|September 15th, 2009||U.S. CFTC and U.K. FSA Sign New MOU to Enhance Supervision of Cross Border Clearing Organizations
Leaders of the U.S. Commodity Futures Trading Commission (CFTC) and U.K. Financial Services Authority (FSA) yesterday met and signed a new Memorandum of Understanding (MOU) to enhance cooperation and the exchange of information relating to the supervision of cross-border clearing organizations.
The MOU is an important step in ensuring the sound oversight of clearing houses providing services in both the United States and the United Kingdom and will help promote market integrity and appropriate customer protection in the global derivatives markets.
|August 25th, 2009||Liquidity Risk–Regulatory Convergence Unlikely says Response to FSA CP09/13
While welcoming the FSA’s international objectives for standardized reporting and supervision of liquidity risk (Consultation Paper (CP) 09/13), Algorithmics, the leading provider of enterprise risk management systems, recognizes that this will be difficult for regulators to achieve. Algorithmics predicts that for the foreseeable future, institutions operating across regulatory jurisdictions will continue to face different interpretations of funding liquidity risk requirements from regulators.
|August 20th, 2009||Commodity Futures Trading Commission and Financial Services Authority to Enhance Regulatory Cooperation and Cross-Border Surveillance of Oil Markets
U.S. Commodity Futures Trading Commission (CFTC) chairman Gary Gensler and U.K. Financial Services Authority (FSA) chairman Lord Turner today announced that they have agreed on steps to strengthen cross border supervision of energy futures markets. This action builds upon the existing cooperative efforts by the two agencies to address cross border oversight of US and UK energy markets and will enhance the on-going information sharing agreed to in the 2006 CFTC – FSA arrangement on linked contracts.
|April 16th, 2009||FSA Releases Consultative Paper 09/13 for Strengthening Liquidity Standards
Banks told to get on with the hard work of proving that they know their exposure
The FSA has today released Consultative Paper (CP) 09/13 which takes into account comments received in response to the pre-consultation on reporting which was set out in last December’s CP08/22: Strengthening liquidity standards. CP 09/13 sets out the FSA’s proposals for a new liquidity reporting regime, which is part of the proposed overhaul of UK liquidity regulation. The new regime aims to up the ante on the way that liquidity risks are identified, measured, monitored, reported and governed. PJ Di Giammarino, ceo, JWG-IT, the FS think-tank, comments:
|April 14th, 2009||Liquidity Risk ? the top 5 Issues Financial Institutions Should be Thinking About Now for FSA Compliance, says Algorithmics
Algorithmics today outlined the Top 5 issues that banks must think about now to assess their policies, procedures and systems for compliance with the FSA’s new liquidity risk regime, which will be finalized in April. The new rules are planned to be in force by October 2009 leaving banks little time to comply.
In Algorithmics’ view, banks will need to assess their current capabilities, compare them to the FSA’s expected requirements and then assess if they can bridge their liquidity risk gaps before the FSA’s deadline.
Keep up with current regulatory reform activities with this reference guide. Derivsource's Derivatives Regulation Timeline
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