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25 Jun
2015

2017: Will your buy-side derivatives trading look good?

JWG analysis. As we pointed out in our third piece on regulatory reporting, and at an Infoline conference for the buy-side this week in London, the overarching question is how will firms’ derivative activity be judged to be ‘good enough’ in 2017? There is no single answer, and we won’t really know until the results..

03 Dec
2013

Moving the goalposts: How does the CFTC’s recent announcement change the game for non-US swaps businesses?

The OTC trading space is being kept on its toes by the Commodities and Futures Trading Commission (CFTC); recent developments mean that more market participants worldwide are in scope of US derivatives rules than ever before.  In our previous piece, JWG analysed the CFTC’s rules on who is a ‘US person’ for their purposes, and..

11 Sep
2013

Battle of the single markets: ESMA’s approach to equivalence means further rule fragmentation

  • 11th September 2013
  • RegTechFS

As of the beginning of September, ESMA has now issued its recommendations on the equivalence of six countries’ OTC rules: the US, Australia, Hong Kong, Japan, Singapore and Switzerland.  However, only Australia and Switzerland were found to be equivalent, whereas firms and FMIs from the other four countries will have to be jump through certain..

07 Aug
2013

No easy answers: New EMIR Q&A extends classification challenge

  • 7th August 2013
  • RegTechFS

On 6 August, ESMA updated its Q&A guidance on the implementation of EMIR (read here).  Firms should pay particular attention to these Q&As as they have been known to overturn some common assumptions in the past, and this edition is no exception.  In particular, the new answers spell bad news for the future cost of..

17 Jul
2013

Cross asset class? Australia finalises trade reporting regime

The Australia has produced final implementing regulation that will implement their derivatives trade reporting regime. ASIC consulted on rules for trade repositories and trade reporting in March and April 2013, and expects these rules to be finalised and enter into force in July. These draft regulations include restrictions on ASIC’s rule making power in relation..