Financial Market
MiFID II finally settled - EU ETS installations' operators exempted
Tuesday, 18 March 2014 20:51

 

A specific exemption for operators with compliance obligations under the EU ETS Directive has been inserted in MiFID II compromised text of February 2014.


To remain exempted the said operators, however, mustn't provide any investment services or apply a high frequency algorithmic trading technique.

 

There is also a separate exemption for dealing on own account or providing other investment services in emission allowances as an ancillary activity, but in this case an annual notification to the financial authority is required.

 

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EMIR - procedural strategy for clearing and collateral intra-group exemptions
Wednesday, 05 March 2014 21:25

 

Company's groupings qualifying as non-financial counterparties currently below the clearing threshold under EMIR Regulation, considering clearing and collateral exemptions for intra-group transactions as valuable alternative for their businesses, may face a dilemma whether to make the appropriate submissions to relevant authorities for exemption only the grouping crosses the threshold value or immediately initiate this procedure for future potential use.

 

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EMIR: TRN and UTI
Wednesday, 05 March 2014 09:33

 

There is no requirement to ensure that the TRN reported under EMIR has the same value as the Transaction Reference Number reported under MiFID.

 

EMIR contains also a requirement to assign a Unique Trade Identifier (UTI) which is unique but the issues how it should be generated or by whom are not specified legally.

 

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EMIR reporting compliance strategy - delegated reporting
Wednesday, 19 February 2014 10:46

 

When it comes to EMIR reporting compliance strategy the fundamental choice for market participants is whether to report derivatives themselves or to delegate reporting to their counterparty or another service provider.

 

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Derivatives reporting - the ECC approach for backloading
Saturday, 30 November 2013 13:47

  

On 12th February 2014 derivatives market participants are required to be fully prepared to backload existing trades. Practical arrangements enabling this elaborate operation are just being worked out by clearing houses.

 

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Types and effects of client segregation under EMIR
Friday, 23 August 2013 09:19

 

Where a clearing member desires to use its own assets (i.e. assets that were not posted by a client of the clearing member) to fulfil the margin requirements of the client account, then such assets could be recorded in a client account at a CCP, however in doing so the assets would be treated as assets held for the account of clients of the clearing member. This would mean that upon a default of the clearing member, the assets would be exposed to losses connected to the client account in which the assets were recorded and could no longer be used to meet any losses on the defaulted clearing member's house account(s).

 

This interpretation has been acknowledged by ESMA in regulatory guidance.

 

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ESMA's trouble with ETDs' reporting
Monday, 12 August 2013 06:59

 

Deadlines for EMIR reporting for exchange-traded derivatives (ETDs) will likely be extended by 1 January 2015.

 

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Clearing thresholds under EMIR - certain trades counted threefold
Wednesday, 07 August 2013 13:45

 

Generally, a group of companies is often perceived by legislators and judicature as a single economic unit. The case is also present under EMIR rules, where for instance, to establish whether a subsidiary has crossed a clearing threshold, transactions of the entire group must be counted.

 

On the other hand, when a group - as a single economic unit - buys emission permits in the carbon market, the value of transaction is - for EMIR clearing threshold calculations - 300% of the trade.

 

It is evident that the monitoring of the EMIR requirements by non-financials mustn't consist in the verification of the clearing threshold levels only, but needs to be supported by sophisticated procedures and IT tools.

 

 

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Concerns regarding allocation of responsibility when calculating clearing thresholds under EMIR
Saturday, 23 March 2013 15:54

 

Among potential compliance concerns regarding EMIR and particularly the issue of clearing thresholds is the question how the counterparty trading with the non-financial counterparty (NFC) is going to be made aware that the NFC has or has not yet exceeded the clearing threshold and how the responsibility for breaching the respective restrictions is shared.

 

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Intragroup transactions when calculating clearing thresholds under EMIR
Friday, 22 March 2013 13:04

 

Intragroup transactions when calculating clearing thresholds are counted twice.


 

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Emission OTC derivatives pricing: the differences between NFCs+ and NFCs-
Monday, 18 March 2013 07:48

 

Emissions derivatives market participants are required under the EMIR rules to calculate whether they cross the clearing threshold. The status of being below the relevant threshold should effect for these counterparties in more favourable pricing of the respective products.

 

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Several days left to arrange for EMIR procedures
Wednesday, 06 March 2013 21:29

 

Regulatory (RTS) and Implementing (ITS) Technical Standards on EMIR (European Commission Regulations No 148/2013 – 153/2013 of 19 December 2012) have been formally published (OJ L 52, 23.2.2013), which means that the relevant time-limits for implementation start running.

 

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