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The broad brush: Should FMIs be subject to bank-like RRPs?
12 Mar

The broad brush: Should FMIs be subject to bank-like RRPs?

Since ‘too big to fail’ changed its name to ‘systemically important’, regulators have been eager to show that they are ready and willing to resolve unviable banks.  Part of this approach has been to champion the virtues of financial market infrastructures (FMIs) such as clearing houses (CCPs), central securities depositories (CSDs) and payment systems.  However, Read More

07 Mar

Leaving ESMA to pick up the pieces

  • 7th March 2013
  • RegTechFS

Recently, the EU’s legislative output has been marked by a tendency to increase ESMA’s responsibilities, and decrease those of the democratic institutions. Whatever the reason for this – avoiding disputes between member states, speeding legislation’s passage – it undermines democratic scrutiny and leaves firms with many unknowns. Recently, the EU’s legislative output has been marked Read More

25 Feb

Kill ’em all: Let the broker sort them out!

The English High Court handed down an important judgement last year relating to its duties when exercising close-out powers granted to it pursuant to a clearing agreement. The outcome of the case is important to remember as discussions progress in terms of which entities owe what duties in maintaining a “fair and orderly” market, which Read More

30 Jan

Shadow banking: it all starts with data

In November 2012, the FSB published its proposals for regulating the shadow banking sector – and in particular the repos/securities lending market – in two consultation papers, collectively titled: ‘Policy Framework for Strengthening Oversight and Regulation of Shadow Banking Entities’. These papers are fundamental in setting the tone for the global shadow banking regime, including Read More

07 Dec

EU leading data hub charge where US left off

New, prescriptive EU clearing obligation rules will require new counterparty classification and monitoring systems. Is this a standard data hub opportunity? With EMIR having entered into force on 16 August 2012, and the release of final draft technical standards by ESMA in September, firms will soon be facing rules on clearing obligations and eligible counterparty Read More

16 Nov

RRPs: Operational deluge coming soon for FMIs

With the world’s most systemic banks having made it through the first round of invasive living wills in 2012, regulators now have their sights on the Financial Market Infrastructure (FMI). Central Counterparties (CCPs), payments systems and exchanges will have a lot to do in 2013 and could do well to heed some lessons from their Read More

12 Nov

OTC: Will your firm make the grade?

The G20 says OTC regulation was to be finalised by end 2012. But, with at least 34,000 more pages of regulation expected by 2016 from the US alone, firms need to upgrade their BAU. Following the G20’s meeting in April 2009, the pathforward for regulation on OTC derivatives seemed clear. In the shadow of the Read More