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Buy-side unprepared for EMIR?
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01 Jul
2013

Buy-side unprepared for EMIR?

At a recent conference, the International Derivatives Expo in London, David Bailey of the FCA said that his organisation ‘will not look kindly on firms which are not prepared [for EMIR].’ ‘The FCA has been doing numerous road-shows and is speaking to a number of trade associations about buy-side regulatory obligations. We have been answering Read More

26 Apr
2013

The LEI: From interim identifiers to a global standard

  • 26th April 2013
  • RegTechFS

Recently, CFTC Commissioner Scott O’Malia issued a blistering condemnation of the lack of data standards within financial services regulation: “the Commission told the industry what information to report, but didn’t specify which language to use. This has become a serious problem…. nobody should be under the illusion that promulgation of the reporting rules will enhance Read More

12 Mar
2013

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
2013

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

18 Feb
2013

G20 update for 2013: from Russia, with love?

The G20 has released its latest progress report following a 15-16 February summit in Moscow – the first meeting under the Russian presidency of the G20. This meeting largely focused on the direction regulation would take in the near future, progress assessment and the effects of reform on the health of long-term investment finance. Overall, Read More

16 Nov
2012

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
2012

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