IOSCO has published a letter from Michel Barnier in reply to their own repeated requests for clarification on the status of Asian-Pacific CCP’s under EMIR (posts re. their concerns are here and here). Highlights (such as they are) of his response are as follows: The letter opens with the caveat that although Mr Barnier is […]

On 22 November 2013, the Asia-Pacific Regional Committee of the International Organization of Securities Commissions (IOSCO) published another letter to European Commissioner Michel Barnier expressing concern about the recognition process for Asia-Pacific Central Counterparties (CCPs) under the European Markets Infrastructure Regulation (EMIR).  IOSCO reiterated the previous points made in their 6 June 2013 letter on […]

IOSCO has presented its Risk Outlook, the first of an annual series.  The 84 page report aims to highlight important systemic risks and trends in the global securities market. In an admirable example of management-speak compression, IOSCO chairman Greg  Medcraft  said of the report “I see it as a great example of IOSCO being proactive, […]

Introduction On 2 September 2013, the Basel Committee on Banking Supervision (“BCBS”) and the International Organization of Securities Commissions (“IOSCO”) published their long-awaited final policy document dealing with “Margin requirements for non-centrally cleared derivatives”. Scope Subject to certain exemptions discussed below, the final rules apply to financial firms and systemically important non-financial entities (“Covered Entities”) […]

Yesterday, the Macroeconomic Assessment Group on Derivatives (MAGD) issued its second report prophesying the (necessarily) macroeconomic effects of planned regulatory reforms. The MAGD was set up under the auspices of the ODCG and comprises financial and economic “modelling experts” from central banks and other authorities. The 79 page report came to the unsurprising conclusion that, […]

The WGMR[1] has told Risk magazine that their rules for non-centrally cleared derivatives will be published within weeks. A member of the working group said, “Publication is expected by the end of the month. A specific treatment [i.e. an exemption] for forex swaps and forwards is indeed likely”. Market participants have lobbied hard over the […]

On 12 August 2013, the Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) published a consultative report on the Recovery of financial market infrastructures (FMI) and a cover note detailing the specific issues on which comment is sought.  The consultation period ends on 11 October 2013. The report […]

12th August 2013. The CFTC issued a press release, announcing the approved final rules to implement enhanced risk management standards for systemically important DCO’s (“SIDCO”). The rules are intended to cohere with the BIS-IOSCO Principles for Financial Market Infrastructures recommendations, enabling the FSB-assessed SIDCO’s to continue as Qualifying Central Counterparties under international capital regulations. The […]

On 18-19 June 2013, the Board of the International Organization of Securities Commissions (IOSCO) met in Montreal.  Following this meeting, a press release was published on 1 July 2013 confirming that: the “Principles for margin requirements for non-centrally cleared derivatives” will be finalised in July, following discussion of a number of outstanding issues, including whether […]