ESMA Adds Second-Level Reporting Validation – International Financing Review
The European Securities & Markets Authority has introduced an additional layer of validation requirements for registered trade repositories to ensure the completeness of data submitted on swap transactions under the European Markets Infrastructure Regulation.
CFTC Commissioners Get Behind SEF Reforms – The Trade
US regulatory Commissioners have backed new plans for swap execution facilities aiming to breathe life into the electronic trading platforms. In a bid to fine-tune the rules, Commodity Futures Trading Commission (CFTC) chairman Timothy Massad has announced steps to “improve the operational aspects of SEF trading”. Part of the change includes a no-action relief that will streamline the process for correcting erroneous trades, while the chairman also said the commission plans to eliminate the requirement to report confirmation data for intended-to-be cleared swaps.
Banks Struggle to Make Strategy Calls as Rules Pile Up – Risk Magazine (subscription)
Overlapping rules are making it difficult for banks to work out what businesses they want to be in, and how to price their products and services, dealers complained at last week’s annual meeting of the International Swaps and Derivatives Association. The new rules often interact, which can magnify or mitigate the impact of any action, they said.
Despite Doubters, Swaps Group ISDA Touts Central Role in Market Reform – Reuters
When Scott O’Malia, chief executive officer of the International Swaps and Derivatives Association, took the stage at the trade group’s 30th annual general meeting this week, he explained the strength of ISDA as “in a word, relevance.” To maintain relevance, however, the association needs to adapt to market reforms that in some ways may make ISDA less likely to hold sway.