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Market Infrastructure
EU Benchmark Regulation – Not Just a European Problem
By Gregory Campbell | 29/01/2019
APAC benchmark administrators hoping to retain or grow their user base in the EU must take action now to gain approval before 2020, say PwC’s Gregory Campbell and Daniela Bunea.
Big Picture
ISDA Lays Out CCP Best Practices Following Nasdaq Default
By Garima Chitkara | 25/01/2019
Clearinghouses should consider multiple risk factors in determining exposure and put more of its own capital on the line to manage defaults before dipping into the member default fund.
Capital / Liquidity
Basel Regulators Consider 2020 Initial Margin Relief
By Manesh Samtani | 21/01/2019
Although it is still unclear which of the proposals will be adopted, the industry sees the data as so compelling that regulators will recognise the need for some form of relief.
Market Infrastructure
ISDA Releases Final Report on Benchmark Fallbacks Consultation
By Editors | 24/12/2018
ISDA will proceed to develop fallbacks based on the ‘compounded setting in arrears rate’ and the ‘historical mean/median approach to the spread adjustment’.
Market Infrastructure
European Commission Drafts Decision on UK Clearinghouse Equivalence
By Manesh Samtani | 13/12/2018
The European Commission’s draft provides the legal means to grant UK clearinghouses equivalence rights in the EU for 12 months in a no-deal Brexit scenario.
Market Infrastructure
Industry Bodies Seek Clarity on Temporary Recognition of UK CCPs
By Manesh Samtani | 10/12/2018
ISDA, FIA, AFME and ICMA have written to the European Commission asking for greater clarity on proposed temporary equivalence and recognition of UK-based CCPs in a no-deal Brexit.
Market Infrastructure
ISDA Releases Preliminary Results on Benchmark Fallbacks Consultation
By Garima Chitkara | 28/11/2018
ISDA will likely look to the ‘compounded setting in arrears rate’ and the ‘historical mean/median approach’ to spread adjustment for RFRs that will replace discontinued IBORs.
Capital / Liquidity
APRA Extends Timeline for Capital Reforms to Align with Basel III
By Editors | 27/11/2018
APRA will align capital reforms with Basel III timelines, effectively pushing implementation to 1 January 2022. It has also adjusted the leverage ratio in response to consultative feedback.
Big Picture
Industry Bodies Call for Extended Benchmarks Regulation Transition Period
By Manesh Samtani | 22/11/2018
ISDA, FIA, GFMA and EMTA have jointly published a briefing advocating an extension of the Benchmark Regulation transition period for critical and non-critical benchmarks.
Market Infrastructure
FSB Issues Progress Report on Interest Rate Benchmark Reform
By Manesh Samtani | 15/11/2018
The FSB notes progress to strengthen major IBORs and identify RFRs and other alternative reference rates, highlighting actions taken in Australia, Hong Kong and Singapore.
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