Derivs - Credit

The chairman of the United States' primary derivatives regulator, Christopher Giancarlo, on Wednesday delivered a stinging rebuke of unilateral rulemaking by the European Union on foreign clearing house supervision, saying that as a “sovereign nation”, the “United States is a rule maker” and not a “ruletaker”.

The International Swaps and Derivatives Association (ISDA) on Wednesday published a protocol that limits the scope of legacy credit default swaps referencing Venezuelan debt to obligations not restricted by recent US sanctions on the country.

Europe needs to upgrade its supervisory regime for clearing houses, the economic and monetary affairs committee of the European Parliament heard this week as it debated a European Commission proposal to relocate powers.

An association of global regulators on Tuesday revealed the results of a survey on the workings of the International Swaps and Derivatives Association (ISDA) determinations committees (DCs), in which market participants demanded more transparency and buy-side participation.

ESMA has published an updated list of third country central counterparties that can offer their services in the European Union, with three Indian institutions joining the list.

The International Swaps and Derivatives Association (ISDA) on Friday revealed that Intercontinental Exchange’s (ICE) benchmarking arm was “unable to reach agreement” with its credit determinations committee members over becoming their new secretary.

The Basel Committee on Banking Supervision (BCBS), which is working to improve the stability of financial markets after the 2008 crisis, on Friday announced it would soften its terms on banks' derivatives liabilities.

Commissioner Brian Quintenz of the US Commodity Futures Trading Commission gave the high frequency trading industry a boost this week in a speech that confirmed the end of a regulatory bugbear for algo traders.

Commissioner Brian Quintenz of the US Commodity Futures Trading Commission gave the high frequency trading industry a boost this week in a speech that also asked questions of the burgeoning cryptocurrency markets.

On Tuesday the European Commission (EC) voiced favour for statute amendments that would increase European Central Bank (ECB) regulatory powers over central counterparties (CCPs).

Interdealer brokerage firm TP ICAP has made a number of hires in its Institutional Services division, the company announced on Wednesday. The division provides advice, sales and execution to clients like institutional asset managers and hedge funds.

The Financial Stability Board (FSB) has laid out what it believes are the critical elements required for the governance in the provision of unique product identifiers (UPI) for the derivatives market.