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SBS Standalone protocol launched

ISDA yesterday launched the 2021 Security-based Swaps (SBS) Protocol, aiming to facilitate compliance with the long if not eagerly-awaited SEC SBS rules which largely come into force from 6 October 2021. The Protocol sits alongside the ISDA 2021 SBS Top-Up Protocol published on 15 March 2021. While the top-up protocol amends agreements made by adherents […]

MiFID II- FCA cancels BestEx reporting and rationalises Research Rules

The FCA has issued proposals to partially reverse MiFID II research and best execution requirements. Consultation paper CP 21/9 follows the OJ publication of the EU’s MiFID “Quick Fix”, which went some way to addressing criticism of Research and BestEx rules; the FCA proposals go further, representing a further instance of UK-EU divergence. Best Execution […]

BRRD- the other shoe drops

The BRRD includes broad contractual stay powers enabling EEA Regulators to temporarily:  suspend payment/delivery obligations, restrict the enforcement of security interests and suspend termination rights. Affected financial contracts comprise the majority of English law derivatives, repo and securities lending contracts as well as relevant master agreements. On 22 April 2021 the Commission adopted a delegated […]

Mind the Gap- UK to ditch MiFID 2 STO

The Regulatory gap between the UK and the EU underwent some widening yesterday with the Chancellor’s indication that the UK will drop the share trading obligation (STO) and double volume cap (DVC). The somewhat stealthy announcement formed part of Rishi Sunak’s speech at the opening of UK FinTech Week. The short speech focussed on various […]

(L)IBOR’s long farewell- Japan edition

Japan’s TIBOR administrator (JBATA) has today announced its intention to consult on its intention to discontinue Euroyen TIBOR at the end of December 2024, while continuing to retain JPY TIBOR. As a quick reminder, there are three principal JPY interbank offered rates: JPY LIBOR. FCA jurisdiction. Published at 11.55 a.m. London time. Submitted by a […]

ISDA launches SBS Protocol

ISDA has today launched the 2021 Security-based Swaps (SBS) Top-Up Protocol. The Protocol allows firms that have adhered to either the August 2012 or March 2013 Dodd-Frank protocols to incorporate new SEC rules for SBS. The first registration date, in respect of certain of the new rules is 6 October 2021, SBS dealers must resister […]

UK gets round to IM timetable update

The PRA and FCA yesterday launched a joint consultation on whether to align UK EMIR margin requirements with the rest of the world and continuing market practice. One would hope that if any responses are received by the 19 May 2021 deadline, they would be unanimously supportive. The consultation covers the following aspects: IM phase- […]

LIBOR cessation date set

The FCA has today issued the official death knell for LIBOR. The announcement constitutes an index cessation event under the IBOR Fallbacks Supplement and the ISDA 2020 IBOR Fallbacks Protocol for all 35 LIBOR settings. 5 March 2021 is therefore the date on which the fallback spread adjustment will be fixed. Publication of 26 LIBOR […]

Risk Magazine warns on IM “logjam”

Risk magazine (paywalled) are today reporting that over half of phase 5 IM new entrants may fail to meet custodian deadlines, potentially rendering them unable to trade on the 1 September 2021 deadline. Widely predicted and warned against at the time, a large number of firms took the April 2020 extension as an invitation to […]

MiFID II “Quick Fix”- too late, too little

26 February 2021, the long-awaited MiFID II “Quick” Fix Directive was published in the OJ. The Quick Fix is in response to the CV-19 epidemic and associated disruptions, it is not intended to replace the ongoing full MiFID II review. First proposed as part of the 24 July 2020 Capital Markets Recovery Package, the Quick […]

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