Central counterparty (CCP)
New rules designed to kill OTC market, says European regulator
Central Bank of Ireland adviser says reforms will cause an 'Ice Age' in the derivatives market
CCP model secrecy is ‘wrong and unjustifiable’, says BoE official
Central counterparties should be required to make details of their models public, says the Bank of England’s payments and infrastructure division head
EU clearing mandates unlikely before August 2013
The first clearing mandates are unlikely to be in place in Europe before August 2013, says Bank of England’s head of payments and infrastructure division
FSB finds OTC derivatives reforms riddled with gaps
Progress report shows market infrastructure is ready to meet G-20 commitments for OTC derivatives reform but many jurisdictions are still some way from implementing legislation
CCP structure increases systemic risk, says IMF economist
The likely increase in the number of central counterparties will create more 'pockets of risk', says senior economist
Korea to miss OTC clearing deadline
It is ‘highly unlikely’ Korea will meet the deadline to start clearing OTC derivatives by January 1, 2013, due to legislative delays, according to market participants
Australian CCP cannot delay margin application any further, says RBA
Reserve Bank of Australia says ASX Clear’s deadline for the implementation of equity margins has been extended but cannot be pushed back any further
New report calls for CCP resolution regime
Centre for the Study of Financial Innovation report recommends resolution regime for 'risky' central counterparty clearings
RBA issues new market infrastructure proposals
Australian central bank unveils latest proposals to meet CPSS-Iosco principles for financial market infrastructures; says additional detail provides for ‘greater legal certainty’
RBA payments manager discusses challenge of Basel III deadline
Reserve Bank of Australia’s Mark Chambers says countries are struggling to implement Basel III framework in time; highlights obstacles facing Australian policy-makers in introducing regulations
BoE’s Tucker says bail-ins part of too-big-to-fail solution
Paul Tucker says bail-ins are an ‘important topic’ for policy-makers trying to address the issue of ‘too-big-to-fail’ banks; hints others are considering similar options
Asia CCPs unlikely to fully comply with Iosco before end-of-2012 deadline
New levels of complexity and ongoing regulatory framework discussions mean full compliance with Iosco’s new principles is unlikely before the January 1, 2013 deadline
BoJ’s Shirakawa urges cautious acceptance of financial innovation
Masaaki Shirakawa says innovative use of futures trading could create benefits for the wider economy; says this must be carefully controlled by implementation of Basel III rules
Basel Committee releases interim rules for CCP capital requirements
Interim rules update Basel II capital requirements framework for banks exposed to central counterparties; rules may still be adjusted as other elements of Basel III are finalised
Regulators set out margining proposals for OTC derivatives
Consultative report details planned margining requirements for non-centrally cleared derivatives; presents seven principles for determining margins
NY Fed's Dudley fears CCP capital 'cliff effect'
Supervisors should ensure the capital regime for cleared trades avoids a sudden leap in risk weights, says New York Fed president
Gensler confident clearing location requirements will not be imposed
Regulators are unlikely to insist local currency OTC derivatives trades be cleared domestically, says CFTC chair Gary Gensler
Esma under pressure on Emir implementation
A public hearing on Emir draft technical standards has left market participants concerned regarding both the implementation time frame and the asset classes covered by trade repositories and CCPs
Bank of Canada paper studies central counterparties in repo markets
New Bank of Canada discussion paper looks into impact central counterparties have on a model of a repo market; finds stabilising elements
BIS working paper studies collateral requirements
Research estimates collateral requirements for mandatory central clearing of over-the-counter derivatives; finds major dealers already have ample assets to meet initial margin requirements
Czech central bank concerned over Esma's power
National supervisors should be responsible for their domestic institutions, says Czech National Bank
Change to Japan clearing mandate ends LCH-JSCC talks
A decision to limit the scope of Japan's clearing mandate has torpedoed months of partnership talks between LCH.Clearnet and the Japan Securities Clearing Corporation
ECB threatens to stop trading swaps with US counterparties
ECB invokes US legal amendment providing it with broad immunities and says it might stop using US dealers unless granted exemptions from Dodd-Frank Act rules
BoE's Tucker: weak CCP recovery plans risk mayhem
Panellists at an EC conference in Brussels warn CCPs have made little progress on detailed survival plans - leaving the system exposed, according to Bank of England deputy governor