Uncategorized

EMIR: ESMA recommends June 2023 start date for clearing obligation for pension funds

11 February in Uncategorized

ESMA has recently written to the EU Commission providing its views and recommendations on the clearing obligation for pension scheme arrangements (PSA). Following its assessment, ESMA has concluded that PSAs are operationally ready to clear their over the counter (OTC) derivatives but they should be given...

EFAMA – EFSA Joint Statement on EU Commission proposal for revised Market in Financial Instrument Regulation (MiFIR)

17 December in Uncategorized

EFAMA and EFSA  see great value in the creation of a consolidated tape to support Europe’s capital markets. However, they qualify that statement with a reminder that the framework for a successful consolidated tape should i) address the known market failure around market data costs, ii) manage...

EC McGuinness – opening remarks with ECON Committee in the EU Parliament

09 December in Uncategorized

Some key messages delivered by Commissioner McGuinness, on CMU, Central Clearing post-Brexit and Digital Finance Full text (and other topics) Capital Markets Union Last week’s CMU package implements a number of the measures in the 2020 Action Plan. We have four main elements. First, the European single access point...

SFDR-Sustainable Finance Disclosure Regulation reporting – pushed back to Jan 2023

09 December in Uncategorized

The EU SFDR reporting is pushed back to 2023. The European Commission said in a letter to the European Parliament and Council that it is postponing the next phase of reporting under the Sustainable Finance Disclosure Regulation until 1 January 2023, the second delay in implementation...

Euronext to cut ties with LCH and move clearing to Italian CCP following merger.

17 November in Uncategorized

From Thetradenews.com: Euronext to cut ties with LCH and move clearing to Italian CCP following merger Earliest date for derivatives clearing deal to end is 2024 under the 10-year deal signed in 2017, as LCH shrugs off impact of the break-up on its business. By Jonathan Watkins. Euronext’s...

ESMA consults on the review of the Short Selling Regulation

29 September in Uncategorized

ESMA recently issued a consultation paper on the review of the Short Selling Regulation (SSR). In the consultation paper ESMA conducts a systematic review of the provisions of the SSR. Among other things ESMA sets out suggestions for operational improvements and policy clarifications on: The calculation of net...

MIFID best execution reports: ESMA consultation

29 September in Uncategorized

ESMA recently issued a consultation paper setting out proposals for improvements to the MiFID II framework on best execution reports. Article 27 of MiFID II sets out best execution requirements which aim at ensuring that investment firms take all sufficient steps to obtain, when executing client orders, the...