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ESMA Trade Reporting Standards “Could Decide” Future of Markets

By Elliott Holley
March 9, 2015, Banking Technology

The European Securities and Markets Association is consulting financial institutions on which messaging protocol and data formats would be best for trade reporting under MiFIR. As the timeframe for reporting comes ever closer to real-time, the consequences could be serious.

Under MiFID II and EMIR, a host of trade reporting obligations are being phased in, obliging capital markets participants to report derivatives transactions to a trade repository and to use central clearing wherever sufficient liquidity is available. The ESMA questionnaire deals specifically with the technical formats for MiFIR, the regulation arising from MiFID II. The regulator is looking for one (or more) particular solution(s) that could be considered as the future MiFIR reporting format for transaction reporting and instruments reference data.

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ESMA, MAS Complete MOU on CCPs Under EMIR

By Gabriel Suprise
March 9, 2015, GlobalCapital

The European Securities and Markets Authority has entered into a memorandum of understanding with the Monetary Authority of Singapore to extend formal recognition of covered central counterparties based in Singapore under the European Market Infrastructure Regulation.

The MoU, which officially took effect on February 10, 2015, serves two primary purposes: to ensure that the primary provisions in EMIR with respect to CCPs are recognised between the two authorities, and to provide ESMA with appropriate tools to oversee the covered CCPs’ fulfillment of select EMIR conditions in third country jurisdictions like Singapore.

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ESMA, RBA Sign MOU for EMIR Trade Reposting

By Gabriel Suprise
March 5, 2015, GlobalCapital

The European Securities and Markets Authority has signed a memorandum of understanding with the Reserve Bank of Australia which will allow the RBA access to derivatives data held in European trade repositories as required under the European Market Infrastructure Regulation.

The Australian central bank can now access EMIR-compliant trade data that is disseminated to EU trade repositories on behalf of Australian counterparties under the terms of the provision, which is not legally binding and lasts indefinitely until termination.

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Banks United on Collateral Crisis

By Tim Cave
February 23, 2015, Financial News

A group of investment banks including Goldman Sachs is in the early stages of a project to help the financial industry meet an expected surge in demand for collateral as a result of post-crisis regulations.

The initiative, dubbed “Project Colin”, aims to create an “industry collateral infrastructure”, according to people familiar with the plans. The banks are working with settlement house Euroclear, according to one person. All parties declined to comment.

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ESMA Faces Industry Scrutiny at MiFID Hearing

By Cian Burke 
February 18, 2015, FOW

Fidessa has highlighted transaction reporting as a key issue ahead of hearing. 

The European Securities and Markets Authority is set to face industry scrutiny in Paris Thursday when it holds an open hearing on the recently published consultation paper on MiFID II/MiFIR.

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Intra-Group Query Threatens EMIR Timetable

By Helen Bartholomew
February 7, 2015, IFR

Final regulatory technical standards for Europe’s interest rate swap clearing obligation look set to miss the anticipated timetable for publication into the Official Journal later this month. The latest setback to already-delayed implementation comes as the European Securities and Markets Authority and European Commission thrash out final details on a clearing exemption for intra-group over-the-counter-derivatives transactions.

Publication of the RTS in the Official Journal was expected in late January to early February, triggering the first wave of obligatory swaps clearing under the European Markets Infrastructure Regulation by mid-year. However, the latest setback could push timing back by another six weeks for publication of final rules in late March.

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EMIR Takes the Limelight Back from MiFID II

By Jon Watkins
February 5, 2015, The Trade

The arrival of MiFID II just before Christmas ensured a heavy workload for the derivatives industry as they returned to their desks in the New Year.

But as if living and breathing the contents of the more than 1,600-page report wasn’t enough, the European Commission has thrown a number of changes to its European Market Infrastructure Regulation into the mix for good measure. 

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ESMA Rejects Commission Exemption for Intragroup Derivs

By Hazel Sheffield
January 30, 2015, GlobalCapital

The European Securities and Markets Authority has raised concerns over the European Commission’s proposal for a three-year exemption from clearing and collateral responsibilities for firms making intragroup interest rate derivatives transactions with third-country entities, because such entities are not yet deemed to have regimes equivalent to the European Market Infrastructure Regulation.

Lawyers have said the decision is likely to be greeted with dismay by market participants who saw the exemption as a relief. “I’m not sure the market would have thanked anyone for raising issues with it because financial institutions that have these intragroup transactions would have thought that is what they need. But ESMA’s points do seem to have some substance to them,” Emma Dwyer, partner at Allen & Overy, told GlobalCapital.

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Setting the Stage for Regulatory Change in 2015

By Joe Dunphy
January 21, 2015, Finextra

Financial institutions have emerged from the rigorous regulatory and data demands of 2014 a little battle weary, suffering a few scrapes and scars, but otherwise unscathed. On a whole, 2014 will be remembered as the year when regulators started to flex their muscles, levying a record number of fines and promising to become more involved at an earlier stage, making many financial institutions finally sit up and take notice.   

2015 is being hailed by many commentators as the turning point for financial regulation. However, looking at the regulatory roadmap for the year ahead, 2015 may actually offer financial institutions a well-needed respite from regulatory implementation. Don’t get us wrong – there are plenty of regulatory requirements to be getting busy with, but it appears that a lot of the execution comes in 2016 and beyond. Therefore, in 2015, financial institutions will have the opportunity to set the stage and make the necessary preparation to help them meet the regulatory demands facing them over the coming years. Some of the topics that we feel will garner more attention this year include:

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Europe and Hong Kong Cut Clearing House Deal

By Cian Burke
January 19, 2015, FOW

Agreement outlines tools ESMA can use to monitor Hong Kong clearing houses.

The European Securities and Markets Authority (ESMA) and the Hong Kong Securities and Futures Commissions (SFC) are set to enhance cooperation on the monitoring of Hong Kong's qualified central clearing parties (QCCPs) continued compliance under EMIR. 

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