ISDA and FIA Respond to ESMA’s Consultations on Guidelines in Relation to CCP R&R Regulation

On May 19, ESMA published four consultations on proposed guidelines for the EU central counterparty resolution regime (CCPRRR).

ISDA and the Futures Industry Association (FIA) responded to three of these four consultations:

  • Consultation on Guidelines Template Summary Resolution Plans Article 12(7)(a)
  • Consultation on Art 79 CCPRRR Cooperation Arrangements
  • Consultation on Guidelines Resolvability -Annex Section C Article 15(5) CCPRRR

The Associations generally agree with the proposals in the consultations and make mostly technical proposals.

A Positive Step to Improve the FRTB in the EU

As the Basel III capital reforms are finalized for implementation in key jurisdictions, ISDA is maintaining a laser focus on making sure the rules are robust and risk-appropriate. Simply put, if capital requirements are set disproportionately high, this will have...