EMIR

ESMA signs Memorandum of Understanding with the Indonesia Financial Services Authority and recognises PT Kliring Penjaminan Efek Indonesia as Tier 1 CCP

Retrieved on: 
Thursday, November 9, 2023
TC, European Securities and Markets Authority, European Commission, CCP, Memorandum of understanding, Civil service commission, Adoption, European Market Infrastructure Regulation, EMIR, Financial Services Authority (Indonesia), Article 25, ESMA, Korea, Security (finance), Drug, EU

ESMA signs Memorandum of Understanding with the Indonesia Financial Services Authority and recognises PT Kliring Penjaminan Efek Indonesia as Tier 1 CCP

Key Points: 
  • ESMA signs Memorandum of Understanding with the Indonesia Financial Services Authority and recognises PT Kliring Penjaminan Efek Indonesia as Tier 1 CCP
    The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has signed a Memorandum of Understanding (MoU) with the Indonesia Financial Services Authority and updated its list of recognised third-country central counterparties (TC CCPs) under the European Markets Infrastructure Regulation (EMIR).
  • On 19 October 2023, ESMA recognised PT Kliring Penjaminan Efek Indonesia (KPEI) as a Tier 1 CCP under Article 25 of the European Market Infrastructure Regulation (EMIR).
  • The recognition of PT Kliring Penjaminan Efek Indonesia as a third country CCP follows the adoption of an equivalence decision regarding the regulatory framework for central counterparties in Indonesia with EMIR requirements on 8 June 2022.
  • ESMA and the Indonesia Financial Services Authority signed a Memorandum of Understanding (MoU) on 30 September 2023.

ICE Announces Successful Transition of Credit Default Swap Open Interest from ICE Clear Europe

Retrieved on: 
Monday, October 30, 2023
Professional Services, Data Management, Data Analytics, Technology, Finance, Fintech, Banking, ICE Clear Credit, NYSE, CDS, Intercontinental Exchange, CFTC, Risk management, Risk, Intercontinental, ICE, EMIR, House, ESMA, Bank, Security (finance), Index

Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced it has completed the cessation of credit default swap (CDS) clearing at ICE Clear Europe.

Key Points: 
  • Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced it has completed the cessation of credit default swap (CDS) clearing at ICE Clear Europe.
  • ICE Clear Europe announced in June 2022 that it would cease offering clearing services for CDS instruments and work with Clearing Members and their Clients to close-out their positions at ICE Clear Europe and re-establish over $400 billion of open interest at alternate clearing houses.
  • “As the majority of ICE Clear Europe's open interest has been re-established at ICE Clear Credit, I would like to welcome our new customers,” said Stan Ivanov, President of ICE Clear Credit.
  • “Choosing ICE Clear Credit provides access to the most widely used, most diversified and most capital efficient CDS clearing services.

ESMA consults on possible changes to annual fees for Tier 1 Third country central counterparties

Retrieved on: 
Tuesday, October 17, 2023
Introduction, European Securities and Markets Authority, EUR, TC, European Parliament, European Commission, OJ, Council, Introduction of the Bundesliga, European Market Infrastructure Regulation, European, Delegate, EMIR, Tier 1, Civil service commission, Market, ESMA, Property management, Fine chemical, EU

ESMA consults on possible changes to annual fees for Tier 1 Third country central counterparties

Key Points: 
  • ESMA consults on possible changes to annual fees for Tier 1 Third country central counterparties
    The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today launches a public consultation on the revision of the Delegated Regulation regarding fees charged to Tier 1 third country central counterparties (CCPs) under the European Market Infrastructure Regulation (EMIR).
  • - Introduction of a basic minimum annual fee of EUR 50,000 per Tier 1 TC-CCP, and a maximum annual fee of EUR 250,000.
  • ESMA’s proposals aim to ensure that the annual fees charged to Tier 1 third country central counterparties (TC-CCPs) are more proportionate and accurately reflect the differences in size and activity across all Tier 1 TC-CCPs.
  • The feedback received will feed into ESMA’s Technical Advice to the European Commission on changes to the Delegated Regulation on fees charged to third country CCPs[1].

