Derivs - Regulation

The UK Financial Conduct Authority (FCA) on Friday proposed new rules that would permanently restrict or ban the use of certain complex derivatives products by retail customers.

The Council of the European Union has approved its final version of a controversial legislative proposal that seeks to overhaul the bloc’s oversight of clearing houses.

The Bank of England's Financial Policy Committee on Thursday said that recent assurances from the European Commission on derivatives clearing were not enough to alleviate hard-Brexit disruption.

Trade body the Futures Industry Association (FIA) on Tuesday released recommendations on how to shore up clearing house (CCP) risk management processes in the wake of a €114m member default at Nasdaq Clearing in September.

The European Securities and Markets Authority (ESMA) on Friday said that its board of supervisors supported “continued access” to UK clearing houses in a no-deal scenario.

The European Commission, on Tuesday, told UK clearing houses and securities depositories to pre-apply to the European Securities and Markets Authority (ESMA) for recognition, should hard Brexit take place.

Representatives from European Union (EU) member states were debating the role of central banks within the EU on Tuesday, as part of discussions over controversial proposals for a new framework for supervising clearing houses.

European Union governments have pushed back against the European Commission’s proposed changes to the bloc’s financial regulators, opting to roll back the centralisation of power to independent executive boards.

The European Securities and Markets Authority (ESMA) has unveiled regulatory relief for EU counterparties that have non-cleared derivatives agreements with UK entities. The measures aim to help alleviate increased costs that may kick in due to a no-deal Brexit.

BNP Paribas has told between 80 and 90 London-based people in its global markets division that they may need to relocate to the EU in the event of a hard Brexit.

The chief executive of derivatives industry body ISDA has called for more clarity from the European Union over plans to help mitigate the disruptive impact of a no-deal Brexit on derivatives markets.

Representatives from European Union member states are debating the make-up of a proposed body to supervise clearing houses (CCPs), according to leaked documents seen by GlobalCapital.