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MiFID II set to expand op risk remit?
10 Sep

MiFID II set to expand op risk remit?

In our previous articles we’ve explored the expanding requirements for robust systems and risk controls under MiFID II, the nature of proportionality as it relates to algorithmic trading and the new accountability implications for senior managers. This article, written by Meredith Gibson, Head of Legal Risk, Santander UK plc and Helen Pykhova, Director, The Op Read More

26 Mar

Clear(ing) and present danger: Nasdaq OMX’s EMIR CCP authorisation

JWG analysis. Last week, Nasdaq OMX became the first infrastructure provider to be authorised as a Central Counterparty (CCP) under the European Markets Infrastructure Regulation (EMIR).  The decision sent waves of mild panic rippling through the OTC markets, putting the focus back on an issue that was already predicted to pose problems for European banks Read More

27 Feb

ESMA publishes 3rd country CCP list

  • 27th February 2014
  • RegTechFS

JWG analysis. ESMA has published an updated list of non-EEA central counterparties (CCPs) that have applied for recognition under Article 25 of EMIR. ESMA has taken care to note that the list is not exhaustive and only includes applicants that have agreed to have their name mentioned. Those CCPs that pass the approval process will be permitted Read More

12 Aug

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

12 Mar

The broad brush: Should FMIs be subject to bank-like RRPs?

Since ‘too big to fail’ changed its name to ‘systemically important’, regulators have been eager to show that they are ready and willing to resolve unviable banks.  Part of this approach has been to champion the virtues of financial market infrastructures (FMIs) such as clearing houses (CCPs), central securities depositories (CSDs) and payment systems.  However, Read More