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Delays Hit Final Approval of EMIR Rules

By Anish Puaar
Published January 9, 2013 The Trade

European policymakers have secured a one-month extension to the final sign off covering detailed rules that underpin new OTC derivatives legislation.

The Council of the European Union and European Parliament now have until 19 February to scrutinise rules developed by the European Securities and Markets Authority (ESMA) and European Banking Authority (EBA) that support the European market infrastructure regulation (EMIR).

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CCPs Yet to Make Headway on Segregated Accounts – IMA

By Jane Lowe
Published December 19, 2012 The Trade

Europe’s clearing houses are still lagging when it comes to detailing segregated account offerings, making it difficult for the buy-side to prepare for rapidly-approaching swaps legislation.

UK buy-side trade body, the Investment Management Association (IMA) has again expressed disappointment that central counterparties have not yet specified the exact terms of segregated accounts, as per their obligations under the European market infrastructure regulation (EMIR).

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Credit Derivatives Market Can Expect Specific Rules, Says Regulator

By Rachel Wolcott
Published October 4, 2012 Reuters Compliance Complete

Credit derivatives dealers can expect to see specific rules and regulations to address some of the peculiarities of that market, said Edouard Vieillefond, director in charge of regulation policy and international affairs at French regulator Autorité des marchés financiers (AMF). Despite the huge amount of regulation already aimed at the broader derivatives market, there is concern that it will be insufficient to cover continuing questions that regulators have about its functioning.

“The question is will the reform currently under finalisation or implementation, such as EMIR in Europe, be enough? Credit default swaps are derivatives on credit that look like insurance products.

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Asset Manager Angst at Collateral Requirements

By Ellen Kelleher
Published September 23, 2012 Financial Times

A whiff of panic hangs in the air at asset management houses.

Indeed, all that fretting in the corridors about the pending arrival of expensive collateral requirements for the trading of over-the-counter derivatives persists

Advisers will be forced to process their over-the-counter derivatives trades via central clearing houses in just a few months thanks to the roll-out of Dodd-Frank in the US as well as Emir (the European Market Infrastructure Regulation) across Europe and similar measures in Asia. 

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ESMA to Finalize EMIR Standards Within the Week

By Beth Shah
Published September 20, 2012 Derivatives Intelligence

The European Securities and markets Authority is in the final stage of finalizing its draft regulatory technical standards for the European Market Infastructure Regulation and will approve them at a board meeting next week, according to Rodrigo Buenaventura, head of markets division at ESMA.

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Comment: The End of the Non-Centrally Cleared OTC Derivative?

By Alexander Culley
Published August 23, 2012 IFR Asia

The charge towards the central clearing of “standardised” over-the-counter derivatives has been widely publicized, with the European Securities and Markets Authority recently consulting on draft technical standards – the flesh on the bones – for the European Markets Infrastructure Regulation, or to give it its full name, the “Regulation … on OTC Derivatives, Central Counterparties and Trade Repositories”.

However, the fact remains that a substantial proportion of OTC derivatives will not be suitable for central clearing. Where does this leave the participants in such interests?

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CCPs’ EMIR Preparation Stalled by Regulatory Ambiguity

By Xavier Hoche
Published August 15, 2012 The Trade News

Clearing houses have blamed regulatory delays for the lack of progress on the development of solutions to ensure the protection of buy-side assets under new European OTC derivatives legislation.

The acknowledgement follows concerns raised by UK buy-side trade body the Investment Management Association (IMA) in response to a consultation held by the European Securities and Markets Authority on detailed rules underpinning the European market infrastructure regulation (EMIR).

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Emir prompts Treasury to amend Companies Act

By Michelle Price
Published August 13, 2012 Financial News

The U.K. Treasury plans to amend Part VII of the 1989 Companies Act as it prepares for introduction of the European Market Infrastructure Regulation. The government said "engagement with the industry is a regular part of the policymaking process" but noted that it will not conduct formal consultation on this change.

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ESMA faces pressure to clarify how EMIR will affect FX derivatives

By Joel Clark
Published August 13, 2012 Risk

Questions are mounting about how the European Market Infrastructure Regulation will affect foreign exchange derivatives. The European Securities and Markets Authority is scheduled to submit the final draft to the European Commission at the end of September and is facing pressure from ISDA and other industry groups to clarify the treatment of foreign exchange.

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Trade Groups Criticize ESMA Proposals

By Philip Stafford
Published August 9 2012 Financial Times

Two influential trade bodies have criticised proposed rules to reform derivatives trading in Europe, putting more pressure on European regulators as they face a two-month deadline to finalise the rules.

The Federation of European Securities Exchanges, which speaks for stock exchanges, said on Thursday the European Securities and Markets Authority (Esma) was exceeding its mandate as the latter draws up the standards covering clearing.

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