Central Counterparty (CCP)

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ESMA asks Commission to delay central clearing for small financial counterparties

The European Securities and Markets Authority (ESMA) has published today its final report regarding the amended application of the clearing obligation that financial counterparties with a limited volume of activity in OTC derivatives need to comply with under the European Market Infrastructure Regulation (EMIR). Due to a range of reasons covered in the report, in …

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EBA issues recommendations on the implementation of new counterparty and market risk frameworks

The European Banking Authority (EBA) published today a Report in response to two calls for advice to assist the European Commission in the adoption into European legislation of two new international frameworks proposed by the Basel Committee on Banking Supervision (BCBS): (i) a new standardised framework for counterparty risk (CCR), i.e. the so-called SA-CCR, and …

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FSB discusses current vulnerabilities and priorities for financial markets

The Financial Stability Board (FSB) met in Chengdu today to discuss current vulnerabilities and progress in addressing priority areas and deliverables for the G20 Leaders’ Summit in Hangzhou in September, including: Supporting the full, timely and consistent implementation of post-crisis reforms, while remaining ready to address any material unintended consequences. Addressing new and emerging vulnerabilities …

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ESMA advises on OTC derivatives valuation under UCITS

The European Securities and Markets Authority (ESMA) has published an updated questions and answers document (Q&A) on the application of the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS). The Q&A provides clarification regarding the valuation of centrally cleared OTC derivatives by UCITS management companies. ESMA stated that for OTC financial derivative transactions …

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ESMA advises on OTC derivatives valuation under AIFMD

The European Securities and Markets Authority (ESMA) has published an updated questions and answers document (Q&A) on the application of the Alternative Investment Fund Managers Directive (AIFMD). The updated Q&A clarify that AIFMs cannot rely on the valuation provided by the central counterparty (CCP) for OTC financial derivative transactions that are centrally cleared and subject …

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ESMA consults on proposed central clearing delay for small financial counterparties

The European Securities and Markets Authority (ESMA) has published today a consultation paper proposing to change the phase-in period for central clearing of OTC derivatives applicable to financial counterparties with a limited volume of derivatives activity under the European Market Infrastructure Regulation (EMIR). ESMA proposes to amend EMIR’s Delegated Regulations on the clearing obligation to …

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ESMA updates list of recognised third-country CCPs

The European Securities and Markets Authority (ESMA) has updated today its list of recognised central counter-parties (CCPs) based in third countries. Today’s update concerns the recognition of the US Chicago Mercantile Exchange Inc. (CME). The European Markets Infrastructure Regulation (EMIR) requires third-country CCPs to be recognised by ESMA in order to operate in the European …

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ESMA reports on EU central counter-parties stress test

The European Securities and Markets Authority (ESMA) has published today the results of its first EU-wide stress test exercise regarding Central Counter-parties (CCPs). The exercise is aimed at assessing the resilience and safety of the European CCP sector as well as to identify possible vulnerabilities. The results of the test shows that the system of …

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ESMA announces EU-wide stress tests for CCPs

The European Securities and Markets Authority (ESMA) has announced today the publication of its first EU-wide stress test exercise regarding Central Counter-parties (CCPs) on 29 April 2016. ESMA is mandated to conduct stress tests of CCPs under the European Markets Infrastructure Regulation (EMIR). The stress test assesses the resilience and safety of the European CCP …

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