Europe News
The latest industry and regulatory news affecting the EU and the UK
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FIA issues guidance on EMIR reporting
The FIA Reporting Working group has pulled together some guidance on how to populate fields 33-40 and 45-46 (Table 2 Common data) for the EMIR reporting regime following the implementation of the Level 2 validation process that went live on 31 October 2015.
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InfoNet 2015 - Innovation
The latest edition of Infonet covers innovation in technology - start ups, Fintech and disruptive technology. It explores how innovation/ disruptive technology can improve process in the derivatives business throughout the transaction chain and how incumbent firms are facing up to the challenges alongside newcomers to the business. It also, looks at innovation in product and process - how derivatives product offerings are evolving.
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Global Derivatives Reform
On July 24 the Financial Stability Board, the international body that coordinates financial sector reforms under the authority of the Group of 20 nations, published its ninth progress report on the global implementation of derivatives market reforms.
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Limiting Speculation
The Autorité des Marchés Financiers, the French regulator, in July implemented position limits for agricultural commodity derivatives. The limits apply to futures and options based on milling wheat, rapeseed (canola), rapeseed meal, rapeseed oil and maize (corn) that are traded on a market regulated by the AMF or a foreign market that lists contracts with delivery in France. The new rules also include reporting requirements. Market participants are responsible for reporting their positions to AMF unless the positions have been reported already by a clearinghouse. AMF is using this data to publish a weekly aggregate report showing outstanding positions.
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ISDA/FOA Client Cleared OTC Derivatives Addendum (Updated 9 June 2015 ) - word version
ISDA/FOA Client Cleared OTC Derivatives Addendum (Updated 9 June 2015 ) - word version
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ISDA/FOA Client Cleared OTC Derivatives Addendum (Updated 9 June 2015) - pdf version
ISDA/FOA Client Cleared OTC Derivatives Addendum (Updated 9 June 2015) - pdf version
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InfoNet 2015 - Trading and Technology: The Interdependence between trading firms and their vendors
As the listed derivatives industry comes to terms with increased operational costs and regulatory constraints, this edition of InfoNet explores the critical role of the vendor in the market ecosystem.
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Record Fine
Deutsche Bank announced on April 23 that it reached joint settlements with U.K. and U.S. regulators as part of an industry-wide investigation into manipulation of interest rate benchmarks.
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Joint ISDA/FIA Europe response - CMU Green paper and position paper
On 18 February the European Commission (Commission) launched its flagship Capital Markets Union (CMU) project with three consultation papers. The first is an overall policy green paper examining practical barriers and obstacles to creating a CMU. The paper looks at questions including availability and standardisation of SME credit information, the development of private placement markets, promoting greater liquidity in corporate bond markets, reducing the costs to fund managers of setting up and marketing funds across the EU, increasing retail investment, facilitating the access of EU firms to investors and capital markets in third countries, targeted changes to securities ownership rules, improving the legal enforceability of collateral and close-out netting arrangements cross-border and harmonisation of insolvency laws. The other consultations launched covered the revision of the Prospectus Directive and a consultation on Securitisation. All three consultations closed on 13 May.
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