MarketVoice News
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One-Day Gross vs. Two-Day Net
On Aug. 26, the European Securities and Markets Authority opened a consultation on a key element of the regulatory framework for clearinghouses in Europe, a move that could break the logjam with the U.S. on clearinghouse recognition.
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New Regime for Commodities
On Sept. 28 the government of India formally unveiled the merger of the Forward Markets Commission and the Securities and Exchange Board of India.
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Cross-Border Recognition
On Aug. 26, the Commodity Futures Trading Commission formally registered ICE Futures Canada and Montreal Exchange as foreign boards of trade, which allows the exchanges to offer direct access to U.S. members.
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Moral Hazard
The European System of Central Banks issued a statement on Aug. 25 expressing opposition to any change in EU regulations that would give central counterparties an automatic right of access to central bank liquidity.
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Moral Hazard
The European System of Central Banks issued a statement on Aug. 25 expressing opposition to any change in EU regulations that would give central counterparties an automatic right of access to central bank liquidity. The statement emphasized that the current legal framework allows each central bank to determine for itself which facilities it wishes to offer to CCPs and defines the conditions for such access. An automatic right to central bank liquidity “would create moral hazard on an extraordinary scale,” the ESCB warned. The statement was issued in response to a European Commission consultation on possible changes to EMIR.
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Preparing for Remit
On Sept. 24, FIA issued a notice summarizing the registration and reporting requirements of the EU Regulation on Wholesale Energy Markets Integrity and Transparency (REMIT). FIA drafted the notice to help clearing firms inform customers who may have to comply with the new reporting obligation, which enters into force on Oct. 7 for certain exchange-traded wholesale energy products and on April 7 for certain over-the-counter energy products. Those products include futures, options and swaps based on electricity or natural gas for delivery in the European Union as well as contracts relating to the transportation of electricity or natural gas in the EU.
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Resources for Regulators
On Sept. 17, the International Organization of Securities Commissions published the final report of a task force it set up in 2013 to address the challenges of cross-border regulation.
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Capital Efficiency
Singapore Exchange is seeking feedback on proposed rules that would ease the capital requirements for banks that are affiliated with SGX clearing members.
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Clearinghouse Standards
On Sept. 22, four high-level groups of international banking and market regulators released a progress report on their efforts to enhance the resilience, recovery planning and resolvability of central counterparties.
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Cybersecurity: NFA Sets Standards
The National Futures Association, the U.S. futures industry’s self-regulatory organization, has drafted standards that all NFA members will need to apply in protecting themselves from the risk of unauthorized access or attacks on their information systems.
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