On 12 June 2015 ISDA published its ISDA EMIR Frontloading Additional Termination Event Amendment Agreement. The amendment agreement is another simple but useful addition to ISDA’s documentation suite.  As the name suggests, it allows counterparties to amend 1992 or 2002 ISDA Master Agreement schedules in order to include an Additional Termination Event which triggers in […]

The EBA/ESAs have launched a second consultation on the draft RTS on rules for uncleared margin under EMIR. The consultation contains a number of material changes as a consequence of industry feedback from its April 2014 predecessor. A short summary of the most notable revisions follows: 3rd Country NFC- exemption. Non-EU, non-financial companies that are […]

The EC has published a speech by Jonathan Hill, its financial markets chief, introducing the public hearing of the EMIR review, as previewed here. Lord Hill took the opportunity to indicate a number of new milestones on the long and winding road of EMIR implementation- summarised below: The Commission has finalised its discussions with ESMA […]

ISDA have published market practice guidance to assist market participants with EMIR Art. 13 obligations with respect to portfolio compression. The guidance consists of two documents, both of which are works in progress: Step by step overview for the EMIR portfolio compression requirements Product feasibility matrix using the ISDA taxonomy outlining products eligible for compression […]

ESMA yesterday published it fourth consultation paper on the EMIR clearing obligation. The consultation seeks feedback on an extension to the clearing RTS for interest rate swaps, the “final” draft of which was published 0n 1 October 2014. The consultation proposes to add the following classes and currencies to mandatory clearing: Vanilla fixed-to-floating IRS in: CZK, DKK, HUF, […]

On 31 March 2015, ESMA published its 12th Q&A on EMIR implementation. Since the previous Q&A dated 24 October 2014, ESMA provided further clarification on the following issues: OTC Questions: Intragroup transactions Status of sovereign funds Pension Scheme exemption from the clearing obligation Frontloading requirement and intragroup transactions exemption Clearing obligation in relation with trade novations […]

On 27 March 2015, ESMA updated its list of CCPs authorised under EMIR. The list now reflects the extension of LCH.Clearnet’s authorisation to include derivative contracts relating to inflation rates or other economic variables, the execution of which takes place on a regulated market. The Public Register was updated on the same day and indicates […]

On 22 January 2015, Athens Exchange Clearing House (AthexClear) has been authorised as the first Greek CCP under EMIR. The authorisation covers MiFID financial instruments, namely Securities – Equity and Debt (RM[1]) – and Derivatives – Equity and Currencies (RM). In addition, AthexClear`s authorisation includes Securities Lending – Equity and Debt (OTC) clearing services. The list of […]

On 9 January 2015, CME Clearing Europe Ltd became the first central counterparty (CCP) to be granted an extension of authorisation under EMIR. The extension covers assets that are not MiFID financial instruments, specifically Commodities, Emission/Climatic, Freight. Only European Commodity Clearing and Keler CCP have also been authorised for this class.