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Derivatives Clearing Organizations › European Securities and Markets Authority (ESMA)

A Derivatives Clearing Organization (DCO) is an entity or system whereby the credit of the clearing organization is substituted for the credit of the parties to a transaction. The purpose of these entities is to... more +
A Derivatives Clearing Organization (DCO) is an entity or system whereby the credit of the clearing organization is substituted for the credit of the parties to a transaction. The purpose of these entities is to mutualize or transfer credit risk among participants to a transaction. The term derivatives clearing organization was defined under the Commodity Futures Modernization Act of 2000.  less -
Hogan Lovells

Securities and markets regulatory news, May 2021 # 3

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UK EMIR: BoE consults on modifications to DTO to reflect interest rate benchmark reform - The Bank of England (BoE) has published a consultation paper setting out its proposal to modify the scope of contracts that are...more

White & Case LLP

The Commission adopts time-limited equivalence decision for UK CCPs: EU financial stability considerations for the supply of...

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On 21 September 2020, the European Commission adopted a time-limited equivalence decision for UK clearinghouses (also referred to as central counterparties ("CCPs")) in view of EU financial stability considerations, which...more

A&O Shearman

EU Recommendations for Alignment of the EU Derivatives Trading and Clearing Obligations

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The European Securities and Markets Authority has published a final report and recommendations on aligning the trading obligation under the Markets in Financial Instruments Regulation with recent changes made to the clearing...more

A&O Shearman

EMIR Refit: EU Clarification on Derivatives Trading and Clearing Obligations

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The European Securities and Markets Authority has issued a Statement clarifying the application and interaction of the EU derivatives clearing and trading obligations following the entry into force of the revised European...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Reform, Not Repeal, Likely for US Swaps Regulations"

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Swaps transactions, virtually unregulated before the 2008 financial crisis, are regulated in the U.S. under Title VII of the Dodd-Frank Act. Title VII empowers the Commodity Futures Trading Commission (CFTC), for most swaps,...more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume XII, Issue 1

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SEC/CORPORATE - President-Elect Trump Nominates Clayton as SEC Chair - On January 4, President-elect Donald Trump announced his nomination of Jay Clayton to serve as chair of the Securities and Exchange Commission,...more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume XI, Issue 45

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SEC/CORPORATE - SEC Division of Corporation Finance Issues Revised and Additional C&DIs Relating to Form S-8 - On November 9, the Division of Corporation Finance of the Securities and Exchange Commission issued two...more

A&O Shearman

European Supervisory Authorities Opines on Final Draft Technical Standards on Uncleared Derivatives

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The Joint Committee of the European Supervisory Authorities published an Opinion on the European Commission's proposed amendments to the final draft Regulatory Technical Standards on risk mitigation techniques for uncleared...more

Dechert LLP

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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AIFMD – ESMA Updates Q&A on the Application of the AIFMD - ESMA updated its questions and answers on the application of the AIFMD on 3 June 2016. The new content includes a new question and answer on requirements...more

A&O Shearman

US Commodity Futures Trading Commission Announces Memorandum of Understanding with the European Securities and Markets Authority...

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The US Commodity Futures Trading Commission announced the signing of a Memorandum of Understanding with the European Securities and Markets Authority regarding cooperation with respect to recognized central counterparties...more

Dechert LLP

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Dechert LLP on

Other EU developments – Benchmark Regulation and Changes to Prospectus Directive - ESMA issued a discussion paper on implementation of the Benchmarks Regulation on 15 February 2016. ...more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume XI, Issue 5

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SEC/CORPORATE - SEC Approves FINRA’s Funding Portal Rules - On January 22, the Securities and Exchange Commission approved the Financial Industry Regulatory Authority’s funding portal rules and related forms for...more

Morgan Lewis

Current Status of the Clearing Obligation Under EMIR

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Although EMIR came into force as long ago as August 2012, the clearing obligation it provides for was first brought into effect in December 2015 on a phased basis and only for certain interest rate swaps denominated in the G4...more

Katten Muchin Rosenman LLP

ESMA Reopens Consultation on Indirect Clearing Arrangements

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On November 5, the European Securities and Markets Authority (ESMA) published a consultation paper relating to indirect clearing arrangements (CP). The CP consists of a review of the existing regulatory technical standards...more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume X, Issue 38

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SEC/CORPORATE - ISS Publishes Results of 2015–2016 Annual Global Policy Survey - On September 28, Institutional Shareholder Services (ISS), a leading proxy advisory firm, published the results of its 2015–2016...more

Katten Muchin Rosenman LLP

ESMA Publishes Discussion Paper on EMIR Standards Relating to CCP Client Accounts

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On August 27, the European Securities and Markets Authority (ESMA) published a discussion paper (Discussion Paper) on the review of Article 26 of ESMA’s Regulatory Technical Standards (153/2013) (RTS) under the European...more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest - Volume X, Issue 30

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SEC Finalizes Rule on Pay Ratio Disclosure - On August 5, the Securities and Exchange Commission adopted the final rule regarding pay ratio disclosure that amends Item 402 of Regulation S-K to implement Section 953(b)...more

Orrick - Finance 20/20

ESMA Publishes Consultation Paper on Clearing Obligation Under EMIR

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On May 11, 2015, the European Securities and Markets Authority (ESMA) published a fourth consultation paper (ESMA/2015/807) on the clearing obligation under EMIR (the Regulation on OTC derivative transactions, central...more

Morrison & Foerster LLP

Clearing Derivative Transactions in the EU: What You Need To Know

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Key Highlights: ..All counterparties within scope of the European Market Infrastructure Regulation (“EMIR”) and subject to the clearing obligation will soon be required to centrally clear their applicable derivatives...more

Morrison & Foerster LLP

Relief for Covered Bonds as ESMA refines the Clearing Obligation

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On August 16, 2012, the European Market Infrastructure Regulation (“EMIR”) came into force, defining the obligations of in-scope entities, amongst other things, to (1) centrally clear certain over the counter derivatives...more

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