Financial Services Act Takes Effect, Introducing New Regulatory Structure

UK authorities pressed ahead with remaining changes needed to implement the Financial Services Act 2012, under which the Prudential Regulation Authority and the Financial Conduct Authority succeeded the Financial Services Authority…

The New EU Derivatives Rules Go Live: Implications for Counterparties

The EU Regulation on OTC Derivatives, Central Counterparties and Trade Repositories (also known as the European Market Infrastructure Regulation, or EMIR) is now effective…

ANALYSIS: The New EU Derivatives Rules Go Live: Implications for Counterparties

The EU Regulation on OTC Derivatives, Central Counterparties and Trade Repositories (also known as the European Market Infrastructure Regulation, or EMIR) is now effective…

SPECIAL REPORT: EU Financial Services Regulatory Reform Seen Gaining Pace

As EU lawmakers recently reconvened after the summer break, significant headway is now to be made in progressing the EC’s plans to reform the way in which the EU’s financial markets operate and, in consequence, to make them more resilient in the face of future financial turbulence…

SPECIAL REPORT: Extraterritoriality in U.S. and EU OTC Derivatives Regulation: Understanding the Evolving Frameworks

One of the priorities announced by the G-20 at its Pittsburgh summit in September 2009 was the development of global standards in financial regulation that would ensure a level playing field while avoiding market fragmentation, protectionism, and regulatory arbitrage…

ANALYSIS: Margin Requirements For Non-Cleared OTC Derivatives: Too Much Collateral?

Much of the regulatory reform agenda for the global over-the-counter (OTC) derivatives industry to date has been focused on the clearing, trading, and reporting of standardised OTC derivative contracts. Getting more OTC derivative contracts to be cleared through central counterparties (CCPs) will go a long way towards preventing a repeat of the build-up of risk that led to the financial crisis…

European Commission Issues Rules For Sovereign Debt CDS, Short Sales

BRUSSELS—The European Commission July 5 issued rules to implement recently approved legislation banning uncovered sovereign credit default swaps and short sales of shares and sovereign debt.

ANALYSIS: OTC Derivatives Regulation In The United States And The European Union: Too Much Transparency?

When the leaders of the G-20 nations met in Pittsburgh in September 2009, they pledged to work together to shine a light on the opaque over-the-counter (OTC) derivatives market. The G-20 leaders decreed that all standardised OTC derivative contracts were to be traded on exchanges or electronic trading platforms and, where appropriate, cleared through central counterparties (CCPs) by the end of 2012. Transactions in OTC derivatives would also be reported to trade repositories. The intention was to make the OTC derivatives markets more transparent, to reduce systemic risk, and to prevent market abuse.

ANALYSIS: UK Court Of Appeal Issues Important Judgement On Key Provision Of ISDA Master Agreement

For over 20 years, derivatives that are traded “over the counter” have been governed by the terms and conditions set out in the ISDA (International Swaps and Derivatives Association) Master Agreement. This is a framework agreement which governs the underlying individual derivative contracts that are entered into between the parties.

European Commission Calls for Delay In Implementation of U.S. Derivatives Regulations

BRUSSELS—New derivatives dealer registration rules to comply with Dodd-Frank have left European banks with U.S. subsidiaries in a state of confusion and should be delayed, according to the European Commission.

Next Page »