Głowacki Law Firm

Financial Market
Derivatives reporting - the ECC approach for backloading
Saturday, 30 November 2013 12:47


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.


Types and effects of client segregation under EMIR
Friday, 23 August 2013 08:19


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.


ESMA's trouble with ETDs' reporting
Monday, 12 August 2013 05:59


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


Clearing thresholds under EMIR - certain trades counted threefold
Wednesday, 07 August 2013 12:45


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.



Concerns regarding allocation of responsibility when calculating clearing thresholds under EMIR
Saturday, 23 March 2013 14:54


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.


Intragroup transactions when calculating clearing thresholds under EMIR
Friday, 22 March 2013 12:04


Intragroup transactions when calculating clearing thresholds are counted twice.


Emission OTC derivatives pricing: the differences between NFCs+ and NFCs-
Monday, 18 March 2013 06:48


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.


Several days left to arrange for EMIR procedures
Wednesday, 06 March 2013 20:29


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.


Should the non-financials bother with EMIR? Some remarks on EMIR RTS
Tuesday, 12 February 2013 11:20



Short overview of basic requirements in view of the urgent need to implement operational and risk-management procedural changes.



MiFID II emission allowances position reporting – important regulatory changes
Tuesday, 04 December 2012 21:05


For the purposes of MiFID II reporting, operators with compliance obligations under Directive 2003/87/EC are categorised as a distinct group of traders within a broader spectrum of members, participants (and clients) of the regulated markets, MTFs or OTFs.


MiFID II emission allowances position limits – threefold means of regulatory influence
Saturday, 01 December 2012 12:42


It is interesting that the architecture envisioned has, in its primary form, a decentralised character i.e. the respective decisions on the introduction of positions limits are to be taken at the level of the trading venue. It is to be borne in mind that pursuant to MiFID II legislative design the above developments will also be relevant for commodity derivatives as well as  emission allowances and derivatives thereof. Market strategies mustn’t neglect that fact.


Obligation to trade on regulated markets, MTFs or OTFs – new element of the emission market financial infrastructure
Friday, 16 November 2012 13:16


MiFIR (Markets in Financial Instruments Regulation) will for the first time require certain derivatives contracts – those that are both cleared through a central counterparty (CCP) and deemed sufficiently liquid – to trade on a ‘trading venue’.


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