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Benchmark Regulation
FIA joined with the Global Financial Markets Association and the International Swaps and Derivatives Association in submitting a joint response to a discussion issued by the European Securities and Markets Authority on EU financial benchmarks regulation.
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Avoiding a Fire Sale
On May 3, the Federal Reserve Board proposed a rule intended to enhance the resolvability of large and complex banking organizations by limiting the ability of their counterparties to terminate "qualified financial contracts" such as uncleared derivatives, repos, reverse repos and securities lending and borrowing transactions.
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Algo Trading
The Prudential Regulation Authority has proposed rules to implement the Markets in Financial Instruments Directive II and related provisions for entities under its supervisory jurisdiction, including special provisions related to algorithmic trading. PRA said its proposed rules generally mirror those proposed by the U.K.’s Financial Conduct Authority in December 2015, but reflect PRA’s different regulatory emphasis, namely ensuring the “safety and soundness” of firms it oversees, rather than preventing market abuse or disorderly conduct.
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Position Limits: Hong Kong Considers Hedge Exemption
In an effort to better compete with global markets, Hong Kong's Financial Services Development Council issued a report on Feb. 26 proposing that a hedge exemption be included in Hong Kong's position limit regime.
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Open Access
On April 4, the European Securities and Markets Authority announced that it sees no need to temporarily exempt exchange-traded derivatives from the non-discriminatory access requirements that will come into effect under Markets in Financial Instruments Directive II.
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Malaysia
On March 21, the Securities Commission of Malaysia issued a consultation on a proposed cybersecurity framework for capital markets participants.
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Australia
On April 21, the Australian Federal Government announced its new $230m four-year cybersecurity strategy.
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India
On March 29, the Securities and Exchange Board of India issued a circular setting out the cybersecurity regulatory framework for commodity exchanges.
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Access to America
Taiwan Futures Exchange announced on March 16 that the U.S. Securities and Exchange Commission has issued relief allowing the exchange’s index options, equity options and exchange-traded-fund options to be offered to eligible U.S. broker-dealers and institutions.
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Collateral Protections
FIA is working with several other trade associations to help market participants comply with new disclosure requirements under the EU's Securities Financing Transaction Regulation that will come into force in July.
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