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ISDA Calls for Reporting Harmony

By Helen Bartholomew
February 28, 2015, IFR

Incomplete and inconsistent data currently being reported in the US$691trn over-the-counter derivatives market mean that regulators still lack a true picture of risk in individual jurisdictions, ISDA has warned.

The industry body last week outlined a set of key principles and initiatives that it believes will improve regulatory transparency of derivatives activity and is calling for laws that prevent policymakers appropriately accessing and sharing data across borders to be amended or repealed.

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ISDA Calls for Standardized Trade Reporting

By Cian Burke
February 26, 2015, FOW

Trade body has called on global regulators to standardize reporting.

The International Swaps and Derivatives Association (ISDA) has called on global regulators to standardize reporting regimes to allow greater transparency in derivatives markets. 

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Malaysia Close to Becoming a Clean Netting Jurisdiction

By Viren Vaghela
February 16, 2015, Risk

Banks will save hundreds of millions of dollars in risk-weighted assets as netting is permitted and collateral becomes enforceable in Malaysia.

Malaysia is about to become a netting-friendly jurisdiction which means collateral will be enforceable in the event of default and payment will be calculated on a net basis rather than being grossed up for each individual transaction. This arrangement is a prerequisite for favourable capital treatment under Basel III – with dealers saying the upshot will be an increase in business.

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SEC Officials Blast Agency Over Clerical Error on Swaps Rulemaking

By Sarah N. Lynch
February 11, 2015, Reuters

U.S. securities regulators failed to consider a comment letter from a key derivatives trade group before adopting new swaps data reporting rules last month, prompting criticism on Wednesday from the agency's two top Republicans.

The failure to review the letter was due to an inadvertent clerical error, but in a joint statement, Securities and Exchange Commission Republican members Daniel Gallagher and Michael Piwowar said they felt the mistake warranted the need to re-open the rule for public comment.

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ISDA Outlines Proposals for Clearing Recovery

By Cian Burke
January 26, 2015, FOW

Trade body said members should be compensayed by CCP in event of losses.

The International Swaps and Derivatives Association (ISDA) has outlined a proposed framework for central counterparty (CCP) recovery and continuity.

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ISDA Pushes for a Consistent CCP Recovery Framework

By Jon Watkins
January 26, 2015 The Trade

The International Swaps and Derivatives Association (ISDA) has published a paper which proposes recovery and continuity frameworks for central counterparties (CCPs).

The trade association has long been lobbying for a consistent framework across clearing houses since the G20 agreement placed them at the centre of global derivatives reforms.

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Why Banks Fell in Line When Elliott Insisted on a CDS Exception for Caesars

By Matthew Wirz
January 26, 2015, The Wall Street Journal

When Elliott Management Corp. demanded a last-minute change to a global overhaul of the credit-default swaps market in September, Wall Street banks quickly fell into line behind the hedge fund’s ultimatum, people familiar the matter say. The banks couldn’t afford not to, given how much CDS they trade with the fund, the people say.

Just 10 days before the CDS market’s rule maker/trade group was slated to switch all CDS to a new standard contract, Elliott threatened to pull out unless an exception was made for swaps written on gaming empire Caesars Entertainment Corp.'s largest unit.

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ISDA Promotes Kennedy to Global Policy Head

By Alice Atwood
January 16, 2015, FOW

Body makes organisation changes to support cross-border interaction.

The International Swaps and Derivatives Association (ISDA) has made a number of organisational changes in its regulatory and legal teams, including the appointment of Steven Kennedy as global head of policy. 

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Comment: SEFs 2015 outlook: Industry Sees More Flexible Execution Rules; Harmonization

By Henry Engler
January 13, 2015, Reuters

Regulatory efforts to simplify existing swap mandate rules in order to reduce fragmentation between the U.S. and Europe are likely to dominate the focus of participants in the swaps execution facility (SEF) market in 2015.

Indeed, harmonization and cross-border issues appear to be at the top of the agenda for the International Swaps and Derivatives Association (ISDA). In several speeches since becoming head of the industry group last year, Scott O’Malia, a former commissioner at the Commodity Futures Trading Commission (CFTC), has made it clear that for him regulators need to ensure that cross-border oversight is based on risk and not geographic location.

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Non-Cleared Derivatives Margin Rules Worry Market

January 6, 2015, The Trade

Banks and broker-dealers are uncertain whether they will be able to meet new collateral requirements for non-cleared derivatives, according to a survey from the International Swaps and Derivatives Association (ISDA).

International regulators are set to finalise the rules this year, and according to ISDA’s results, around two-thirds of respondents said they were concerned, or somewhat concerned, about their ability to meet the requirements. 

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