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Author: Isobel Wright, Nora Bullock Hogan Lovells explains how alternative investment funds that enter into derivatives transactions may judge the interaction between Emir and AIFMD The European Market Infrastructure Regulation (Emir) came into force on August 16, 2012, and sets out new requirements, including clearing obligations, risk mitigation techniques for uncleared trades and trade reporting, for all over-the-counter derivatives. The extent to which the new requirements will apply will depend… Read More »

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CMA is a results-oriented professional boutique-consulting firm with a specialized focus in capital markets. Our resources are highly experienced, averaging over 10 years of experience in financial services working at the major financial institutions. CMA resources bring a broad set of tools and market knowledge to firms and situations that need to be addressed with confidence in execution as well as expeditious delivery.     Values and Mission   Clients… Read More »

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By Abigail Moses Jun 23, 2014 12:06 PM ET The International Swaps & Derivatives Association said it was asked to rule whether a clause in credit-default swaps on Argentina has been triggered after the government said it won’t make bond interest payments. Schulte Roth & Zabel LLP, a U.S. law firm, requested the ruling for a “potential repudiation/moratorium event,” according to a letter dated June 20 on ISDA’s website. The… Read More »

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Written by: William Mitting Mifid II plans could force thousands of foreign firms out of Europe Provisions within Mifid II to regulate direct electronic access could result in thousands of non-EU firms ceasing trading on European derivatives markets. The European regulator Esma is currently consulting on the technical standards that will form the basis of the implementation of the Markets in Financial Instruments Directive or Mifid II. Central to the… Read More »

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06.19.2014 Swap dealers are facing new rules for calculating margin for uncleared swaps, i.e., those swaps that are executed and settled bilaterally rather than being centrally cleared. The Basel Committee on Banking Supervision and the International Organization of Securities Commissions have established a December 2015 deadline for national regulators to come up with rules that conform to guidelines issued by BCBS/Iosco in September of last year for calculation of initial… Read More »

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By Simon Johnson, Financial Times Financial shadows are dangerous. Even more dangerous are interactions between poorly understood shadows and essential financial intermediation activities. And most dangerous is when officials and private sector executives encourage a class of transactions that supposedly provide modest risk mitigation, while really building a disguised form of systemic risk on a grand scale. It was not mounting losses at Countrywide, the failure of Lehman Brothers or the… Read More »

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A JWG analysis. MiFID I was all about creating a common set of rules for the single market.  Along the way, it asked regulators to track market abuse.  They duly set up a system of transaction reporting that all feeds into Paris – 70% of it via the UK.  Seven years and millions in fines for poor reporting practices later, the system sort of works for spotting bad behaviour. Then,… Read More »

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Anish Puaar 12 Jun 2014 LCH.Clearnet has become the first UK-based clearing house to receive approval under incoming European derivatives rules, as the region continues to prepare for the introduction of mandatory swap clearing. LCH.Clearnet Limited, the UK arm of the clearing house which is majority-owned by the London Stock Exchange, is the biggest clearer of interest rate swaps globally and becomes the seventh clearing house to receive approval under… Read More »

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Author: Luke Clancy Source: Hedge Funds Review | 12 Jun 2014 Asia-Pacific posited as an attractive location for OTC derivatives as the costs of doing business in the US and Europe begin to mount following regulatory intervention Is Asia-Pacific the new breeding ground for hedge funds? Asia-Pacific-based firms represent approximately 13% of all hedge fund managers tracked by data provider Preqin, although these firms represent less than 4% of total… Read More »

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European regulators are laying the groundwork for a derivatives market that will lead to greater benefits for non-European banks, according to Kim Taylor, president of CME Clearing. Taylor made the commnts at the International Derivatives Expo in London today as EU regulators continue to stall in their authorisation of non-EU clearinghouses. Taylor said that the failure of the European Securities and Markets Authority to approve non-EU clearinghouses as equivalent will… Read More »

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