Category Archives: Update

Chair and Independent Members of the CCP Supervisory Committee formally appointed at ESMA

Following our previous regulatory update which was released on the 25th August, 2020, the European Securities and Markets Authority (ESMA), the EU’s securities markets regulator; has now officially appointed Klaus Löber as Chair of the CCP Supervisory Committee and Nicoletta Giusto and Froukelien Wendt as Independent Members. The public statement released last Wednesday 23rd September […]

ISDA discusses the impact of the derivatives trading obligation and characterisation of OTC derivatives in the EU and UK

The International Swaps and Derivatives Association (ISDA), has released a paper outlining the impact that Brexit may have on the derivatives industry should the EU and UK not recognise the equivalence of each other’s derivatives trading venues after the transition period ends later this year. To ensure minimal impact of the UK’s withdrawal from the […]

FSB extends implementation timelines for securities financing transactions

The Financial Stability Board (FSB) announced on the 7th September additional guidance to the regulatory framework for haircuts on non-centrally cleared securities financing transactions (SFTs). Specifically, extensions to the implementation timelines were added to the original report via Annex 3 and 4, to ease operational burdens on market participants and authorities, and thereby assist them […]

Resilience of European CCPs further confirmed by Fire Drill Tests in BCP mode

The European Association of CCP Clearing Houses (EACH) released a statement on the 8th September informing the successful results of their Fire Drill Tests in Business Continuity Planning (BCP) mode, conducted across 16 European CCPs during the second quarter of 2020. Fire Drill Tests usually test the operational readiness of the CCP’s staff, procedures, IT […]

Trends, Risks and Vulnerabilities report released by ESMA, highlights the resilience of CCPs with limited procyclicality affects to the market

The second report in a series titled, “Trends, Risks and Vulnerabilities” (TRV) was released by the European Securities and Markets Authority (ESMA); the EU’s securities markets regulator, on 2nd September 2020. The report provides a detailed analysis of the impact that COVID-19 has had on the financial markets throughout the first two quarters of 2020 […]