ESMA Work Programme 2024: focus on digital change and the green transition

Retrieved on: 
Thursday, September 28, 2023
Investment fund, Communication, National, Directive, Commission, DORA, European Securities and Markets Authority, ESAP, European Market Infrastructure Regulation, Information, Parliament, Alternative Investment Fund Managers Directive 2011, CSDR, Mica, Civil List Act 1979, Information and communications technology, European, UCITS, Undertakings for Collective Investment in Transferable Securities Directive 2009, ESMA, EMIR, Property management, Cryptocurrency, Management, EU

ESMA Work Programme 2024: focus on digital change and the green transition

Key Points: 
  • ESMA Work Programme 2024: focus on digital change and the green transition
    The European Securities and Markets Authority (ESMA), the EU’s financial market regulator and supervisor, today publishes its work programme for 2024.
  • By fostering effective regulation and supervision of the European capital markets, ESMA contributes to addressing the challenges faced by the EU and its citizens.
  • Verena Ross, Chair of ESMA, said:
    “The implementation of a number of significant legislative projects will shape ESMA’s work and responsibilities in 2024.
  • In the digital finance area ESMA will conclude the work on technical standards and guidelines in relation to the MiCA regulation and the Digital Operational Resilience Act (DORA).

EBA publishes validation requirements on initial margin models

Retrieved on: 
Friday, July 7, 2023
RTS, European Insurance and Occupational Pensions Authority, European Market Infrastructure Regulation, European Banking Authority, Financial Services and Markets Authority (Belgium), Civil service commission, Opinion, BCBS, European Securities and Markets Authority, Article, EBA, IM, Committee of Wise Men on the Regulation of European Securities Markets, European, Basel Committee on Banking Supervision, OTC, Bank, Compliance, International Organization (journal), International Organization of Securities Commissions, EMIR, Securities commission, European Commission, IOSCO, Cryptocurrency, Medical device, EU

06 July 2023

Key Points: 
  • 06 July 2023
    The European Banking Authority (EBA) published today its final draft Regulatory Technical Standards (RTS) on Initial Margin Model Validation (IMMV) under the European Markets Infrastructure Regulation (EMIR).
  • These draft RTS set out the supervisory procedures to ensure the prudent use of initial margin models for OTC derivatives.
  • The requirements set out in the RTS envisage a phased-in implementation of the supervisory requirements to ensure a smooth model validation process.
  • Jointly with the RTS, the EBA published an Opinion on IMMV, calling on co-legislators and the European Commission to consider the establishment of a centralised validation function at the EBA to ease the coordination issues linked to the validation of IM models that have industry-wide application.

ESMA launches Fifth Stress Test Exercise for Central Counterparties

Retrieved on: 
Friday, June 2, 2023
European Market Infrastructure Regulation, European Systemic Risk Board, ESRB, Exercise, EMIR, Central counterparty clearing

launched its fifth Stress Test Exercise for Central Counterparties (CCPs) under the European Markets Infrastructure Regulation (EMIR). The CCP Stress Test framework is complemented by an adverse market scenario provided by the European Systemic Risk Board (ESRB).

Key Points: 

launched its fifth Stress Test Exercise for Central Counterparties (CCPs) under the European Markets Infrastructure Regulation (EMIR). The CCP Stress Test framework is complemented by an adverse market scenario provided by the European Systemic Risk Board (ESRB).
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ESMA recognises four new Third Country CCPs

Retrieved on: 
Tuesday, May 2, 2023
CCIL, Securities and Exchange Board of India, European Securities and Markets Authority, Tel Aviv Stock Exchange, RBI, Clearing Corporation, Financial Supervisory Commission (Taiwan), Reserve Bank of India, ICCL, SEBI, European Market Infrastructure Regulation, International Financial Services Centre, Superintendencia Financiera de Colombia, Securities Commission Malaysia, NSE, IICC, Securities commission, Microsoft, Reserve Bank, Associated Provincial Picture Houses Ltd v Wednesbury Corp, Security (finance), EMIR, Israel Securities Authority, TC, Financial adviser, Management, Limited, ESMA

ESMA recognises four new Third Country CCPs

Key Points: 
  • ESMA recognises four new Third Country CCPs
    The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has recognised four additional third country CCPs (TC-CCPs) under Article 25 of the European Market Infrastructure Regulation (EMIR), bringing the total number of TC-CCPs recognised by ESMA to 39.
  • The newly recognised TC-CCPs are:
    - Bursa Malaysia Derivatives Clearing Berhad (Malaysia);
    - Taiwan Futures Exchange Corporation (Taiwan);
    - Cámara de Riesgo Central de Contraparte de Colombia S.A. (Colombia); and
    - Tel-Aviv Stock Exchange Clearing House Ltd (Israel).
  • ESMA now has 25 cooperation arrangements for TC-CCP supervision with supervisory authorities from 20 third countries.
  • ESMA has updated its list of recognised third-country central counterparties (TC CCPs) accordingly.

