Regulations

  • 799

    BENCHMARKING AND MATURITY ASSESSMENTS: how a small time contribution garners major insights and helps to improve data management

    With the onslaught of regulatory change programs and corporate realignments, more firms are performing internal current-state assessments of their practices and procedures and reaching out to the industry to benchmark against peers. Often, these initiatives require considerable time and effort, yet once the final reports are delivered, typically only 20% of the findings are acted upon. In this article, Sylvia Darwell and Gavin Kaimowitz explain how taking a slightly different approach can provide the majority of the results in a fraction of the time. What is Peer Benchmarking? Benchmarking is a continuous, systematic process used to evaluate and compare the [...]
  • 813

    MARGIN ON UNCLEARED SWAPS: a review of the key elements that will drive margining

    With adherence to the Dodd-Frank Act and EMIR clearing requirements well underway, the attention of global regulators has turned to the non-centrally cleared over-the-counter (OTC) derivatives portion of the OTC sector. In 2011, the G20 agreed to add margin requirements for non-centrally cleared derivatives to the reform program. Subsequently, the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) have been tasked with developing a set of key principles to ensure that appropriate margining practices are established for all non-centrally cleared OTC derivative transactions. Recently, the third and final iteration of the framework establishing the [...]
  • 660

    REPORTING FOR EMIR: firms that assume they are covered because of Dodd-Frank implementations may need to reconsider

    Through most of 2012, derivative dealers across the globe have been frantically making efforts to become compliant with the Commodity Futures Trade Commission (CFTC) implementation of the Dodd-Frank Act’s Title VII reporting regulations. On February 28, 2013, most of the approximately 70 registered Swap Dealers1 stumbled across the finish line for the last asset classes to be reported (Equities, Commodities, and FX). While undoubtedly a major milestone, the CFTC implementation of Dodd-Frank was one of the first of the G20 reporting commitments to go live with many more to follow, and there is enough difference in its European Union (EU) [...]
  • 524

    REGULATORY REPORTING: how do capital market participants assure ongoing compliance within an ever-changing regulatory landscape?

    The investment banking industry is undergoing a monumental transformation as the world’s regulators shift their focus away from exchange-traded instruments to the strict enforcement of a new regulatory regime in the historically unregulated and opaque OTC derivative market. Nowhere is this shift more apparent than in the US where the Commodities Futures Trading Commission (CFTC) is pushing ahead of the other global regulators with all four of the G20 commitments: mandated execution (trading), clearing, capital and reporting obligations. These requirements are certain to transform the investment banking industry altogether. As the industry is currently implementing a number of tactical fixes [...]