Earlier this week, we informed that the FSB had published a new guidance focused on financial resources to support CCP resolution and on the treatment of CCP equity in resolution. The proposed guidance has encountered strong opposition from the former chairman of the US Commodity Future Trading Commission (CFTC) Christopher Giancarlo. On a piece published […]
Monthly Archives: May 2020
The Financial Stability Board (FSB) published on Monday 4th May a new consultative report: “Guidance on financial resources to support CCP resolution and on the treatment of CCP equity in resolution.” The report builds on the concepts developed in the FSB 2018 Discussion Paper, taking into account the feedback received by the clearing community. The report […]
Last week on the 11th May, the Bank for International Settlements (BIS) released a new bulletin of its Covid-19 series: “The CCP-bank nexus in the time of Covid-19”. The paper highlights the necessity by central banks to assess CCPs and banks jointly rather than in isolation when thinking about margining. In the report, the authors reconsider […]
The U.S. Commodities Futures Trading Commission (CFTC) issued an advisory notice on May 13th2020 to kindly remind all Designated Contract Markets (DCMs), Futures Commission Merchants (FCMs), and Derivatives Clearing Organizations (DCOs) to prepare for the possibility that certain contracts may face extreme market volatility, low liquidity and negative pricing, depending on the contract at hand. […]
The International Swaps and Derivatives Association (ISDA) announced on the 7th May of two new directors to its board. Eric Litvack ISDA’s Chairman, announced that Tina Hasenpusch (Managing Director, Global Head of Clearing House Operations, CME Group) and Taihei Okabe (Managing Director, Head of Derivatives Trading, Mizuho Securities Co., Ltd) have joined ISDA’s Board. “We […]
Central Counterparty (CCP) open access as contained within the Markets in Financial Instruments Regulation (MiFIR), may face additional delays following the release of a European Council “non-paper” on the week of the 30th April by the Croatian presidency. The paper stated that open access – the regulation which provides market participants the choice to which […]
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