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Summer reading

May 25th, 2012 | Posted by Bauke Vriesema in Central Clearing - (0 Comments)

May 25 2012 – At the ICMA Conference in Milan, Verena Ross, Executive Director of ESMA, announced your vacation reading for this summer (see her speech here). In order to be ready with drafting the EMIR Technical Standards (Level 2 regulation) by Sep. 30th, consultation of the draft standards will have to take place this summer. …
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Feb 10 2012 – To prevent another financial crisis as caused by the Lehman default in 2008 the G20 leaders decided that central clearing of OTC derivatives would be (a substantial part of) the route to reduce systemic risk. So in 2009, in Pittsburgh, they ordained that all ‘standard’ OTC derivatives would need to be …
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Dec 29 2011 – Increased costs, higher liquidity risk, concentration of all transactions with only a handful parties, increased operational risk, and a whole bunch of yet unwritten rules (of sometimes questionable quality) which could make things worse (as even confirmed by the BIS in one of their recent publications). Can anybody still in favor …
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Sep 7 2011 – The latest draft of the EMIR text , issued by current Polish presidency of the EU council last week, continuous to recognize the special status of pension funds. Well, actually of any arrangement intended to provide income after retirement. Such arrangements will be exempt from the clearing obligation, as putting up …
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Aug 5 2011 – How to prepare for something which has not been fully defined yet? Clearing Clearing for OTC derivatives will come, despite the challenge creating the detailed rules has proven to be. In the US, the first year aniversary of the Dodd-Frank act is coming up (with lots of things left to define, …
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Jul 10 2011 – Much press attention has been given to financial institutions vamping up their collateral management processes. As risk awareness has grown since Lehman, buy side companies are realizing that their collateral management process is becoming increasingly key to their counterparty risk management. But how much should you invest in upgrading your collateral …
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May 10 2011 – The discussion on whether FX derivatives should be exempt from a central clearing obligation is still ongoing, but the presentation of a Notice of Proposed Determination (NPD) by the US Treasury on April 29th (see  the press release) has brought the discussion a step forward. The contents of the NPD must …
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April 18 2011 – The EMIR directive – and specifically Central Clearing – is not beneficial for those parties holding long term derivatives. In the Central Clearing model, the CCP will require parties to post initial margin – something which generally isn’t needed under current bilateral ISDA/CSA arrangements. Though the height of the initial margin …
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Mar 1 2011 – Yesterday Mr. Werner Langen kicked off the next round of finalizing the new European legislation to regulate derivative trading by presenting his draft report to the EU’s Economics Affairs Committee (see press release). In his presentation, Langen expressed his desire to keep the scope of the legislation restricted to OTC derivatives …
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