Brexit

The chief executive of derivatives industry body ISDA has called for more clarity from the European Union over plans to help mitigate the disruptive impact of a no-deal Brexit on derivatives markets.

There has been feverish talk over the past few days that the UK and European Union are close to agreeing a deal to determine the future of the continent’s financial services industry, but that talk is premature: real negotiations likely haven’t even started yet.

Representatives from European Union member states are debating the make-up of a proposed body to supervise clearing houses (CCPs), according to leaked documents seen by GlobalCapital.

EU Commissioner Valdis Dombrovskis on Tuesday moved to reassure derivatives markets that the Commission would enact measures to avoid market disruption to clearing in a hard Brexit scenario.

The European Central Bank is pushing for greater powers over EU-based derivatives clearing houses, according to a leaked ECB presentation obtained by GlobalCapital. The move follows a successful effort by the ECB to gain powers over foreign clearing houses.

The UK Treasury has published a draft statutory instrument that will allow UK authorities to properly oversee UK over-the-counter (OTC) derivatives markets in “any scenario” after the UK leaves the European Union.

London Stock Exchange Group on Friday announced that it would increase its stake in London-based clearing house company LCH Group by up to 15.1%, bringing its holdings to over 80%.

Rostin Behnam, a commissioner at the US Commodity Futures Trading Commission (CFTC) flagged potential issues in the governance and risk management of clearing houses (CCPs) on Tuesday.

The Bank of England, the International Swaps and Derivatives Association and a number of other industry trade bodies from across Europe have piled pressure on the European Union to deal with the risks of a disorderly Brexit for derivatives contracts.

Steven Maijoor, the head of pan-European securities regulator ESMA, on Wednesday called for European firms' continued access to UK clearing houses (CCPs) after Brexit, to address potentially massive disruption to markets.

Everyone with something they don’t know how to sell hitches their cart to the much-abused horse known as blockchain. Now, the UK chancellor is talking the technology up as a potential solution for the Irish border.

The US Commodity Futures Trading Commission (CFTC) on Monday unveiled a much touted white paper on how the organisation's chairman, Christopher Giancarlo, would like to overhaul US oversight of foreign swaps markets.