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Buyside firms are looking for industry-wide standardized clearing documents in coming months as the newly-signed U.S. Dodd-Frank Act pushes much of the over-the-counter market towards central clearing.
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Industry officials have warned the European Commission that the appointment of independent administrators to chair and participate in a clearinghouse’s risk committee could limit a CCPs ability to establish a stringent risk policy for clearing over-the-counter derivative contracts.
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The Malaysia Deposit Insurance Corporation is proposing to ease the process of close-out netting.
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The New Zealand Ministry of Economic Development has issued a consultation paper that proposes to overhaul existing derivatives regulation in the country.
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European credit spreads rallied last week as the picture became clearer on the important bank stress tests.
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Some clearinghouses will have to expand their compliance operations due to extra reporting requirements for standardised over-the-counter derivatives arising from forthcoming regulation, and more frequent visits from multiregional regulators, according to officials.
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Lawyers are raising questions about the possible impact the Dodd-Frank Bill will have on non-U.S. firms who have business onshore in the U.S.
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A number of members of the European Parliament’s Economic and Monetary Affairs Committee have called on the European Commission to design proposed leverage ratios which take into account netting for derivatives, a move that will be welcomed by the financial services industry.
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U.S.-based derivative-using hedge funds have been seen heading to Ireland, local attorneys report. Some of the moves are being driven the U.S. Financial Reform Bill which will make trading over-the-counter derivatives more costly.
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The definition of a swap execution facility was tweaked during the conference Thursday evening between the U.S. House of Representatives and U.S. Senate to include earlier drafted language that will likely capture voice-brokered trades.