Blog - Archive for Jun 2014

25 - Jun - 2014

The Future: Margining uncleared derivatives

Article for Butterworths Journal of International Banking and Financial Law - December 2013 - Antony Bryceson

In September, the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) released the final framework (“Framework”) for margin requirements for non-centrally cleared derivatives. The Framework is designed to provide guidance to regulators in implementing G-20 commitments for uncleared derivatives margin requirements.

25 - Jun - 2014

Clearing OTC derivatives: the Dodd-Frank Act and the new EU Regulation

Article for PLC Cross-border Capital Markets Handbook 2011

The European Commission’s proposal for a new EU regulation (titled the European Market Infrastructure Regulation) on OTC derivatives, central counterparties and trade repositories (EU Regulation) was published on 15 September 2010, precisely two years
after the commencement of the Lehman Brothers bankruptcy.

25 - Jun - 2014

Cleaning up from 2008 - Preparing for OTC derivatives clearing

Regulatory Background

The recent financial crisis, culminating in the insolvency of Lehman Brothers in 2008, highlighted risks within the over-the-counter (OTC) derivative markets, in particular in relation to counterparty credit risk and lack of transparency. Reforms initiated by the Group of 20 leading nations in September 2009 to push ‘standardised’ OTC derivatives into clearinghouses are now being implemented following the passing of the Dodd-Frank Act in the United States and the proposed European Union regulation on OTC derivatives, central counterparties and trade repositories.

25 - Jun - 2014

Shadow banking risks in securities lending and repos

Article for Butterworths Journal of International Banking and Financial Law - January 2014 - Antony Bryceson

On 29 August 2013, the Financial Stability Board (FSB) published its policy recommendations in its paper “Policy Framework for Addressing Shadow Banking Risks in Securities Lending and Repos” concerning strengthening oversight and regulation of shadow banking activities in the securities lending and repo markets (“repo” being shorthand to describe a “repurchase transaction”) (the “Recommendations”).