When publishing its capital markets union proposal in September 2015, the European Commission (EC) launched a consultation on the cumulative impact assessment of European financial legislation in order to identify the areas where adjustments would help growth and jobs in the European Union. ISDA submitted a response to this cumulative impact assessment that predominantly focuses on the following three topics: a) capital rules; b) market transparency rules (pre-trade public transparency of derivatives markets under the Europe’s revised Markets in Financial Instruments Directive; and c) review of the European Market Infrastructure Regulation, which addresses reporting to trade repositories, central clearing and margining of derivatives. The introduction of this response aims to strongly support and demonstrate the benefits of derivatives markets for the economic growth. This response will serve as a reference for ISDA’s advocacy efforts in the coming months in Europe.
Documents (1) for ISDA responds to the EC’s consultation on European financial legislation impact
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Expanding the Universe of Eligible VM
ISDA conducted a series of interviews with buy- and sell-side firms to understand the drivers of a growing use of non-cash assets as variation margin (VM) for non-cleared over-the-counter (OTC) derivatives and the barriers that remain to expanding the use...
ISDA Response on Hedge Accounting Guidance
On August 14, ISDA responded to an exposure draft from the Financial Accounting Standards Board (FASB). ISDA broadly supports the FASB’s proposed targeted improvements to hedge accounting, including allowing interest rate hedging of held-to-maturity (HTM) debt securities, recognizing all Secured...
Joint Response to EBA Consultation
On August 12, ISDA and the Association for Financial Markets in Europe (AFME) responded to the European Banking Authority’s discussion paper on certain taxonomy key performance indicators (KPIs) and other aspects of the Disclosures Delegated Act under Article 8 of...
Response to JSCC on Clearing Fund Consolidation
On August 12, ISDA responded to the Japan Securities Clearing Corporation’s (JSCC) consultation on its proposal to consolidate clearing fund consumption, calculation and deposit segmentation across six clearing qualifications under the Financial Instruments and Exchange Act. ISDA members broadly support...