On 12 April 2013, the International Swaps and Derivatives Association (ISDA) published a Letter on Margin Requirements for Non-Centrally Cleared Derivatives written jointly with the Institute of International Finance (IIF), the Association of Financial Markets in Europe (AFME) and the Securities Industry and Financial Markets Association (SIFMA). The letter is addressed to the Basel Committee […]

On 11 April 2013, Michel Barnier, European Commissioner for Internal Market and Services, gave a speech on the EU’s long-term financing needs, during which he touched upon the current status of the Recovery and Resolution Directive (RRD) and EU banking reform. M Barnier remains open to the introduction of the EU bail-in regime before 2018, […]

On 11 April 2013, the Bank for International Settlements (BIS) published a consultative report on “Authorities’ access to trade repository data”, drafted by the Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO). The objective of the report is to provide guidance to trade repositories (TRs) and authorities on […]

Just a reminder that I am giving a webinar on CASS Resolution Packs for Insurance Intermediaries tomorrow at 3:30 pm.  The event is free and you can register here.

According to its newsletter, the European Parliament will vote on capping bankers’ bonuses on 16 April 2013.

Another interesting article from Risk Magazine, which reports that CFTC Commissioner Scott O’Malia has confirmed that the CFTC has not yet commenced work on a final draft of the definition of “US Person”, important in understanding many cross-border aspects of the Dodd-Frank Act.  The market is currently using a narrow definition published in a CFTC […]

Risk Magazine is reporting that the International Swaps and Derivatives Association (“ISDA”) and the Futures and Options Association have finalised the long overdue standard “Client Cleared OTC Derivatives Addendum” (the “European Addendum”) designed to enable clearing members to sign up clients and so facilitate central clearing in Europe. The European Addendum was originally due to […]

This is a link to an article in Risk Magazine regarding proposed US capital and liquidity rules for foreign banks that may undermine attempts to address the issue of “too-big-to-fail” with respect to international banking institutions. In December 2012, the Federal Reserve Board published proposals designed to provide greater comfort that US operations of foreign […]

On 4 April the European Central Bank (ECB) published a letter from Mario Draghi, President of the ECB, to Nuno Melo, MEP regarding the scope of supervisory responsibilities under the Single Supervisory Mechanism (SSM). In the letter, the ECB makes clear that the scope of the SSM is designed to include all credit institutions in […]