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Basel Guidance Reinforces the Need to Fully Document FX Transactions

On 15 February 2013, the Basel Committee on Banking Supervision (BCBS), part of the Bank for International Settlements (BIS) published finalised supervisory guidance for managing risk associated with the settlement of foreign exchange (FX) transactions.  The guidance, which replaces similar rules published in September 2000[1], is to be implemented by banks and national supervisors, taking […]

Prepare to Dust Off Those CSAs…BCBS/IOSCO Publish “Near Final” Margin Rules for Non-Cleared Derivatives

Introduction On 15 February 2013, The Basel Committee on Banking Supervision (“BCBS”) and the International Organization of Securities Commissions (“IOSCO”) published a second consultative paper, representing “near-final” margin requirements for non-centrally cleared derivatives.  The BIS/IOSCO proposals focus on 8 key principles, as detailed below.  Comments on limited aspects of the consultation paper are sought by […]

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