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What LEIs beneath: Will navigating the short term costs of the global identifier reap long term savings?
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11 Nov
2013

What LEIs beneath: Will navigating the short term costs of the global identifier reap long term savings?

By Professor Alistair Milne, Loughborough University Anyone involved with the trade repository reporting for OTC derivatives will be aware of the LEI or “legal entity identifier”. Others may have heard about it, but as yet it is unlikely to be impinging on day-to-day responsibilities.  Still it is worth paying some attention to the LEI, because Read More

24 Oct
2013

An update on the EU Data Protection Regulations

By Bird & Bird LLP This is an update from Bird & Bird on the progress of the EU Data Protection Regulation.  The original document can be found here: EU Data Protection Regulation: one step forward After months of discussion, the LIBE Committee of the European Parliament voted on compromise amendments to the draft, General Data Read More

19 Sep
2013

EULIBOR: EU unveils benchmark intervention powers

By: Conor Foley & Anna Sedzik.  This memo summarises key provisions of the draft proposal for a Regulation of the European Parliament and of the Council on indices used as benchmarks (IBR) and next steps in the legislative review process.1 1. Key point summary (1) If adopted, the proposed legislation would apply to all benchmarks that are Read More

05 Sep
2013

Time to review your money market strategy?

  • 5th September 2013
  • RegTechFS

By: Conor Foley & Umar Ahmed.  New EC proposals raise risks for fund managers and investors relying on EU Money Markets. Overview This memo summarises key provisions of the Commission proposal for a Regulation of the European Parliament and of the Council on money market funds (MMFR) and next steps in the legislative review process.1 1. Key Read More

19 Aug
2013

EMIR’s burning question: How risky are OTC derivatives CCPs?

  • 19th August 2013
  • RegTechFS

By Dr David Murphy No financial institution likes to remind its clients that it might fail, so it is no surprise that OTC derivatives clearing houses don’t heavily advertise their risks.  But they are risky.  A clearing house could fail in at least three different ways: 1) One or more clearing members could default, and Read More

12 Aug
2013

The next generation: CCP waterfalls and mutuality

by Dr David Murphy. The key protection which CCPs have against counterparty credit risk is their default waterfall.  They take margin from clearing members and their clients, and default fund contributions from clearing members, and use these amounts as a bulwark against losses should a clearing member default. The different levels in the default waterfall Read More

25 Feb
2013

Kill ’em all: Let the broker sort them out!

The English High Court handed down an important judgement last year relating to its duties when exercising close-out powers granted to it pursuant to a clearing agreement. The outcome of the case is important to remember as discussions progress in terms of which entities owe what duties in maintaining a “fair and orderly” market, which Read More