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Market initiatives

ISDA Announces Membership and Mission of the Industry Clearing Committee
20/01/2012

NEW YORK, January 11, 2012 – The InternationalSwaps and Derivatives Association, Inc. (ISDA) announced today the membershipand charter of the Industry Clearing Committee (ICC).

The ICC, which consists of a broad cross-sectionof over-the-counter (OTC) derivatives industry market participants, wasformed by ISDA in June 2011 to meet current and emerging industry needsin respect of clearing.  More specifically, the ICC will assist incoordinating industry efforts to reach optimal levels of central counterpartyclearing and to address obstacles in achieving those levels
(...)
http://www2.isda.org/news/isda-announces-membership-and-mission-of-the-industry-clearing-committee



BRI - Requirements for OTC derivatives data reporting and aggregation: CPSS-IOSCO publishes final report (17.01.2012)
17/01/2012
Press releaseabout CPSS and IOSCO publishing "Final report on requirements for OTC derivatives data reporting and aggregation" (BIS Press Release 17 January 2012)
http://www.bis.org/press/p120117.htm


Reporton OTC derivatives data reporting and aggregation requirements - final report (17.01.2012)
Abstract of "Report on OTC derivatives data reporting and aggregation requirements - final report", January 2012
http://www.bis.org/publ/cpss100.htm



European Financial Forum: Financial Regulation and the Dynamics of Savings and Investment Markets 3-4 november 2011 (report)
25/11/2011

This annual off the record conference convened by the European Financial Forum (EFF) in association with the European Fund and Asset Management Association (EFAMA), Paris Europlace, and the Association for Financial Markets in Europe (AFME) was the first to be held at the Royal House of Cumberland Lodge after a successful 13 year series at Wilton Park. The conference brought together senior market participants, regulators and officials from ten countries across Europe plus senior representatives from the European Commission, Brazil, India and the Hong Kong SAR to discuss international capital markets and their regulation. Acknowledging the need for appropriate regulation, but concerned about the implementation of new regulatory requirements, the meeting focused much of its attention on the three new European Supervisory Authorities (ESAs), namely the European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), and European Securities and Markets Authority (ESMA), and the impact their work and global regulatory developments would have on the financial services industry in the European Union (EU), US and Asia in particular.
 

Report


IOSCO Development of Corporate Bond Markets in the Emerging Markets : Final Report
16/11/2011
November 2011

http://www.iosco.org/library/pubdocs/pdf/IOSCOPD360.pdf


ISDA Updates Greek Sovereign Debt Q&A
28/10/2011
The International Swaps and Derivatives Association, Inc. (ISDA) today announced that following recent events related to the restructuring of Greek sovereign debt, it has updated its Greek sovereign debt Q&A. The document, which can be accessed at the ISDA website includes responses to the most frequently asked questions regarding the application of credit default swaps contracts in Greek sovereign debt. It outlines the triggers for credit events, the process for determining a credit event and the current amount of CDS notional outstanding on Greek sovereign debt.

http://www2.isda.org/news/isda-updates-greek-sovereign-debt-qampa


IOSCO publishes recommendations on market integrity
20/10/2011
The Technical Committee of the International Organization of Securities Commissions (IOSCO) has published its Final Report on Regulatory Issues Raised by the Impact of Technological Changes on Market Integrity and Efficiency, containing Recommendations aimed at promoting market integrity and efficiency and to mitigate the risks posed to the financial system by the latest technological developments including high frequency and algorithmic trading.


ISDA Comments on EC'S MiFID Proposals
20/10/2011

NEW YORK – The International Swaps and Derivatives Association, Inc. (ISDA) welcomes the publication by the European Commission of legislative proposals relating to its review of the Markets in Financial Instruments Directive (MiFID). [...]



ISDA Unveils New Mission Statement
19/10/2011
NEW YORK – The International Swaps and Derivatives Association, Inc. (ISDA) announced today that its board of directors has updated its mission statement to reflect the Association’s evolving mandate in the rapidly changing global derivatives markets [...]


Moody's downgrades Société Générale and Crédit Agricole ratings
14/09/2011
Moody's downgrades Credit Agricole SA’s long-term ratings to Aa2 on Greek exposures, ratings remain on review to consider impact of funding challenges on Credit Profile
http://www.moodys.com/research/Moodys-downgrades-Credit-Agricole-SAs-long-term-ratings-to-Aa2?lang=en&cy=global&docid=PR_225834

Moody's downgrades Societe Generale long-term ratings to Aa3 on normalised systemic support, Outlook negative, BFSR remains on review to consider impact of funding challenges on credit profile
http://www.moodys.com/research/Moodys-downgrades-Societe-Generale-long-term-ratings-to-Aa3-on?lang=en&cy=global&docid=PR_225833

Moody's maintains review for downgrade on BNP Paribas' Aa2 long-term ratings to consider impact of funding challenges on Credit Profile
http://www.moodys.com/research/Moodys-maintains-review-for-downgrade-on-BNP-Paribas-Aa2-long?lang=en&cy=global&docid=PR_225688


"Dark Liquidity" : Best Execution duties and waivers to transparency obligations
04/02/2011
Télécharger l'article de Sylvie Frontezak, Natixis


European Issuers : Newsletter: January / February 2011
03/01/2011
Read the newsletter


