Market Structure archive
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FIA participates in CFTC roundtable on new and emerging issues in clearing
In addition to discussing conflicts of interest, roundtable participants shared their views on the custody and delivery of digital assets, digital assets and margin, full collateralization, 24/7 trading and non-intermediated clearing with margin.
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Trade associations call for clarity on EMIR 3.0 effective implementation dates
FIA, AIMA, EBF, EFAMA and ISDA have sent a letter urging the European Commission and European Supervisory Authorities to clarify that market participants are not required to implement the European Market Infrastructure Regulation (EMIR 3.0) Level 1 provisions prior to the date of application of the associated Level 2 regulatory technical standards (RTS).
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FIA responds to CFTC proposed rulemaking on FCM separate account margining
FCMs are currently relying on no-action relief that allows them to separately margin accounts of the same beneficial owner. This rule marks the second attempt by the CFTC to codify that relief. FIA’s letter asks the CFTC to codify the relief as written without laying on additional highly prescriptive requirements that limit FCM discretion to risk manage accounts.
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FIA responds to CFTC Foreign Boards of Trade proposed rulemaking
Under current rules, US-based commodity pool operators, commodity trading advisers, futures commission merchants and prop firms can directly access Foreign Boards of Trade. The pending rule would include US-based introducing brokers among the permissioned registrants. FIA’s letter supports the proposed expansion, noting that adding introducing brokers to the mix should provide more brokerage options for US customers and promote liquidity in foreign products.
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FIA responds to FICC access and segregation proposals
FIA has responded to the Fixed Income Clearing Corporation’s proposals to revise its customer clearing access models and to modify its margin segregation rules in order to implement the SEC’s new clearing mandate for U.S. Treasuries. FIA's response identifies conflicts between the proposed access structures and CFTC rules to which FCMs are subject.
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FIA response to provisional EMIR 3.0. agreement
FIA congratulates the Council of the EU and the European Parliament on reaching a provisional political agreement on the review of the European market infrastructure regulation and directive (EMIR 3.0). FIA supports positive incentives to further enhance the attractiveness of EU clearing and EU capital markets. However, FIA remains convinced that any measures to increase the attractiveness of EU clearing should be guided by the principle of facilitating client choice on where to clear and protecting the international competitiveness of EU market participants.
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Viewpoint – Trends to watch in APAC derivatives markets
It's impossible to sum up everything that’s going on across Asia, but a short list of hot trends that are most important in the region right now include the rise of global benchmarks in the region, the dominance of China commodities exchanges and the exponential growth of India.
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FIA submits comments to CFTC on self-regulatory process and affiliations
The Futures Industry Association (FIA) has responded to a request for comment by the US Commodity Futures Trading Commission regarding the impact of affiliations between certain CFTC-regulated entities, and the potential conflicts of interest that could arise under the current self-regulatory process.
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Trade associations call for deletion of active account proposal
FIA and ten other trade associations have urged EU policymakers to delete the Active Account Requirement proposed in EMIR 3.0. The associations, which represent European end users of derivatives along with providers of clearing services, highlight the detrimental implications of the proposed requirement on EU capital markets, including fragmentation, loss of netting benefits, and making the EU less resilient to market stresses with no benefit to EU financial stability.
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CFTC advisory committee focuses on cross-border coordination and efficiencies
The US Commodity Futures Trading Commission (CFTC) held the second meeting of the Global Markets Advisory Committee (GMAC), on 17 July, under the sponsorship of Commissioner Caroline Pham.
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