Regulatory bodies on both sides of the Atlantic have been busy this week with major news coming from the European Commission and the CFTC as well as ESMA.
The European Commission and CFTC issued statements announcing both have reached a a joint understanding on the measures used to approach cross-border derivatives. The announcements offer more details (see here) and below are some good articles offering analysis of this announcement.
Separately, in a press release ESMA announced a new discussion paper with the aim of preparing regulatory technical standards (RTS) that will be used to support mandatory CCP clearing of OTC derivatives under EMIR. The consultation paper will aim to help ESMA determine the classes of OTC derivatives to be cleared centrally but also what the phase-in time frame may be. More details via press release here.
Finally, Deloitte published a great regulatory paper on Thursday that I think is definitely worth a read for my DerivSource members. This paper, called ‘CFTC and EU OTC derivatives regulation – An outcomes-based comparison’ is a great read.
Below are some links to some commentary on the topics. Feel free to share comments or additional resources.
