OTC

European Commission Requests ESMA Deliver Draft Regulatory Technical Standards on Cross-Border Application of EMIR

by Orrick - Structured Finance Group on 5/21/2013

On May 13, the European Securities and Markets Authority (ESMA) published a letter (dated April 22, 2013) from Jonathan Faull, European Commission Director General of Internal Market and Services, to Steven Maijoor, ESMA...more

Financial Services – Update on UK and European Regulatory Developments - May 2013

by Richard Frase | Dechert LLP on 5/10/2013

This update summarises current regulatory developments impacting the asset management sector in the UK and throughout the European Union. In this issue: - Part A – Regulation of Financial Markets - Part B –...more

Implementing Measures of European Market Infrastructure Regulation Take Effect

by Torsten Schwarze, William Yonge | Morgan Lewis on 4/29/2013

New clearing, risk mitigation, and reporting obligations imposed on certain derivative contracts. On 15 March, the first six implementing measures of the European Market Infrastructure Regulation (EMIR) entered into...more

Reporting, clearing and risk mitigation rules for derivatives under European law in 2013 – the impact on buy side entities

by Andrew Henderson | Ropes & Gray LLP on 4/23/2013

A few provisions of the Regulation on Derivative Transactions, Central Counterparties and Trade Repositories, known as the European Market Infrastructure Regulation 648/2012 (“EMIR”) are now in effect throughout the European...more

Derivative Transaction Reporting - Baker & McKenzie

by Bill Fuggle, Astrid Raetze | Baker & McKenzie Australia on 4/17/2013

The Australian Securities & Investments Commission (ASIC) recently released Consultation Paper 205 Derivative transaction reporting (CP 205) seeking feedback on its proposals to implement a derivative transaction reporting...more

The Extraterritorial Reach of Derivative Regulation Under Dodd-Frank

by Eileen Bannon | Holland & Knight LLP on 4/15/2013

In the wake of the financial crisis, global regulators have endeavored to undertake significant regulatory reform of the swaps markets. In 2009, the members of the G-20 agreed that: (i) the OTC derivatives contracts should be...more

CME Group Launches Swaps Clearing In London

by Elan Mendel | Shipkevich PLLC on 3/19/2013

CME Group Inc. has launched a clearing service for interest rate swaps in London. The news comes a week after U.S. regulators began implementing mandates for rate swap clearing at CME’s headquarters....more

EMIR Technical Standards Published in the Official Journal of the European Union

by Tim Aron | Katten Muchin Rosenman LLP on 3/7/2013

Technical Standards which clarify certain aspects of Regulation 648/2012 on over-the-counter (OTC) derivatives, central counterparties (CCPs) and trade repositories (generally known as the European Markets Infrastructure...more

OTC Derivatives Law Announced By South Korean Regulator

by Felix Shipkevich | Shipkevich PLLC on 3/5/2013

A bill set to establish central counterparties to clear over-the-counter derivatives has been approved in South Korea. Xinhua News Agency reports that South Korean lawmakers passed the revised bill on capital markets act that...more

Uncleared OTC Derivatives and Margin Requirements

by Chris Borg, Joanna Williams | Reed Smith on 2/21/2013

BCBS/IOSCO Second Consultation Paper and its implications for EMIR - Much of EMIR is now coming more clearly into focus. But a major unknown has for a long time been the question of margin requirements for uncleared OTC...more

European Commission Announcement Concerning EMIR Regulatory Technical Standards

by Tim Aron, Edward Black | Katten Muchin Rosenman LLP on 2/20/2013

On February 8, the European Commission issued an announcement concerning the draft regulatory technical standards (RTS) made under the European Market Infrastructure Regulation (the Regulation on OTC Derivatives, Central...more

Gone In 60 Seconds: CFTC’s New Rule Will Force Rejections

by Elan Mendel | Shipkevich PLLC on 2/19/2013

U.S. Commodity Futures Trading Commission’s (CFTC) new 60-second rule will require futures commission merchants (FCMs) to have a maximum of 60-seconds to accept or reject a trade for clearing. Risk reports that the CFTC...more

FINRA Proposes Rule Change that Would Require Reporting OTC Equity Transactions Within 10 Seconds

by Tanja Samardzija, James Van De Graaff | Katten Muchin Rosenman LLP on 2/19/2013

The Financial Industry Regulatory Authority has filed a proposed rule change requiring trades and trade cancellations in over-the counter (OTC) transactions in National Market System stocks and OTC equity securities (as...more

Corporate and Financial Weekly Digest - February 15, 2013

by Katten Muchin Rosenman LLP on 2/18/2013

In this issue: - FINRA Proposes Rule Change that Would Require Reporting OTC Equity Transactions Within 10 Seconds - FINRA Offers Changes to Proposed Rules Governing Markups, Commissions and Fees - CFTC Permits...more

OTC Derivatives To Be Regulated In South Africa

by Felix Shipkevich | Shipkevich PLLC on 2/11/2013

According to Business Day, the South African authorities have made progress in developing and creating a system of regulation for over-the-counter (OTC) derivatives. In a report that promotes financial stability globally,...more

OTC Derivatives Framework Released By Chinese Regulators

by Elan Mendel | Shipkevich PLLC on 2/6/2013

In a message from The Securities Association of China, (SAC), Chinese regulators released the first management method for the newly launched national OTC equity transfer system for non-listed small and medium-sized...more

Avoiding Armageddon: Resolution Regimes for Central Clearing Counterparties

by Peter J. Green, Jeremy C. Jennings-Mares, Dwight C. Smith, III | Morrison & Foerster LLP on 2/5/2013

The September 2009 resolutions of the G20 nations at their Pittsburgh summit, as to the compulsory centralised clearing of standardised over-the-counter (OTC) derivatives, paved the way for the creation of some of the biggest...more

Barnier Issues Letter To EU Lawmakers Concerning Swaps Rules

by Felix Shipkevich | Shipkevich PLLC on 2/4/2013

The European Union’s financial services chief, Michel Barnier, issued a letter asking EU Lawmakers to drop a threat that would block derivatives rules, stating the plan has the potential to harm the EU credibility....more

High-Frequency Trading (HFT) And Central Clearing Of OTC Derivatives

by Felix Shipkevich | Shipkevich PLLC on 1/28/2013

What will the of increasing global OTC derivatives clearing be on high-frequency trading (HFT)? As speculation mounts about the impact of centralized clearing on pensions and hedge funds, attention has naturally turned to...more

Derivatives Reform in Europe: European Market Infrastructure Regulation (EMIR) and the Regulatory Technical Standards (RTS)

by Orrick, Herrington & Sutcliffe LLP on 1/25/2013

Update - On 19 December 2012 the European Commission adopted nine regulatory and implementing technical standards for the regulation of OTC derivatives, central clearing and trade repositories. These standards were...more

EC Technical Standards for European Markets Infrastructure Regulation

by Orrick - Structured Finance Group on 1/11/2013

On December 19, 2012, the European Commission adopted nine regulatory and implementing technical standards to complement obligations defined under the European Markets Infrastructure Regulation on OTC derivatives, central...more

Canadian Securities Administrators Publish Model Provincial Rules – Derivatives: Product Determination And Trade Repositories And...

by Priscilla Bunke, Courtney Burton | Dentons on 12/24/2012

I. INTRODUCTION - On December 6, 2012, the Canadian Securities Administrators OTC Derivatives Committee (the “Committee”) published model provincial rules for a sixty (60) day comment period. The model rules...more

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