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ESAs issue letter related to upcoming uncleared margin deadline

The European Supervisory Authorities (ESAs, which comprises ESMA, the EBA and EIOPA) have issued this letter on the topic of the upcoming uncleared margin rule deadline (see here).  The letter  reminds the market that unlike other jurisdictions, the EU does not have the concept of “No action relief”, as in the US. The CFTC issued a partial letter of no action relief on the same rules a few weeks ago. The letter effectively leaves the matter of delayed compliance to the various National Competent Authorities(NCAs) in each member state.

The latest version of The OTC Space’s “Rocket” magazine has just been launched and can found here on The OTC Space web site. It contains many articles on the latest developments and issues around the Uncleared Margin rules.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on energy and commodity regulation. He has more than 20 years of experience in energy and commodity trading, credit, risk and financial technology. He has delivered a series of trading, credit and risk solutions to a wide variety of oil majors, power and gas companies and investment banks. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy 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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