OTC Derivatives

News & Analysis as of

Derivatives: ISDA Announces 2016 New York Law Variation Margin Credit Support Annex

On April 14, 2016, the International Swaps and Derivatives Association, Inc. (ISDA) announced the 2016 ISDA Credit Support Annex for Variation Margin for use with New York law transactions (the 2016 CSA). ISDA is in...more

Brexit – Legal Consequences For Commercial Parties: Derivatives – Possible Implications

This article aims to highlight some of the areas in which Brexit may impact the derivatives markets and discusses possible documentation, regulatory and legal implications. However, it is important to note that the particular...more

APRA Consults On Margin Requirements And Other Risk Mitigation Standards For Non-Centrally Cleared OTC Derivatives

On 25 February 2016, the Australian Prudential Regulation Authority (APRA) published a discussion paper and a draft prudential standard setting out APRA’s proposals for implementing margin requirements and other risk...more

Financial Services Quarterly Report - First Quarter 2016: Singapore Continues Global Trend in Derivatives Regulation: Reporting...

The Monetary Authority of Singapore (MAS) continues to develop and strengthen its regulation of derivatives markets, most recently focusing its attention on the formulation and completion of a comprehensive reporting regime....more

Final European Standards for Derivatives Collateralisation

On 8 March 2016, the three European Supervisory Authorities (ESAs) published their final draft regulatory technical standards in relation to the collateralisation of non-centrally cleared derivatives. The standards are to...more

ESAs Publish Final Draft Technical Standards on Margin Requirements for Non-Centrally Cleared Derivatives

The Joint Committee of the European Supervisory Authorities (EBA, EIOPA, ESMA) (“ESAs“) has published final draft Regulatory Technical Standards (“RTS“) outlining the framework of the European Market Infrastructure Regulation...more

New Capital Markets Regulator: Extent of Consultation and CMA Provisions Remain of Concern

Comments on the revised consultation draft of the provincial/territorial Capital Markets Act (CMA) and the draft initial regulations (Initial Regulations and, together with the CMA, the Consultation Drafts) for the proposed...more

European Commission Adopts Delegated Regulation Relating to EMIR Clearing Obligations for Certain Credit Derivative Contracts

On March 1, the European Commission adopted a Delegated Regulation supplementing the European Union regulation on derivatives, central counterparties and trade repositories (“EMIR”). EMIR requires mandatory clearing of...more

Mandatory OTC Derivatives Clearing Rules Published for Second Round of Comments

On February 24, 2016, the Canadian Securities Administrators (CSA) published a revised Proposed National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives (Proposed Clearing Rule) and a proposed...more

Canadian Derivatives Regulation: The New Looming Reality of Compliance and Costs for Energy Companies

Canadian energy companies, including energy producers, energy infrastructure companies, energy trading and marketing organizations, natural gas distribution companies, power transmission and generation companies, electric...more

Current Status of the Clearing Obligation Under EMIR

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

CPMI and IOSCO consult on harmonising UPI

BIS’ Committee on Payments and Market Infrastructure (CPMI) and IOSCO are consulting on a harmonised global unique product identifier (UPI). The UPI will uniquely identify OTC derivatives products that authorities require to...more

Financial Services Quarterly Report - Fourth Quarter 2015: And a Partridge in a Pear Tree: Top 12 Regulatory Heads-up for the...

1st Day of Christmas – UCITS V* - The UCITS V Directive (UCITS V) introduces specific provisions on: - (i) eligibility, liability and delegation of depositaries; - (ii) remuneration policies;...more

IOSCO publishes harmonisation responses

IOSCO has released the responses to its consultations on harmonisation of key OTC derivatives data elements and harmonisation of the unique transaction identifier (UTI) (see FReD 4 September and FReD 21 August respectively). ...more

FSB reports on OTC implementation

FSB has issued a peer review and a progress report on the implementation of reforms to the over-the-counter (OTC) derivatives market. The peer review assesses progress of FSB member jurisdictions in implementing trade...more

ESMA informs of delay to MiFIR RTS

ESMA Chair, Steven Maijoor, has written to the Commission informing it of a delay in submitting the RTS on indirect clearing and exchange-traded derivatives under the Markets in Financial Instruments Regulation (MiFIR). ESMA...more

Basel Committee reports on RWA regulatory consistency

The Basel Committee has published its report on the regulatory consistency of risk-weighted assets (RWAs) for counterparty credit risk. The report forms part of the wider regulatory consistency assessment programme intended...more

FSB discusses ongoing workplan progress

FSB has met to discuss progress in its ongoing workplan. Its key priorities include: - market liquidity and asset management: encouraging the appropriate stress testing by funds to assess their ability to meet...more

Orrick's Financial Industry Week in Review

SEC Updates Compliance and Disclosure Interpretations for Legacy Deals - On September 16, the SEC released its updated compliance and disclosure interpretations for the rules adopted under Regulation AB, the Securities...more

ESMA Speech on Clearing the Way Towards an EU OTC Derivatives Union

On September 22, 2015, the European Securities and Markets Authority (ESMA) published a speech, given by Steven Majoor, ESMA Chair, on the regulation and supervision of the derivatives market. Points of interest in the speech...more

ECB Response to Commission Review of EMIR Implementation

On September 4, 2015, the European Central Bank (ECB) published an executive summary of its response to the consultation carried out by the European Commission to assist the Commission in its review of EMIR implementation....more

ESMA consults on review of EMIR standards

ESMA has published a discussion paper on the review of Article 26 of its Regulatory Technical Standards (RTS) under the European Market Infrastructure Regulation (EMIR) which deals with Central Counterparties’ (CCPs) client...more

Orrick's Financial Industry Week in Review

Potential Damages in RMBS Suit Against WMC Mortgage Drastically Reduced - On August 18, Judge Denise Cote of the federal district court for the Southern District of New York addressed the appropriate measure of potential...more

CPMI and IOSCO consult on Harmonization of First Batch of Key OTC Derivatives Data Elements

On September 2, 2015, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) issued a consultative report on the harmonization of the first batch of...more

BIS consults on OTC derivatives data elements

BIS’s Committee on Payments and Market Infrastructures (CPMI) and IOSCO have published a consultative report on the harmonisation of a first batch of key OTC derivatives data elements (other than Unique Transaction Identifier...more

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