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13 February 2012

空売りとCDS(クレジットデフォルトスワップ)の技術的な基準案に関するESMA(欧州証券市場機構)の市中協議に対するEBF(欧州銀行協会)の回答


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EBF is concerned that the very limited time frame that ESMA was given in the level 1 text to prepare and consult the industry on its technical standards may impinge their quality.


EBF says  more time is needed to assess how the proposed requirements would impact the operation, efficiency and liquidity of the market. The key consideration is that any third party satisfies a reliability test. The legal form is a lesser consideration. The text should, however, be amended to clarify that International Central Securities Depositories (ICSD) should also be included as they operate tri-party repo arrangements

EBF underscores that the reference in the last point to “any other person subject to authorisation or registration in accordance to EU law” is too limited geographically. As a result of this limitation, EU banks  would not be able to be covered with non-EU entities. This limitation is likely to lead to less reasonable settlement opportunities and more risk.

As internal securities lending desks are managed independently from other trading desks to perform their duties and the internal system provides the appropriate reporting to the market supervisor, this system should be recognised by ESMA as equivalent to a third party entity.

Full response



© EBF


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