With 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.
On 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.
FIA welcomes a recent discussion paper on practices used by central counterparties to address non-default losses, such as losses from cyberattacks or system outages.
FIA has published a whitepaper on the role of clearing firms in futures markets as a tool to help public sector stakeholders better understand how these important intermediaries support safe and efficient capital markets worldwide.
At a panel on margin-related issues at the International Derivatives Expo, experts agreed that cleared derivatives market participants would all benefit from greater transparency in clearinghouse margin models.
FIA, along with the International Swaps and Derivatives Association and the Institute of International Finance have commented on CCP recovery and resolution issues in response to a consultation paper published by the Financial Stability Board, the Committee on Payments and Market Infrastructures of the Bank for International Settlements and the International Organization of Securities Commissions.
FIA has responded to a consultation published by the European Securities and Markets Authority (ESMA) seeking input on the current calibration of the antiprocyclicality tools, and whether proposed revisions to existing Regulatory Technical Standards (RTS) may be necessary.
FIA recently submitted its response to HM Treasury's central counterparties and central securities depositories reform proposals under the Financial Services Future Regulatory Framework Review.
FIA has responded to a consultation by the Committee on Payments and Market Infrastructures (CPMI), and the International Organization of Securities Commissions (IOSCO) on client clearing access and portability of positions in the event of a default.