Morgan Stanley First Quarter 2023 Earnings Results

Retrieved on: 
Wednesday, April 19, 2023
Banking, Professional Services, Finance, Central Registry of Securitisation Asset Reconstruction and Security Interest, European Central Bank, European Market Infrastructure Regulation, DRSP, Authorization, European Securities and Markets Authority, Use, Wild Arms, ESRB, SFTR, Central bank, Quality, Roaming Regulation 2022, TRS, European Systemic Risk Board, ECB, Apas, ESMA, EMIR, Trade Repository, Risk management, Cryptocurrency, Medical device, Property management, EU, Markets in Financial Instruments Directive 2014

ESMA finds data quality significantly improves under new monitoring approach

Key Points: 

<span class="field field--name-title field--type-string field--label-hidden">ESMA finds data quality significantly improves under new monitoring approach </span>
<span class="field field--name-uid field--type-entity-reference field--label-hidden"><span>iris.hude@esma…</span></span>
<span class="field field--name-created field--type-created field--label-hidden">19 April 2023</span>

  &lt;div class=&quot;field field--name-field-news-section field--type-entity-reference field--label-hidden field__items&quot;&gt;
          &lt;div class=&quot;field__item&quot;&gt;&lt;a href=&quot;https://www.esma.europa.eu/press-news/esma-news?tid%5B0%5D=6206&quot; hreflang=&quot;en&quot;&gt;Market data&lt;/a&gt;&lt;/div&gt;
      &lt;/div&gt;

        &lt;div class=&quot;clearfix text-formatted field field--name-field-news-introduction field--type-text-long field--label-hidden field__item&quot;&gt;&lt;p&gt;The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published the &lt;a href=&quot;https://www.esma.europa.eu/sites/default/files/2023-04/ESMA74-427-719_2022_Report_on_Quality_and_Use_of_Transaction_Data.pdf&quot;&gt;third edition of its Data Quality Report&lt;/a&gt; under the European Markets Infrastructure Regulation (EMIR) and the Securitised Financing Transactions Regulation (SFTR) reporting regimes. &lt;/p&gt;

</div>

        &lt;div class=&quot;clearfix text-formatted field field--name-field-news-body field--type-text-long field--label-hidden field__item&quot;&gt;&lt;p&gt;The report highlights the increased use of transaction data by EU financial regulatory authorities in their day-to-day supervision and identifies significant quality improvements following a new approach to data monitoring. In addition, it sets out how ESMA, together with the National Competent Authorities (NCAs), the European Central Bank (ECB) and the European Systemic Risk Board (ESRB), has incorporated key insights from its data monitoring in several internal workstreams. &lt;/p&gt;

<p>The new framework, adopted in 2022, takes a more data-driven and outcome-focused approach to data monitoring and to collaborating with the NCAs on data quality issues under EMIR and SFTR. </p>
<p>Specifically, it consists of two new elements: </p>
<ul><li>a centralised data quality dashboard with EU-wide indicators covering the most fundamental data quality aspects under EMIR;</li>
<li>a data sharing framework that enables relevant authorities to follow up with counterparties when potentially significant data quality issues are detected  </li>
</ul><p>New this year is the analysis of MiFiR transaction data from Authorized Reporting Mechanisms (ARMs) and Approved Publication Arrangements (APAs), following on from ESMA’s new supervisory powers over Data Reporting Services Providers (DRSPs).  </p>
<p>The methodology underlying the new approach is based on ESMA’s long-standing experience as supervisor of Trade Repositories (TRs) under EMIR and SFTR.</p>
<h4>Next steps   </h4>
<p>ESMA and the NCAs will continue to work on extending the new monitoring framework beyond EMIR and SFTR in 2023.  </p>
<p>Continued collaboration with NCAs and stakeholders such as Repositories, DRSPs and reporting entities is crucial to achieving further improvements to data quality under the relevant reporting regimes.</p>
<p> </p>
<p>Further information:</p>
<h6>Sarah Edwards</h6>
<p>Senior Communications Officer<br />
@ <a href="mailto:[email protected]">press@esma.europa.eu</a></p>
</div>

