Sometimes it’s tough being average

Back in March the CME Group postponed the effective date of amendments to Rule 553 (“Average Price System”) until July 2, 2018 to allow sufficient time for affected Exchange Clearing Member Firms and CME Clearing to make the necessary changes to implement the rule. CME Rule 553 permits a clearing member firm to calculate an average price for trades via its own internally... Read More

El mañana is here

Last week I was in the beautiful city of Madrid, where besides analysing the impact of upcoming MiFID II regulation, I’ve been catching up on the Spanish Market Reforms. The upcoming changes, aka La Reforma, promise to align the Spanish market with European peers and improve competitiveness. Spain’s clearing, settlement and registry system overhaul is being tackled in 2 phases,... Read More

Ready, set, go!

France’s AMF has published a brief statement spelling out the implications of EMIR entering into force in two days’ time. In terms of timelines these are the most important dates: August 16th, 2012 – EMIR enters into force September 30th, 2012 – deadline for ESMA to transmit EMIR technical standards to the European Commission July 1st, 2013 – Earliest possible... Read More

Are we still fighting for a truly integrated Pan-European market?

The harmonisation and consolidation of European markets was truly a hugely successful project for European financial markets within the last few years. We enjoyed massive innovation, growth and new opportunities. Think about it, without MiFID, Chi-X, BATS, European Multilateral Clearing Facility (EMCF), and the Fragulator we would still have to pay ridiculous high exchange fees... Read More

Down with opacity and shady deals!

Following the MiFID II roadmap a significant milestone was reached in Brussels last week with the final text of EMIR (European Market Infrastructure Regulation) agreed on 9th February. After 2 years of European Parliament debate this will bring to an end “the era of opacity and shady deals”, according to Michel Bernier the EU commissioner! EMIR is one part of the history-making... Read More

EU shorting rules and global liquidity pools

Lately, ESMA seems to have become more and more of a paper producing monster. One of the latest products from ESMA is a consultation paper on short selling. November 2012 will see the arrival of stricter regulations on short selling. Now ESMA must decide on the technical implementation standards and has issued this consultation paper with a closing date of 13th February. This extremely... Read More

Third-country confusion!

Reported last week on FT.com, a coalition of trade associations has commissioned lawyers to study the viability of a mutual recognition regime between the EU and US regulators. This is to clarify ‘third-country’ requirements in EMIR (European Market Infrastructure Regulation – reforms for OTC derivatives) and MiFID II regarding financial services businesses in... Read More

SEC Large Trader Reporting Rule

Many thanks to Jess Haberman in our New York office for this summary of the SEC Large Trader Reporting rule: In July 2011 US Securities and Exchange (the SEC) Commissioners unanimously approved the Large Trader Reporting rule; the aim is to “… promptly and efficiently identify significant market participants and collect data on their trading activity so that we can reconstruct... Read More

Clearing the way forward

If you haven’t yet had the chance to do so, check out the July issue of FragINSIGHT. It provides a very good overview of interoperability of clearing services, whetting one’s appetite to find out why everyone is talking about interoperability in Europe. I also invite you to read Steve Grob’s blog in which he asks “Is it time for smart clearing?”. The European... Read More

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