Risk magazine reports that the EC may extend the date by which ESMA must make a final decision on the equivalence of foreign jurisdictions for clearing under EMIR. A volte-face made all the more surprising by previous intransigence. Lacking such authorisation, CCPs will lose their interim “Qualifying” CCP status; a qualification that confers a capital […]

On 18 September 2014, the FSB published a report on “Jurisdictions’ ability to defer to each other’s OTC derivatives market regulatory regimes”. The FSB member jurisdictions were asked by the FSB Chairman to unlock the secrets of each other`s framework for making equivalency or comparability decisions on matters such as trade reporting, central clearing and […]

ESMA announced today that BME Clearing will be added to its list of registered central counterparties (CCPs) under EMIR, making it the first Spanish CCP and the thirteenth EMIR-authorised clearer to date.  A list of registered CCPs can be found on ESMA’s website.

In line with last month’s speculation, Risk magazine reports an interview with Michel Barnier, the EC’s head of internal markets, in which he implies that his successor will extend the clearing exemption for pension funds- “I don’t think all the conditions have been met yet to ensure a smooth transition to clearing for pension funds.” […]

LME Clear, the newly-established clearing house of the LME, has received BoE approval as a CCP under EMIR. The Bank’s authorisation was the final hurdle to clear, following the 28 July approval by European central banks and regulators. LME Clear will offer clearing of all the exchanges derivative products from 22 September 2014. The LME […]

Eurex yesterday became the first European exchange to offer swap futures. The Deutsche Borse-owned group offers 6-month contracts on 2, 5, 10 and 30 year swaps denominated in EUR from 1 September 2014. Globally, it joins US exchanges CME group, ICE and Eris in marketing the simple, but innovative, derivative on a derivative. Eurex’s product […]

The WSJ reported on Friday that the EC has privately indicated that it will recommend a two year extension to pension funds’ clearing exemption under EMIR. The clock on the three year exemption has been running since EMIR’s entry into force on 16 August 2012, if granted the extension will run until August 2017[1]. Pension […]

At a time where an unknown number of institutions covered by EMIR are still figuring out what LEI means, sitting on their hands as partners in crime with national regulators which are equally puzzled with enforcement of trade reporting obligations, BaFin shouts Eureka. Risk.net has published an article  outlining the drastic solution put in place […]

On 1 August 2014, ISDA and the Fédération Bancaire Française (FBF) published an Addendum Annex to the ISDA/FOA Client Cleared OTC Derivatives Addendum. The annex has been prepared for use with the ISDA/FOA Client Cleared OTC Derivatives Addendum in order to achieve a better connection with the AFB or FBF Master Agreements. In particular, adjustments […]