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        &lt;div class=&quot;field field--name-field-document-reference field--type-string field--label-hidden field__item&quot;&gt;ESMA74-427-719&lt;/div&gt;

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<a href="https://www.esma.europa.eu/document/2022-report-quality-and-use-transact... rel="bookmark"><span class="field field--name-title field--type-string field--label-hidden">2022 Report on Quality and Use of Transaction Data</span>
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<a href="https://www.esma.europa.eu/sites/default/files/2023-04/ESMA74-427-719_20... rel="bookmark" download=""></a>
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        &lt;div class=&quot;field field--name-field-news-hearing field--type-entity-reference field--label-hidden field__item&quot;&gt;&lt;a href=&quot;https://www.esma.europa.eu/press-news/hearings/webinar-2022-esma-data-quality-report&quot; hreflang=&quot;en&quot;&gt;Webinar on the 2022 ESMA Data Quality Report&lt;/a&gt;&lt;/div&gt;

ESMA finds data quality significantly improves under new monitoring approach

Retrieved on: 
Wednesday, April 19, 2023
Central Registry of Securitisation Asset Reconstruction and Security Interest, European Central Bank, European Market Infrastructure Regulation, National, DRSP, Authorization, Repository, Wild Arms, ESRB, SFTR, European Securities and Markets Authority, Central bank, TRS, European Systemic Risk Board, ECB, Apas, ESMA, EMIR, Trade Repository, Risk management, Cryptocurrency, Medical device, Property management, EU, Markets in Financial Instruments Directive 2014

ESMA finds data quality significantly improves under new monitoring approach

Key Points: 
  • ESMA finds data quality significantly improves under new monitoring approach
    The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published the third edition of its Data Quality Report under the European Markets Infrastructure Regulation (EMIR) and the Securitised Financing Transactions Regulation (SFTR) reporting regimes.
  • The report highlights the increased use of transaction data by EU financial regulatory authorities in their day-to-day supervision and identifies significant quality improvements following a new approach to data monitoring.
  • The new framework, adopted in 2022, takes a more data-driven and outcome-focused approach to data monitoring and to collaborating with the NCAs on data quality issues under EMIR and SFTR.
  • Specifically, it consists of two new elements:
    - a centralised data quality dashboard with EU-wide indicators covering the most fundamental data quality aspects under EMIR;
    - a data sharing framework that enables relevant authorities to follow up with counterparties when potentially significant data quality issues are detected
    New this year is the analysis of MiFiR transaction data from Authorized Reporting Mechanisms (ARMs) and Approved Publication Arrangements (APAs), following on from ESMA’s new supervisory powers over Data Reporting Services Providers (DRSPs).

Cboe Clear Europe Receives Permanent Recognition as a non-UK Central Counterparty

Retrieved on: 
Thursday, January 12, 2023
Chicago, Bank, Participation, Cboe Global Markets, CCP, De Nederlandsche Bank, EMIR, CCPS, European Market Infrastructure Regulation, CBOE, Interim, Security (finance), Brexit, EU

AMSTERDAM and LONDON, Jan. 12, 2023 /PRNewswire/ -- Cboe Global Markets Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today announced that Cboe Clear Europe, its Amsterdam-based clearing house, has received permanent recognition by the Bank of England to operate as a central counterparty (CCP) in the UK.

Key Points: 
  • AMSTERDAM and LONDON, Jan. 12, 2023 /PRNewswire/ -- Cboe Global Markets Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today announced that Cboe Clear Europe, its Amsterdam-based clearing house, has received permanent recognition by the Bank of England to operate as a central counterparty (CCP) in the UK.
  • Arnoud Siegmann, Interim President and Chief Operating Officer, Cboe Clear Europe, said: "We are delighted to announce the removal of Brexit uncertainty for UK-based clearing members and UK trading venues that wish to continue to access Cboe Clear Europe and benefit from its services on a permanent basis.
  • Cboe Clear Europe, which is an EU-authorised CCP under the European Market Infrastructure Regulation (EMIR), is the first non-UK CCP to achieve permanent recognition by the Bank of England.
  • Cboe Clear Europe operates as an independent subsidiary of the Cboe group, retaining a separate governance structure and management team.