Equivalence for trading venues is unlikely and rather surprisingly the way the DTO will be implemented is probably the wrong way, says Robert Ophèle @AMF_actu
ISDA Wed 02 Dec 2020 16:31

We close the event with a keynote address from Robert Ophèle, chairman @AMF_actu @ISDAConferences
ISDA Wed 02 Dec 2020 16:26

At @AutoriteitFM we have always been proponents of a consolidated tape but it’s such a large enterprise and you shouldn't do it all at once. The correct order would be to start with more liquid, equity like instruments and derivatives would come later, says AFM’s Bas Dommerholt
ISDA Wed 02 Dec 2020 16:16

In derivatives, we have gone from having no transparency to having transparency under MIFID II. Like anything there will always be teething problems and things we can improve on, but it’s certainly been a good beginning, says Jamie Brigstock @Citi @ISDAConferences
ISDA Wed 02 Dec 2020 15:56

The final panel will focus on the review of the MIFID II and MIFIR framework, exploring what’s working well and what needs to change, with Jamie Brigstock @Citi, Bas Dommerholt @AutoriteitFM, and @s_yoncourtin @ISDAConferences
ISDA Wed 02 Dec 2020 15:36

The targeted review of BMR continues a trend from previous amendments where almost all of the issues we wanted addressed are not addressed and some new issues creep in, but the extension of the third-country regime is welcome, says David Henry Doyle @SPGlobal @ISDAConferences
ISDA Wed 02 Dec 2020 15:31

The main issue with the endorsement route for third-country benchmarks is the process is extremely laborious. We encountered problems and were surprised by the limitations and complexity involved. This is a major hurdle for benchmark providers, says David Henry Doyle @SPGlobal
ISDA Wed 02 Dec 2020 15:21

At the time the BMR was introduced, there was a clear expectation that other jurisdictions would introduce similar rules on benchmarks but that has not really happened, says Anna Grainger @MorganStanley @ISDAConferences
ISDA Wed 02 Dec 2020 15:06

The EU Benchmarks Regulation was designed to protect European investors and users of benchmarks and the third-country regime was designed to keep a level playing field with non-European benchmarks, says Anna Grainger @MorganStanley
ISDA Wed 02 Dec 2020 15:06

The next panel takes a deep dive into the EU Benchmarks Regulation and the key issues being discussed during the review process, with David Henry Doyle @SPGlobal, Anna Grainger @MorganStanley and Marjolein de Jong @ING_news
ISDA Wed 02 Dec 2020 14:51

It’s fine recommending that trades coming out of compression are exempted from clearing but we need to remember the reason why we introduced the clearing obligation. If there is an exemption it must not increase systemic risk, we will look at this very closely, says Gilles Hervé
ISDA Wed 02 Dec 2020 14:46

We need to keep a balance between what we are trying to achieve through the clearing obligation and what we are traying to achieve through post-trade risk reduction, says Gilles Hervé @EU_Commission
ISDA Wed 02 Dec 2020 14:46

We expect the industry to list the technical problems and find solutions to these technical problems. This is the last 18 months of temporary equivalence for UK CCPs, so we are ready to listen and work with the industry, says Gilles Hervé @EU_Commission @ISDAConferences
ISDA Wed 02 Dec 2020 14:26

The EU equivalence decision on CCPs makes it really explicit that the industry is expected to reduce its exposure to UK CCPs, so now we want the industry to take the initiative and address the technical problems, says Gilles Hervé @EU_Commission
ISDA Wed 02 Dec 2020 14:26

We hear the challenges on the derivatives trading obligation but we intend to stick to the line we took two years ago and that ESMA repeated in its recent statement, says Gilles Hervé @EU_Commission @ISDAConferences
ISDA Wed 02 Dec 2020 14:16

We knew Brexit would have consequences on financial markets. The idea is to reduce those consequences to the best extent, but we are living in a complicated world, says Gilles Hervé @EU_Commission @ISDAConferences
ISDA Wed 02 Dec 2020 14:11

This is not a question of either the EU or UK losing - US SEFs will be the biggest beneficiary from a lack of equivalence on EU/UK trading venues, says Emma Tan @jpmorgan @ISDAConferences
ISDA Wed 02 Dec 2020 14:06

Lack of equivalence for trading venues means clients will face poorer pricing and inability to access the deepest liquidity pools. We would like policy-makers to find a pragmatic approach to mitigate the short-term disruption and smooth the transition, says Emma Tan @jpmorgan
ISDA Wed 02 Dec 2020 14:06

Our first panel discussion will look at major EU post-trade policy issues, including CCP supervision and equivalence, with Chris Bates @Clifford_Chance, Gilles Hervé @EU_Commission and Emma Tan @jpmorgan @ISDAConferences
ISDA Wed 02 Dec 2020 13:56

There is more to be done, but this doesn't mean more legislation – it means implementing reforms properly and improving supervisory coordination to ensure consistent application of the rules. It also means monitoring and identifying gaps and inconsistencies, says Gilles Hervé
ISDA Wed 02 Dec 2020 13:46

The financial crisis showed financial market infrastructures are critical component of the financial system and must be stable during market turbulence. Any failure of market infrastructure must be managed through orderly recovery and resolution, says Gilles Hervé @EU_Commission
ISDA Wed 02 Dec 2020 13:36

The next keynote address will be delivered by Gilles Hervé, policy officer, DG FISMA, @EU_Commission @ISDAConferences
ISDA Wed 02 Dec 2020 13:31

EMIR REFIT has brought several changes in derivatives reporting, including reduced burden on non-financial parties, a substantial review of requirements to facilitate standardization and harmonization of reporting, and an emphasis on data quality, says Fabrizio Planta @ESMAComms
ISDA Wed 02 Dec 2020 13:31

Fabrizio Planta says @ESMAComms will continue to monitor the situation and whether it is necessary to adjust the EU DTO @ISDAConferences
ISDA Wed 02 Dec 2020 13:26

EU firms will still be able to continue trading derivatives subject to the DTO on EU venues and recognized third-country venues, says Fabrizio Planta @ESMAComms @ISDAConferences
ISDA Wed 02 Dec 2020 13:26