On 2 October 2015, ESMA published the non-confidential replies to its Discussion Paper – Review of Article 26 of the RTS on requirements for central counterparties (No 153/2013). The paper[1] focused on the timing necessary for a CCP and the level of margins available at CCP level to complete the transfer or liquidation of the […]

ESMA has issued the final draft RTS for CDS clearing. `The draft defines the type and sub-type of CDS that will be subject to the clearing obligation and the dates from which it will apply. The draft stipulates that clearing will initially apply to the following two CDS classes: ID Type Sub-type Geographical Zone Reference […]

As promised, ESMA has published final draft MiFID II/MiFIR  regulatory and implementing technical standards. In case regulatory teams weren’t already reeling from the 552 pages of the MiFID II RTS, ESMA also published technical standards for  MiFID II interdependent MAD/MAR and CSDR, making a total of 2505 pages of which every word will be pored […]

Speaking at yesterday’s ISDA Europe conference, ESMA chief Steven Maijoor quelled widespread doubt that MiFIDII/MiFIR final draft RTS would be published on time, “I am very determined to make sure that we deliver in the month of September. We cannot predict how board meetings go but most of the work on MiFIDII/MiFIR in terms of […]

ESMA has today updated its list of  CCPs to include CME Clearing Europe as EMIR-authorised to clear short-term interest rate futures (STIRs) and deliverable swap futures (DSFs).

On 13 August 2015, ESMA published the Emir Review Report no.3 – Review on the segregation on portability requirements, presenting an overview of the issues encountered during EMIR implementation. The Review covered the legal and regulatory, operational, technical and financial aspects of segregation and portability, suggesting clarifications and more granular requirements on a number of […]

On 15 July 2015, the Bank of England published the summary of feedback received and policy response to the implementation of ESMA’s Guidelines and Recommendations on CCP interoperability arrangements. The Consultation Paper was published on 20 November 2014, seeking comments on a shortlist of five specific issues. The paper noted that the market practice essentially followed […]

On 1 July 2015, ESMA published a Final report on the extension of the scope of interoperability arrangements, from transferable securities and money-market instruments to derivatives. Under interoperability arrangements, two or more CCPs offer a cross-system execution of transactions. Current arrangements exist for EU equities, EU government bonds and Exchange Traded Derivatives. Title V of […]

The EC has announced its adoption of an implementing act to extend the transitional period for the application of the CRR to CCPs by a further six months. The Capital Requirements Regulation mandates levels of capital that must be held by EU banking groups against their exposure to central counterparties. The EC had already extended […]