Depository Trust & Clearing Corporation (DTCC) and Euroclear have announced the creation of a joint venture that will leverage both companies’ expertise, technology and franchises, focusing on collateral processing. The newly-created company, DTCC-Euroclear Global Collateral Ltd, will be domiciled in the United Kingdom, and its operations are subject to regulatory approvals.
As securities lending CCPs gain momentum, a critical feature, perhaps the most important feature at this point, is their ability to accept beneficial owners as direct participants without having to post margin or contribute to the default fund. Read the full SFM article.
The 2014 ISDA Credit Derivatives Definitions are an updated and revised version of the 2003 ISDA Credit Derivatives. The Countdown to their go-live on 22nd September had begun. http://www2.isda.org/asset-classes/credit-derivatives/2014-isda-credit-derivatives-definitions/
The Federation of Stock Exchanges (FESE) has warned that the regulatory plan to exempt equity OTC derivatives from clearing may have the unintended negative consequence of pushing those trades into unregulated markets. http://www.quantocius.com/2014/08/otc-clearing-rules-may-push-trades-unregulated-markets/
The Joint Administrators of Lehman Brothers International (Europe) (“LBIE”) and the Trustees of the Lehman Brothers Pension Scheme (the “Scheme”) are pleased to announce that they have reached an agreement on the funding of the Scheme deficit. http://pwc.blogs.com/press_room/2014/08/lehman-brothers-pension-scheme-funding-agreement-announced.html
ESMA has added CCP.A, based in Austria, to its list of registered CCPs under (EMIR). EMIR requires EU-based CCPs to be registered and non-EU CCPs to be recognised in the European Union (EU). http://www.esma.europa.eu/system/files/ccps_authorised_under_emir_0.pdf
ESMA has published the official translations of its guidelines on reporting obligations for AIFMD The publication triggers a period of two months within which member state competent authorities subject to these guidelines have to notify ESMA of their compliance position. http://www.esma.europa.eu/content/Guidelines-reporting-obligations-under-Articles-33d-and-241-2-and-4-AIFMD-0