CPMI-IOSCO publishes – Central counterparty default management auctions – Issues for consideration

The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) circulated on June 25th a new report entitled “Central counterparty default management auctions – Issues for consideration.” The report, built on a discussion paper published in June 2019, outlines issues that central counterparties (CCPs) should consider regarding default management […]

The EU reaches political agreement on CCP recovery and resolution

On June 23rd, the Presidency of the Council and the European Parliament reached a deal on a common set of rules for central counterparties (CCPs) and their authorities to prepare for and deal with financial difficulties. The proposed framework, built on the same principles as the recovery and resolution framework applying to banks, strives to […]

FIA releases COVID-19 industry survey on the global cleared derivatives industry

The Futures Industry Association (FIA) released last week the results of an industry sentiment survey focused on the impact of COVID-19 on the global cleared derivatives industry. The survey was conducted among FIA members representing a wide range of industry sectors, including clearing firms, exchanges, CCPs, brokers, principal trading firms, technology vendors, commercial end-users and […]

ISDA and Linklaters bring further automation and efficiency to derivatives agreements

The International Swaps and Derivatives Association (ISDA) and Linklaters announced last week on 18 June 2020 that they will expand the ‘ISDA Create’ platform to three additional documentation modules available for 2020.  This development will allow users to agree on additional documentation online with a complete digital record, subsequently bringing further automation and efficiency to […]

ESMA issues public statement in relation to open access provisions for ETDs

Following our recent regulatory update – ‘CCP open access debate and possible further delay on the horizon’, the European Securities and Markets Authority (ESMA) released a public statement last Thursday 11 June explaining that the as of 4 July 2020 the open access provisions with respect to Exchange Traded Derivatives (ETDs) will start applying. Trading […]

ESMA publishes final report on FRANDT to the European Commission

Last week on the 2 June 2020, the European Securities and Markets Authority (ESMA) published its final report to the European Commission on the fair, reasonable, non-discriminatory and transparent commercial terms (FRANDT) for the provision of clearing services. This report is aimed at clearing service providers (CSP): namely clearing members, clients and indirect clients (i.e. […]