ESMA selects candidates for the CCP Supervisory Committee

On the 25th August 2020 the European Securities and Markets Authority (ESMA); the EU’s securities markets regulator, announced their selection of candidates for the CCP Risk Supervisory Committee. The ESMA Board of Supervisors have submitted their selection to the European Parliament and now await confirmation of an approval or rejection of the proposed candidates within […]

ISDA offers informal comments regarding the CFTC’s refined cross-border guidance on swaps

The International Swaps and Derivatives Association (ISDA) offered views on 27th August 2020 in relation to the changes that the Commodity Futures Trading Commission (CFTC) has made to the cross-border guidance on swaps (CFTC’s Cross-Border Swaps Rule) since its release in 2013. The guidance, which sets out how the CFTC would apply US rules in […]

London-based CCPs providing services to EU customers are set to receive a time-limited period for operations following Brexit

Following a recent CCP12 regulatory update on August 2nd where law firm Allen & Ovary released a primer on the impact of Brexit on the derivatives industry, it is clear that a careful and considered approach to Britain’s exit from the EU is required, especially during the post-COVID period. The European Union is set to […]

CCP PQDs come under further discussion between market participants following COVID-19

Throughout the market turmoil in March 2020 during the height of the COVID-19 pandemic, we witnessed unprecedented market volatility, prompting government intervention and regulatory changes. Central counterparties (CCPs) observed significant increases in Variation Margin (VM) but managed to perform their duty robustly and reliably with minimal impact to clearing members, despite a change of operating […]

CFTC approves proposals to amend margin requirements for uncleared swaps

The Commodity Futures Trading Commission (CFTC) announced on Friday 14th August 2020, that the approval for two proposals amending the margin requirements for uncleared swaps for Swap Dealers (SDs) and Major Swap Participants (MSPs) will proceed as planned. The first proposal as stated under the CFTC’s amendments (CFTC Margin Rule) would be to align more […]

Adaptability, resilience, and progress – how the global cleared derivatives community are adapting to the pandemic

In the wake of the COVID-19 pandemic, we observed in disbelief as a global health crisis unfolded from nation to nation, and we entered the beginning of a mandatory lockdown period – an unnatural isolation period in order to stem any further spread of the disease. As many leaders from the global financial markets workforce […]