MarketVoice News
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System Safeguards
On July 5, four international regulatory bodies issued a set of policy documents aimed at strengthening the oversight and supervision of central counterparties and protecting financial systems from a potential default.
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Capital Calculations
On Aug. 14, the Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation jointly issued guidance regarding the regulatory capital treatment of variation margin on cleared derivatives.
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Better Data
The Commodity Futures Trading Commission's Division of Market Oversight on July 10 launched a comprehensive review of its swap data reporting regulations and invited input from entities involved in swaps reporting.
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FIA Publishes MiFID II Brief for U.S. FCMs
FIA has created a brief to help members understand how the Markets in Financial Instruments Directive II and the associated Markets in Financial Instruments Regulation may impact U.S. futures commission merchants.
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Clearing Equivalence: EU and Indian Regulators to Share Information on CCPs
On July 20, the European Securities and Markets Authority and the Securities and Exchange Board of India established a memorandum of understanding on the oversight of central counterparties, including the exchange of information.
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Bigger Role for ESMA
On Sept. 20, the European Commission published a package of proposals to strengthen the European system of financial supervision. The proposals aim to improve the mandates, governance and funding of the three European supervisory authorities and the functioning of the European Systemic Risk Board, which should ensure stronger and more integrated financial supervision across the EU. Key features of the proposal include:
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Warning Notice
On June 22, the Hong Kong Securities and Futures Commission issued a circular to futures brokers on compliance and control issues.
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Power Play
On July 5, Intercontinental Exchange strengthened its position in the European power and gas markets by acquiring full control of Endex, the Amsterdam-based power and gas exchange.
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CCP Recovery and Resolution
European policymakers are working on legislation that will establish a framework for central counterparty recovery and resolution in the European Union.
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