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Dodd Frank, EMIR, Mifid

FSB report on the progress of derivatives reform

See here for a report from the Financial Stability Board on the progress of OTC derivatives reforms across the world. The report looks at the state of regulatory initiatives since the 2009 G20 Pittsburgh Summit, which triggered new rule sets across the globe to further regulate the derivatives market. Such rules include Dodd Frank, EMIR and others. The report categorises the changes as follows:

  • Trade Reporting
  • Central Clearing
  • Capital
  • Margin
  • Platform Trading

If you look at progress in the EU, the first three categories are progressing well, with the others on the way (via the uncleared margin rules and parts of MiFID II). However, many in the energy and commodities industries may find that the applicability of the first three categories increases if they lose their exemptions under MiFID II.

Other regimes around the world are making various degrees of progress. However the lack of harmonisation across jurisdictions is a cause of concern and will no doubt lead to further adjustments.

A summary of the report has also been written here by Bill Hodgson on The OTC Space.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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