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ESMA finds diversity across Europe in regulators’ contingency measures for financial crisis situations
In December 2009, a mapping exercise was launched in order to provide a better understanding of how national authorities in the financial sector across Europe are equipped to deal with emerging crisis situations and apply contingency measures available to them at national level.
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ESMA consults on updated guidelines on the application of the CRA endorsement regime
In the light of the proposal for amending Regulation (EC) No 1060/2009, ESMA has started the process of issuing and updating the guidelines on the application of the endorsement regime.
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ESMA Work Programme for 2011
There are four broad areas of work streams: 1) TOP priorities (high), 2) technical work streams (med), 3) ESMA Staff work (low) and 4) joint committee work streams.
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ECON chairwomen Sharon Bowles: FX underpins how the world trades
Speaking at the HSBC/AFME FX derivatives conference in Brussels, Sharon Bowles said that at present, only 75% of market participants are signed up to Continuous Linked Settlement, some being reluctant because of cost.
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ECB Opinion on OTC derivatives, central counterparties and trade repositories
The ECB notes that this reform, in general, will have enormous practical consequences for market participants, particularly with regard to operations, risk management and legal documentation.
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EuropeanIssuers’ response to the EC Consultation Paper 'Credit Rating Agencies'
EuropeanIssuers states that the measures designed to prevent another crisis in the financial sector should not impact all corporates, as issuers of corporate bonds companies were not the cause for the crisis and should not be penalised for using the capital markets.
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AFME: FX industry at regulatory crossroads
The Foreign Exchange (FX) event hosted in Brussels on 12 January 2011 by the Association for Financial Markets in Europe (AFME), in conjunction with HSBC, arrived at a critical time for an industry under the regulatory spotlight in Europe and the US.
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CFTC holds ninth open meeting on Dodd-Frank
The Commission approved a proposed rulemaking regarding position limits for derivatives and a proposed rulemaking regarding swap trading relationship documentation requirements for swap dealers and major swap participants.
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ISDA submission on CSA paper on regulation of OTC derivatives regulation in Canada
ISDA asks that the regulators consider the global nature of the markets when drafting derivatives rules so that they do not restrict the ability of Canadian entities from continuing to participate and be competitive in the global derivatives markets.
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FN: In praise of dark pools of liquidity
Xavier Rolet writes that as the debate around MiFID II heats up, there is a certain measure of hostility from many bourses and continental European regulators and politicians towards dark pools – venues which offer pre-trade confidentiality.
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AmCham EU calls for transatlantic consistency in short selling
AmCham EU is concerned that draft legislation could itself have unintended negative consequences, ultimately raising costs for EU governments issuing sovereign debt and for corporate issuers of debt or equity.
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Financial News: Dutch outsider lands top ESMA role
An article in the FN states that London-based traders were left scratching their heads after one of the most important roles in European regulation was given to an outsider from the Netherlands.
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SEC proposes rule for the timely acknowledegment and verification of security-based swap transactions
The Securities and Exchange Commission today voted to propose a rule governing the way in which certain security-based swap transactions are acknowledged and verified by the parties who enter into them.
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CNMV: Proposed reforms to Spain's securities clearing, settlement and registry system
CNMV launches a public consultation on “Proposed reforms to Spain's securities clearing, settlement and registry system”.
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