Welcome to the spring 2012 issue of Custody Risk
Preparing for liability
A public hearing on Emir draft technical standards earlier this week leaves market participants with ongoing concerns over asset-class specifics and implementation time frame
Counterparties will have to post variation margin on uncleared trades – but questions remain over which firms will have to post and collect initial margin
Juggling across jurisdictions
Esma under pressure
Regulators must adopt a calibrated approach to mandated collateral so that short-dated FX swaps and forwards are not caught up in the rules unnecessarily, argue market participants
Esma has published a discussion paper on new clearing rules just five days after the high-level text was agreed - but a quick start and a three-month deadline extension might not be enough
Esma could take key risk management decisions out of the hands of CCPs, according to new discussion paper on the technical standards required by European clearing rules
Delays in the adoption of Europe's new clearing rules have eaten into the time Esma has to meet its June 30 rule-writing deadline
Under the microscope
Has the popularity of exchange-traded funds turned them into the new regulatory whipping boys?
Esma under pressure
National supervisors should be responsible for their domestic institutions, says Czech National Bank
European Securities and Markets Authority reveals its long-awaited consultation paper on Ucits exchange-traded funds
Remit continues to pose problems, as energy firms look for clarity on how to meet the requirements
Supervisors should not be able to force clearing houses to accept certain classes of OTC derivative, says FOA's Belchambers
Report by Treasury Select Committee reviews plans for new agency's role in European regulatory decisions
As the ETF industry awaits Esma's proposed changes, participants continue to insist on their increased transparency and the need to move the debate forward
European Commission delays Prospectus Directive amendments and juggles with signature requirement
Cutting out the middleware?
Voice in the wilderness?
Recent events at UBS have prompted one industry expert to call for a specific rogue-trading regulation