Derivs - Regulation

A 14-strong group of trade associations have co-authored a letter asking the European Commission to grant UK central counterparties (CCPs) urgent extensions to their temporary equivalence determinations.

The European Securities and Markets Authority has issued technical advice for the European Commission on the treatment of third-country central counterparties (TC-CCPs).

The US Commodity Futures Trading Commission on Friday ordered Wells Fargo to pay over $14m for its conduct involving a FX forward contract and compliance failures.

The European Union’s finance ministries are nearing a deal on the draft legal text for central clearing counterparty (CCP) resolution. But they still disagree on the use of CCPs’ own funds in a recovery scenario, as well as on voting rights for smaller states in a resolution college.

The US Commodity Futures Trading Commission has slapped Tower Research with a record $67.4m fine for spoofing in the equity futures market.

The US Commodity Futures Trading Commission this week approved foreign boards of trade applications (FBOT) from European derivatives exchanges despite opposition from commissioner Brian Quintenz.

Euroclear Finland will join European securities settlement platform TARGET2-Securities in 2022, in time to also lock into the European Collateral Management System.

The US Commodity Futures Trading Commission is setting up a new subcommittee in a bid to resolve concerns around margin requirements for non-cleared swaps.

The European Securities and Markets Authority (ESMA) has called for improvement in national regulators’ supervision of derivatives data.

The Financial Stability Board’s (FSB) annual progress report, published on Tuesday, shows that during the last year there has been little progress in implementing agreed G20 reforms to over-the-counter (OTC) derivatives.

The UK’s Financial Conduct Authority has fined interdealer broker Tullet Prebon £15.4m over various alleged failings, including broker conduct. The FCA claimed “lavish entertainment” and a “lack of controls” had allowed improper trading to take place.

Antagonism between the United Kingdom and European Union in Brexit negotiations is making interest rate and credit swap market fragmentation more likely by the day, as market participants in both jurisdictions solidify backup plans to trade on US swap execution facilities (SEFs).