The Trade
The changing face of derivatives reporting Chris Childs, managing director, head of repository and derivatives services at DTCC, and CEO and president of DTCC Deriv/SERV, tells The TRADE about the industry’s need for a new approach to derivatives reporting.
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DTCC
Chris Childs, managing director, head of repository and derivatives services at DTCC, and CEO and president of DTCC Deriv/SERV
Among the forces that have shaped the global financial industry over the last decade – including relentless cost-cutting pressures and rapid technological advances – arguably one of the most consequential has been the proliferation and continual updating of regulatory mandates. In particular, reporting mandates for derivatives transactions resulting from the 2008 financial crisis have presented unique challenges for firms due to their complexity and jurisdictional discrepancies.
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Tuesday, March 16, 2021
INTRODUCTION
On 24 December 2020, Michael Barnier, the European Union’s chief negotiator said, “The clock is no longer ticking”. Four and a half years after the Brexit referendum, the United Kingdom and the European Union had finally concluded a free trade and cooperation agreement (TCA) that provisionally
1 became applicable on 1 January 2021. From that date, UK asset managers and other financial services firms lost their passporting rights. These rights had broadly allowed UK-licensed firms to provide their services into the EU from the UK, and EU-licensed firms to provide their services into the UK from the EU. But what has taken their place?
Introduction
On 24 December 2020, Michael Barnier, the European Union’s chief negotiator said, “The clock is no longer ticking”. Four and a half years after the Brexit referendum, the United Kingdom and the European Union had finally concluded a free trade and cooperation agreement (TCA) that provisionally
1 became applicable on 1 January 2021. From that date, UK asset managers and other financial services firms lost their passporting rights. These rights had broadly allowed UK-licensed firms to provide their services into the EU from the UK, and EU-licensed firms to provide their services into the UK from the EU. But what has taken their place?