This paper summarises and compares:
CFTC rules: the final rules adopted by the U.S. Commodity Futures Trading Commission (CFTC) in August 2012 under section 4s(i) of the Commodity Exchange Act (CEA) (added by section 731 of the Dodd-Frank Act) prescribing standards for swap dealers (SDs) and major swap participants (MSPs) related to the timely and accurate confirmation, reconciliation, compression and documentation of swaps (17 CFR §23.500 through §23.505); and
Draft EU rules: the corresponding provisions of the draft regulatory technical standards (RTS) specifying the requirements of Article 11(1) of the EU Regulation on OTC derivatives, central counterparties and trade repositories (EMIR) requiring financial counterparties (FCs) and non-financial counterparties (NFCs) to have appropriate procedures and arrangements to measure, monitor and mitigate operation risk and counterparty credit risk. The draft RTS were adopted by the European Securities and Markets Authority (ESMA) and submitted to the European Commission for endorsement in September 2012
This paper is not intended to be comprehensive or to provide legal advice.
Documents (1) for Dodd-Frank Act v. EMIR – Confirmation, reconciliation, compression and documentation rules: October 2012
Latest
SwapsInfo Full Year 2024 and Q4 2024
Interest rate derivatives (IRD) trading activity increased in 2024, driven by interest rate volatility, adjustments in central bank policies and shifting market expectations on inflation and economic growth. Index credit derivatives also saw increased activity, as measured by traded notional,...
ISDA Response on UK MIFID Transaction Reporting
On February 14, ISDA submitted a response to the UK Financial Conduct Authority’s (FCA) discussion paper 24/2 on improving the UK transaction reporting regime under the UK Markets in Financial Instruments Directive (MIFID) framework. The FCA indicated it is making...
Saudi Capital Markets Event Welcome Remarks
Capital Markets & the Kingdom of Saudi Arabia February 19, 2025 Opening Remarks Scott O’Malia ISDA Chief Executive Good morning, everyone. I’d like to add my thanks to Saudi Tadawul Group for working with us on this event, as...
Appropriate Capital Regs Needed for Liquid Markets
The Basel III capital framework was designed to strengthen the regulation, supervision and risk management of banks in response to weaknesses exposed by the global financial crisis. As the last components of the framework are finalized and implemented around the...