Over-the-counter derivatives
Banque de France devotes 17th Financial Stability Review to OTC regulation
Biggest players in international financial regulation contribute to French central bank's compendium of the latest thinking on OTC derivatives regulation
Finance ministers warn US on extraterritoriality
Letter to US Treasury secretary says OTC rules should be applied within national borders only. Signatories include French, German, UK finance ministers
Financial Stability Board demands faster OTC reform
FSB reveals that every one of its members missed the G-20 deadline for reforming OTC derivative markets; urges “rapid progress” in 2013
Central banks weigh use of OTC clearing houses
Survey finds nearly 40% of central banks are considering clearing their OTC derivatives
CFTC's O'Malia: No progress on Sef rules in past two weeks
Mid-April next window for vote, but no reason for optimism, says CFTC commissioner
Liquidity fears temper uncleared margin proposals
Rules see two-way posting of initial margin, but apply threshold of €50 million in counterparty risk
FSB endorses South African reform efforts
First peer review under new guidelines praises South African plans for ‘twin peaks’ regulators and tighter OTC derivatives rules; implementation still presents obstacles
OCC denies swaps push-out protection to non-US banks
Foreign banks have until July to push out derivatives activities after OCC guidance repeats Dodd-Frank drafting mistake
Asic to consult on trade repositories in first quarter 2013
The Australian securities regulator is looking to consult on its trade repository plans at the end of the first quarter, with an eye to implementing the regime later in the year
Dealers seek second business conduct reprieve from CFTC
Less than 1% of OTC derivatives counterparties are ready to trade under new business conduct regime. Non-compliant firms may be frozen out of the market, banks warn
Riksbank evaluates OTC derivatives market ahead of new rules
Members of the Riksbank’s financial stability department examine how participants in the OTC derivatives market are preparing for new European rules on risk management and transparency
Korea to start mandatory clearing in October 2013
Legislative hold-up means Korea OTC derivatives clearing will be delayed
RBI’s Sharma laments failure of derivatives markets in India
The interest rate swaps, credit default swaps and interest rate futures markets have all failed to take off as hedging markets in India, likely due to onerous regulation, says RBI executive director
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
Local trade repositories are necessary, say HKMA’s Lee
The benefits of local trade repositories outweigh the possible disadvantages of multiple reporting requirements, says executive director of HKMA’s financial infrastructure unit
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
RBA assistant governor discusses impact of OTC repository licensing
Malcolm Edey considers how a licensing regime for trade repositories in OTC markets in Australia will impact the RBA; central banks to focus on market-monitoring, advisory and oversight
CFTC’s clearing timeline prompts backloading 'meltdown'
A re-reading of the CFTC's phase-in rules for central clearing is prompting alarm among buy- and sell-side firms
BoE review estimates OTC margin requirements could hit $800bn
Bank of England review models the effect of OTC reforms on margin requirements; anticipates slow adaptation
Japan seeks changes to Dodd-Frank extraterritoriality on swaps
The Japanese authorities have asked their US counterpart to reconsider extraterritorial rules on swaps and defer regulation of cross-border over-the-counter derivatives regulation for at least a year
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