2013 was a huge year in the development of alternate and decentralised ‘crypto-currencies’.  Some countries have so far taken relaxed stances on them, despite obvious money-laundering and tax evasion risks.  Meanwhile, others have taken the opposite approach and seen fit to ban crypto-currencies outright.  Either way, we are now beginning to see a clearer picture

Big changes are happening at the CFTC:  With the departure of Gensler, and the swearing-in of acting Chairman Mark Wetjen, everyone knew that there would be a change of approach.  However, the scale and speed of that change has come as a surprise to many. In fact, almost the moment Gensler stepped out of the

FIMA 2013: The data prayer

Our regulators who art in Brussels, Furloughed be thy friends, Thy directives come, Thy reports be done, For Dodd-Frank as they are for EMIR. Give us this day our draft technical standards, And allow us our indices, As we forgive those that sell market data to us. And lead us not into non-compliance, But deliver

Counterparty classification regimes, such as CRD IV and EMIR, give banks a good reason to centralise their reference data, and the BCBS’ Risk Data Aggregation Principles provide a clear framework for doing so. From 1 January 2014, under CRD IV, firms will need to calculate CVA and hold additional capital on all derivatives contracts.  However,

It is common knowledge that the central clearing and risk mitigation requirements apply to any third country firm trading with an EU entity.  However, it may come as a surprise that these requirements can also apply to trades purely between two third country entities where such trades have a ‘direct, substantial and foreseeable effect with

The European Banking Authority (EBA) has finally published its final draft Implementing Technical Standards (ITS) (here) on supervisory reporting for CRD IV. Long awaited, the technical standards set out the near-final reporting requirements, as part of COREP, for own funds, financial information, losses stemming from lending collateralised by immovable property, large exposures, leverage ratio and

Before ESMA left for their summer holidays, they made it abundantly clear that EMIR will apply in one form or another outside of the EU.  This threatens to disrupt trading flows globally as early as 15 September. By this date, parties trading derivatives must agree in writing the arrangements under which OTC derivative portfolios will