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Dodd Frank, EMIR, FinFrag, Mifid

IOSCO finds satisfactory progress in rules implementation

On Monday, the International Organisation of Securities Commissions (IOSCO) published this report, providing the results of the latest survey run across different global jurisdictions on the implementation of the ” Principles for the Regulation
and Supervision of Commodity Derivatives Markets”, a document published here in September 2011.

This third version of the survey published shows significant progress in implementation. The accompanying cover note, found here, notes this, and suggests that the original task set out by the G20 is now complete. The principles themselves are also listed. This article on the Norton Rose Fulbright web site draws attention to other points of interest.

IOSCO also published this report on Monday, on “Incentives to centrally
clear over-the-counter (OTC) derivatives.” . The accompanying press release, found here, summarises that while the reforms are going in the right direction, comply broadly with the original G20 principles, and incentivise clearing for certain parties, this is not the case for smaller entities. Page 34 has a brief section on the incentive experienced in certain commodity derivatives. Many market participants in energy and commodities will be less effected by these changes, due to their “Non Financial Counterparty under the clearing threshold” status (NFC-).

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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