Paris EUROPLACE - Europe 2015 : New ambitious measures for an integrated and competitive financial Europe
23/09/2010
In the current context of international financial and economic crisis, for which it is difficult to find solutions through convergence, the latest contribution of Paris EUROPLACE calls for the establishment of a truly European industrial policy in the area of financial markets, thereby setting the objectives and procedures for building a competitive financial industry to better finance the European economy and strengthen its international position. With these goals, Paris EUROPLACE proposes new initiatives that draw on lessons from the crisis and advance the construction of a European financial-services industry.
Download Paris EUROPLACE position paper


BIS Paper publication : The international financial crisis and policy challenges in Asia and the Pacific
22/07/2010
This volume is a collection of the speeches, presentations and papers from a conference on "The international financial crisis and policy challenges in Asia and the Pacific". The event was co-hosted by the People's Bank of China (PBC) and the Bank for International Settlements (BIS) to mark the formal completion of the BIS Asian Research Programme. It was held on 6-8 August 2009 in Shanghai, China, at the same location where the establishment of the Programme was first announced in 2006.


Edhec Risks - Feature publication "On the Suitability of the Calibration of Private Equity Risk in the Solvency II" Standard Formula
26/05/2010
On the Suitability of the Calibration of Private Equity Risk in the Solvency II Standard Formula The drawing-up of the Solvency II prudential rules has become a major concern for the private equity industry. The capital requirements for private equity risk could turn out to be, from 2012, sufficiently binding to lead many European insurers to reduce appreciably their asset allocation to non-listed stocks. As an example, in the French market, in 2007, the total investments in private equity represented €22bn in the balance sheet of insurance companies (FFSA 2008). Insurance companies finance 21% of the funds raised (AFIC); thus becoming the leading national investors in non-listed stocks. Read the article


"Are Hedge-Fund UCITS the Cure-All?" - Samuel SENDER (Edhec Risk Institute) Thesis
21/04/2010


Overcoming too-big-to-fail: A Regulatory Framework to Limit Moral Hazard and Free Riding in the Financial Sector
19/03/2010
Download the new CEPS book prepared by a joint CEPS-Assonime task force and which outline a comprehensive framework from for regulating cross boarder banking groupe. Read the full document


Harvard Law School - International Financial Systems Forum - 2010 Briefing Book Materials - Europe U.S.
18/03/2010
Download the forum participants' briefing book : newspaper articles, speeches, research papers...


Restoring Investor Confidence in European Capital Markets
26/02/2010
Restoring Investor Confidence in European Capital Markets is a report of the the European Investors' Working Group, an independent non-political investor group composed of members from the retail and institutional investment industry community. This report provides a framework of recommendations for the EU regulatory and supervisory agenda from the investor's perspective.


IFD - Expectations concerning the new European Commission
24/02/2010
Position Paper of the "Initiative Finanzstandort Deutschland (IFD)


Volcker Rules' for Financial Stability - speech by Hal Scott
04/02/2010
Hal Scott's February 4, 2010 testimony at the Senate Committee on Banking, Housing and Urban Affairs Hearing on the Implications of the Volcker Rules' for Financial Stability.


Report - The governance of financial market infrastructure by Ruben Lee
04/01/2010
Read the report.pdf


IASB welcomes decision by Japanese FSA to permit domestic use of IFRSs for current financial year
14/12/2009
The International Accounting Standards Board (IASB) welcomes the recent regulatory changes announced by the Japan Financial Services Agency (FSA) on 11 December 2009. The changes establish an operational framework for the voluntary application of International Financial Reporting Standards (IFRSs) in Japan, starting from the fiscal year ending on or after 31 March 2010 and represent an important step towards the adoption of IFRSs in Japan.


EFRAG-FEE paper on expected loss model
10/12/2009
This paper has been prepared jointly by FEE and EFRAG as part of their pro-active work to provide European stakeholders with a perspective on the proposals of the International Accounting Standards Board for the impairment of financial assets. It is intended to promote discussion and debate on these proposals. The paper describes the proposals but does not represent the views of either EFRAG or FEE.


Deloitte : Notes from Tokyo fair value roundtable
01/12/2009
On 27 November 2009, the IASB held a roundtable at the ASBJ offices in Tokyo, Japan, to discuss its Fair Value Measurements exposure draft (ED). Deloitte has posted Notes Taken by Observers at the Tokyo Roundtable (PDF 29k).


EFRAG : Publication of Endorsement Status Report Update
27/11/2009
In the light of endorsement of the revised IFRS 1 and IFRIC 17 by the European Commission and the publication of IFRIC 19 and the amendments to IFRIC 14 by the IASB, EFRAG has updated the EFRAG Endorsement Status Report, which can be downloaded below. DOWNLOAD


CEPS : Financial Market data and MIFID
28/03/2007
The opening-up of the market for equity market data, as foreseen in the Markets in Financial Instruments Directive (MiFID), raises the question of whether data will be sufficiently consolidated and of high enough quality, or whether the information will become too fragmented, thereby hindering price transparency and the implementation of best execution policies. This policy brief outlines the market for financial market data, the provisions of MiFID and the implementing measures regarding financial data and data consolidation. It also looks at the approaches taken by Committee of European Securities Regulators, the FSA and the US authorities. It concludes that markets should be capable of adapting and that additional licensing requirements, such as those proposed by the FSA, are in fact premature and might act as a barrier to the single market. Nor does it find that a US-style monopoly consolidator would be needed. Download the full report (.pdf 7 pages)


                 




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