goes an old English proverb that resonates today. When the European Parliament’s flagship post-crisis derivative legislation came into force last year, market participants may have been forgiven for thinking that much of the work in bringing transparency to complex markets had been done. In fact, on recent evidence, it has only just begun. Futures & Options World: Europe Faces Jigsaw of Regulation as Emir Stutters

Maijoor Steers Esma Through a Regulatory Storm

Few could accuse the European Securities and Markets Authority of wasting time in setting about the sprawling task of helping to shore up Europe’s financial regulatory system since its creation nearly three years ago. Financial News: Maijoor Steers Esma Through a Regulatory Storm.

ESMA – Issues and Priorities

Steven Maijoor, Chair of the European Securities and Markets Authority, speaks at the EFAMA Investment Management Forum in Brussels.  PDF: ESMA – Issues and Priorities.

MiFID II

Jigsaw Coming Together? An Update on the MiFID II Trilogue Process

Institutions are closely following the MiFID II negotiations, and for obvious reasons: the sequel to 2007’s headline regulation threatens to have a similarly large impact on the shape of European – and even global – markets. But, for such a high priority issue, up-to-date information has been relatively hard to come by. RegTech FS: Jigsaw Coming Together? An Update on the MiFID II Trilogue Process.

Other European Regulatory News

Brussels Readies Billions in Rate-Setting Fines

Brussels is poised to levy multibillion-euro fines on banks that took part in a cartel to rig two key global interest rate benchmarks as the cost of financial misconduct continues to spiral. FT: Brussels Readies Billions in Rate-Setting Fines.

US Regulation: Bart Chilton's Departure from the CFTC

Bart Chilton – Regulator, Rock Fan and Raconteur

The departing CFTC commissioner’s ten best quotes. FT: Bart Chilton – Regulator, Rock Fan and Raconteur.

New Commissioners Open CFTC to Change

Nov 6 (Reuters) – The U.S. Commodity Futures Trading Commission (CFTC) is in for its biggest shake up since the financial crisis as two of its most experienced members and strongest proponents of tougher regulation prepare to step down. Reuters: New commissioners open CFTC to change

Dodd-Frank Derivatives Momentum Threatened by Vacancies on CFTC

The top U.S. derivatives regulator may dwindle to just two voting commissioners and struggle to approve new rules unless the White House and Senate can overcome political hurdles to fill the vacancies by the end of the year. Bloomberg: Dodd-Frank Derivatives Momentum Threatened by Vacancies on CFTC.

Other News at the CFTC

A Transformed Marketplace

Gary Gensler's speech at the FIA 2013 Futures & Options Expo. CFTC Press Release: A Transformed Marketplace – Remarks of Chairman Gary Gensler's before the FIA 2013 Futures & Options Expo.

Treasury's Massad to Head U.S. Swaps Regulator

Timothy Massad, the Treasury official who leads the U.S. bank bailout program, is about to be selected as the new chair of the country's derivatives regulator, a source familiar with the matter said. Reuters: Treasury's Massad to head U.S. swaps regulator.

If at First You Don’t Succeed…

The CFTC commissioners have voted 3-1 for a proposal to impose position limits on speculative commodity trades in 28 markets, ranging from oil to orange juice. Although mandated by Dodd-Frank, the original October 2011 proposal was rejected by the District Court of Columbia on the grounds of ambiguity and lack of necessity. Regulatory Reform blog: If at First You Don’t Succeed…

Other Regulatory News

The Regulatory Almanac: The Top Ten Regulatory Events of 2013 With no fewer than 70,000 pages of regulation, and some record fines, 2013 will be a year to remember (or possibly to forget) for many financial services professional.  And with only four weeks to go until December, and some well-earned rest, we thought it was time for a little retrospection. RegTech FS: The Regulatory Almanac: The Top Ten Regulatory Events of 2013.

Reforming the Financial System – Problem Solved Or Problem Created?

The financial crisis of 2008+ revealed many vulnerabilities in the financial system.  Too many mortgages had been given to questionable buyers against over-priced property, and some financial institutions were too leveraged, or too illiquid, or both. Money & Markets Amazon blog: Reforming the Financial System – Problem Solved Or Problem Created?

Yet More ISDA Master Agreement Amendments on the Way?

On 6 November 2013, ISDA published a statement regarding its commitment to facilitate the amendment of ISDA Master Agreements to include a standard provision in which counterparties agree to a short-term suspension of termination rights following the entry of a counterparty into insolvency or resolution, a requirement consistent with ‘Living Wills’ legislation in many jurisdictions. Regulatory Reform blog: Yet More ISDA Master Agreement Amendments on the Way?

Banks and Regulators Call on ISDA to Alter Derivatives Market Operations

According to Reuters, U.S. Federal Deposit Insurance Corporation Chairman Martin Gruenberg and Bank of England Governor Mark Carney are calling on the International Swaps and Derivatives Association (ISDA) to change some of the rules behind derivative trading. CFTC Law: Banks and Regulators Call on ISDA to Alter Derivatives Market Operations.


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