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CFTC Admits It Will Miss Deadline on Swap Dealer Study

By Alexander Osipovich 
May 26, 2015, Risk

A delayed CFTC study is raising questions about an automatic cut to the de minimis threshold for swap dealer registration planned for December 2017.

The US Commodity Futures Trading Commission (CFTC) admits it will miss a self-imposed deadline for a study to help it determine where to set the de minimis threshold for swap dealer registration – an issue that is being watched closely by energy companies, which fear a lower threshold could force them to register and face tougher rules.

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Deutsche Bank to Pay $55 Million to Settle Derivatives Inquiry

By Matthew Goldstein
May 26, 2015, The New York Times

Deutsche Bank “overstated” the value of a multibillion-dollar portfolio of sophisticated derivatives during the height of the financial crisis, leading it to file inaccurate financial statements for at least a six-month stretch, securities regulators in the United States said on Tuesday.

The bank, without admitting or denying wrongdoing, agreed to pay a $55 million penalty to the Securities and Exchange Commission to settle claims that its “inadequate internal accounting controls” violated federal securities law.

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Comment: Regulation Alone Will Not Restore Faith in Markets

May 26, 2015, Financial Times

Few mechanisms underpin modern life to quite the same extent as the wholesale markets that lie at the heart of the financial system.

What may seem like arcane bits of financial plumbing, these determine the borrowing costs of households and companies, the prices at which currencies are exchanged and influence the cost of basic necessities such as food and raw materials.

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Norwegian Adoption of EMIR to Fix Cross-Border Clash

By Fiona Maxwell
May 25, 2015, Risk

EU banks will be required to clear Nkr swaps – Norwegian banks currently are not.

Non-EU countries Liechtenstein and Norway plan to transpose the European Market Infrastructure Regulation (Emir) into their local laws in 2015 – a move that could head off problems for European banks that trade Norwegian krone swaps.

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Brokers Call for CMU Swaps Extension

By Helen Bartholomew
May 23, 2015, IFR

An ambitious pan-European Capital Markets Union framework that is currently being prepared to break down national barriers and improve corporate access to financing, should be expanded to over-the-counter derivatives, some industry groups suggest.

The broad set of regulatory principles, which are set to be finalised by 2019, represent an effort to reduce financial market fragmentation, strengthen cross-border flows and diversify funding sources for businesses that are struggling to raise finance as banks rein in their lending activities as they come under severe Basel III capital pressures.

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Protest Meets Persistence Crunch at MiFID II Talks

By Tim Cave
May 22, 2015, Financial News

Banks, trading firms and stock exchanges are still in the dark on a number of tenets making up the EU’s revised trading rulebook, following disagreement and protest at a crunch meeting of policymakers.

A group of officials from the European Commission, finance ministries, central banks and national regulators – known collectively as the Expert Group of the European Securities Committee – met in Brussels on Tuesday to discuss a revision of the Market in Financial Instruments Directive, or Mifid II, which comes into force in January 2017.

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Banks Warn on New Risk Assessment Models for Trading Operations

By Martin Arnold and Laura Noonan
May 25, 2015, Financial Times

The world’s biggest banks are seeking to play on regulators’ fear of another flash crash in debt markets to lobby against new risk-calculation models, which they warn will treble the capital needed in their trading businesses.

Rules to change how banks assess risk in their trading operations are being finalised by global policy makers, who aim to set the regime in stone by the end of this year.

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Dealers Fear Reporting Clash Under SFT Regulation

By Louie Woodall
May 21, 2015, Risk

Total return swaps and other securities financing trades could be subject to double reporting requirements and collateral haircuts under proposed EU regulation.

Dealers in the equity derivatives market fear some of the most frequently used equity swap trades could be subject to duplicative reporting requirements under the European Union’s forthcoming regulation on securities financing transactions (SFTs), amid tense trialogue negotiations to determine which products will be brought into scope.

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So, How’s EMIR Treating You?

By Ralph Sinclair
May 21, 2015, GlobalCapital

The European Commission has launched a public consultation into how well the European Market Infrastructure Regulation has been implemented.

The consultation is asking stakeholders about four aspects in particular of the regulations relating to central counterparties, over¬the¬counter (OTC) derivatives, and trade repositories.

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ECB Set for Greater Role in Clearing House Supervision

By Cian Burke
May 21, 2015, FOW

ESMA's opinion follows the single supervisory mechanism in November.

The European Securities and Markets Authority (ESMA) has confirmed the European Central Bank (ECB) will have a bigger role to play in the supervision of Europe's clearing houses due to its new role as a prudential regulator. 

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