Crucial plenary vote on Emir on July 5 retains suggested amendments to recognise unique nature of FX derivatives, but strips out explicit calls for an exemption
A clear path?
Margin jump risk
Client clearing complexity
Asian countries are concerned about the lack of Dodd-Frank Act CCP exemptions for sovereigns; proliferation of CCPs carries its own risks, say dealers
Deutsche restructures clearing initiatives in response to global regulatory push towards OTC derivatives central clearing
BIS weighs in on CCP central bank liquidity access debate
A clear path?
A clear challenge
In addition to margin requirements, UniCredit's head of corporate and investment banking argues clearing houses might need more capital
Weaker clearing members could be overstretched by a crisis, dealers warn - but LCH.Clearnet and CME differ on the risk of wider access
New authority will conduct cost-benefit analysis to decide which derivatives should be cleared - but G-20 deadline is not negotiable, says Esma chair in first public speech
A wider universe of clearing members could help reduce risk, say buy-side representatives – who add they would consider joining
Legal precedent suggests European Commission might have to determine which contracts should be cleared under new derivatives rules, rather than Esma as originally planned
Under the bar, over the top?
Tested model proves the clear choice in Europe and the US
John van Verre, HSBC's head of global custody at HSBC Securities Services, has told ICFA there has been little impact to its business in Japan following the devastating earthquake and tsunami.
Another central counterparty plans to launch in Europe, starting with zloty-denominated interest rate swaps
Market participants say CFTC proposals should be more detailed, more prescriptive
Increased liquidity in the Spanish market necessitates netting and reduction of counterparty risk, says managing director
Asian regulators are expected to closely follow their peers in the US and Europe in demanding swap execution facilities and over-the-counter derivatives clearing in Asia. This may bolster e-trading for NDFs based on Asian currencies