Derivs - Credit

The Wholesale Market Brokers' Association on Wednesday announced that it had changed its name to the European Venues and Intermediaries Association, to better represent the market infrastructure its members operate.

The standoff on international securities identification numbers (ISINs) between derivatives trading platforms and the Derivatives Service Bureau (DSB) has been partly resolved, but resentment is still strong about how this part of the Markets in Financial Instruments Directive has been implemented.

This year was widely touted by many – including yours truly – as the year of political risk. As we now know, it didn’t turn out that way. Emmanuel Macron fought off the challenge of the National Front, Mark Rutte was re-elected as Dutch Prime Minister and Italy didn’t hold yet another general election. CDS spreads duly recovered and look set to end 2017 close to multi-year tights.

The end of pension scheme arrangements’ (PSAs) clearing exemption is approaching, but European Union institutions and market participants are still forcefully debating whether to grant another rollover — and what a permanent solution will look like.

Eurex, the Deutsche Boerse-owned derivatives exchange, had technical issues on Wednesday morning, with users unable to start trading products at their normal 8am start.

The European Commission’s formal recognition of US derivative trading platforms this week had been in the pipeline for some time. But at a time of so much global friction, it was welcome good news.

Crédit Agricole has added to the momentum in systematic internaliser sign up, joining other banks in registering as one well ahead of a 2018 deadline.

European regulators gave cross-border derivatives traders a long-awaited relief this week when they formally recognised some US derivatives platforms’ eligibility for the trading obligation, which obliges over-the-counter trading in liquid derivatives to migrate onto trading venues.

Here in the UK there is no end of doom and gloom about Brexit and the state of the economy. One could be forgiven for approaching the end of 2017 in a bleak mood, writes Gavan Nolan.

Discussions between European member states over the supervision of foreign clearing houses have prompted potential changes to European Commission legislation that would strengthen the role of central banks and the ESRB, according to a leaked document seen by GlobalCapital.

The Bank of England’s Financial Policy Committee on Tuesday called for UK and EU legislation to guarantee cross-border derivatives contracts, estimating that £26tr worth of uncleared derivatives could be affected by the fallout of Brexit.

Moscow Exchange (MOEX) on Monday expressed its intention to be recognised as a third-country trading venue under the Markets in Financial Instruments Directive II (MiFID II), listing some of the steps it has taken to become compliant.