The US Commodity Futures Trading Commission held a meeting of its Market Risk Advisory Committee on March 8, and the recent cyber-attack on one of the industry's technology service providers was one of the main topics of discussion. FIA President and CEO Walt Lukken, one of the speakers invited to address this issue, described FIA's role in the industry's response to the attack and announced the formation of a Cyber Risk Taskforce to examine the longer-term implications for cleared derivatives markets.
CONTINUE READINGWhile FIA and its members have been strong advocates for a SSITG, Eurex's intention to reduce the first SITG by 28% as part of the implementation is “opposed to the spirit of the new recovery and resolutions regulations and what the industry has been pushing for the past few years.”
CONTINUE READINGFIA, CCP12, the European Association of CCP Clearing Houses, and ISDA, together with client associations, the FIA Principal Traders Group and the Managed Funds Association, have developed and published papers focused on client participation in a CCP default auction, governance of CCP default management processes and the role of default management groups
CONTINUE READINGPanelists discuss EU measures to tackle energy crisis
CONTINUE READINGOpening remarks of Walt Lukken, President and CEO of FIA, at the FIA Expo 2022 conference in Chicago. As prepared for delivery.
CONTINUE READINGThe current energy crisis has been driving prices of natural gas to record levels, impacting households and businesses. The European Commission has reacted by tasking the European Securities and Market Authorities to review different areas of the market, including the use of circuit breakers by energy trading venues. In a letter to ESMA and the European Commission, FIA makes recommendations and emphasizes controls should not be used to cap prices.
CONTINUE READINGFIA has filed provide comments with the US Commodity Future Trading Commission on a proposed rulemaking regarding governance requirements for Derivatives Clearing Organizations (DCOs).
CONTINUE READINGWith Europe facing an extraordinary shortage of energy triggered by Russia’s invasion of Ukraine, prices for natural gas and electricity have reached record highs. FIA provides a high-level overview of the liquidity issues emerging in the futures markets and our perspective on some of the measures now under consideration to ease the impact on utilities and other firms facing extraordinarily large margin calls.
CONTINUE READINGOn 2 September, FIA responded to an independent review of the nickel market disruption on the London Metal Exchange. The review is being conducted by Oliver Wyman, a consulting firm, on behalf of LME.
CONTINUE READINGFIA welcomes a recent discussion paper on practices used by central counterparties to address non-default losses, such as losses from cyberattacks or system outages.
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