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03 September 2015

ロイター:ESMA(欧州証券市場機構)、デリバティブ取引について清算機関が顧客口座に適用する流動化期間を米国と同様の1日とすることを検討


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The EU has signalled that one of its key rules for regulating financial derivatives could be aligned with US practise to help to end a lengthy dispute that risks fragmenting the $630 trillion market.


The dispute revolves around a rule that would require European market players to hold far more capital than US counterparts for clearing trades, with the disparity holding up a broader transatlantic deal on supervising a derivatives market that largely trades out of London and New York.

Clearing houses stand between two sides of a derivatives trade to ensure its completion even if one side goes bust. The liquidation period is the time regulators think that clearing houses need to deal with a potential default.

The EU's requirement is for a two-day liquidation period, compared with one day in the United States. However, a longer period typically means that more collateral has to be posted to back a trade, ESMA said. That has proved an obstacle to regulatory efforts to increase the use of clearing to make the derivatives market safer and more transparent.

"The difference in EU and US standards gives rise to the risk of regulatory arbitrage," ESMA said in its paper, adding that it would look at whether it would be appropriate to apply a one-day liquidation period.

Full article



© Reuters


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