Events listed in European Markets Infrastructure Regulation (EMIR)
ESMA finds natural gas futures markets functioned appropriately during the August ...
ID 25464
ESMA conducted a study on the behavior of European natural gas futures markets during the price surge in August 2022. This surge in prices was triggered by the Russian invasion of Ukraine, which introduced geopolitical uncertainty and disrupted the supply of Russian natural gas to Europe. The study’s key findings indicate that despite the record-high prices, the markets continued to function appropriately. CCP margins, ...
ESMA extends temporary CCP collateral emergency measures by six months
ID 25336
ESMA has published draft RTS to extend the temporary emergency measures related to collateral requirements for CCPs for a period of six months. These measures allow for the expansion of eligible collateral to include uncollateralized bank guarantees for non-financial clearing members and public guarantees for all types of counterparties. The extension aims to prevent potential disruption during the upcoming cold season, which can impact ...
ESRB response to ESMA’s final report on extending emergency measures on CCP ...
ID 25187
The European Systemic Risk Board (ESRB) has responded to the European Securities and Markets Authority’s (ESMA) final report on extending emergency measures related to central counterparty (CCP) collateral requirements. Please note in this context that the final report has NOT been officially published by ESMA (yet) for public viewing. The proposal for extension follows a corresponding final report in 2022 in which the ESMA ...
Geef pensioenfondsen vrije keuze bij keuze centrale tegenpartij
ID 24880
The Dutch Federation of Pension Funds, along with several other European organizations representing derivatives users and clearing service providers, has expressed concern about the European Commission’s proposal for an „active account“ requirement under the European Market Infrastructure Regulation (EMIR 3.0). This requirement **would oblige all market participants to maintain active accounts with EU central counterparties (CCPs) for clearing a portion of c ...
BaFin wendet neue ESMA-Leitlinien zu Nichtausfallereignissen bei zentralen ...
ID 24442
Die BaFin hat angekündigt, die im Juni 2023 von der ESMA veröffentlichten Leitlinien zu Nichtausfallereignissen bei zentralen Gegenparteien (CCP) in in ihre Aufsichtspraxis zu übernehmen. Diese Maßnahme konzentriert sich speziell auf die Bedingungen, unter denen temporäre Beschränkungen bei einem bedeutenden Nichtausfallereignis auferlegt werden können. Ein Nichtausfallereignis bezieht sich auf Situationen, in denen einer CCP Verluste durch Umstände auftreten, die nicht direk ...
Redressement et résolution des chambres de compensation : l’AMF applique les ...
ID 24420
The AMF updates its doctrine with a new position DOC-2023-06 implementing ESMA guidelines ESMA91-372-1704, ESMA91-372-1700 & ESMA91-372-2070 on temporary restrictions, early intervention measures and the circumstances under which a central counterparty is failing or likely to fail in accordance with the Regulation relating to central counterparties’ recovery and resolution. Published on 1st and 2nd June 2023, **these 3 guidelines aim to ensure consistent and ...
Buy-side experts worried that mandatory active accounts for EU clearing could ...
ID 23938
EFAMA organized a webinar featuring prominent buy-side clearing experts who discussed EFAMA’s analysis on mandated active accounts for EU clearing (eventid=21774). Buy-side experts are expressing worries about the potential risks associated with mandatory active accounts for EU clearing. They argue that such a requirement could actually increase systemic risks rather than reduce them. They further argue for organic growth of EU CCPs and attracting ...
EMIR 3.0: Detailed views on active accounts
ID 23764
EFAMA published a detailed analysis of the proposed active accounts in EMIR 3.0 by the EC. It discusses the potential impacts of active accounts on clearing markets, focusing on financial stability risks, costs to end investors, organic growth on Eurex, measures to enhance EU CCP attractiveness, expansion of ESMA’s supervisory toolbox, and EFAMA’s recommendations on Euroclearing reform. In terms of financial stability risks, the ...
[ESMA91-372-1704 ] Guidelines further specifying the circumstances for temporary ...
ID 23546
ESMA published the “Guidelines further specifying the circumstances for temporary restrictions in the case of a significant non-default event in accordance with Article 45a of EMIR“. The guidelines apply to competent authorities designated under EMIR and provide guidance on the actions that the competent authority may require a CCP to refrain from undertaking for a specified period, not exceeding five years. These actions include ...
ESMA finds data quality significantly improves under new monitoring approach
ID 22853
ESMA has released its third edition of the Data Quality Report under the EMIR and SFTR reporting regimes. The report highlights significant quality improvements in transaction data following a new approach to data monitoring that takes a more data-driven and outcome-focused approach, as well as setting out how ESMA has incorporated key insights from its data monitoring in several internal workstreams. The new framework, ...