Brexit: Draft Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 - A draft version of the Recognised Auction Platforms (Amendment and Miscellaneous.
Risk.net
Helen Nicol, Vermeg Systems
Collateral management and optimisation product of the year: Vermeg
Vermeg continues to evolve its functionally rich collateral platform Colline through partnerships with its global client base, which includes some of the world’s leading banks.
Colline automates the collateral management process, starting with margin calculations, where it captures trades, loads data, aggregates variation and/or initial margin (IM), applies thresholds or rounding as appropriate, aggregates collateral positions and calculates requirements using margin methodologies such as standard initial margin model (Simm), grid or margin finance, if applicable. It issues or responds to margin calls, using MarginSphere’s messaging where possible, achieving high straight-through processing (STP) rates, as well as reconciling portfolios and automatically tracking disputes.
On 27 January 2021, the European Commission adopted an equivalence decision
1 determining that the legal and supervisory arrangements applicable to US central counterparties (CCPs) registered with the Securities and Exchange Commission (SEC) as “covered clearing agencies” (CCAs), are equivalent to the requirements in Title IV of the European Market Infrastructure Regulation (EMIR).
2 The equivalence decision applies in relation to transactions in securities and derivative contracts that are based on a single security, loan or a narrow-based group or index of securities (“security-based derivatives” or “security-based swaps”) falling under the competence of the SEC.
Under Article 25(1) of EMIR, a CCP established in a third country may only provide clearing services to clearing members or trading venues established in the EU where that CCP has been recognised by the European Securities and Markets Authority (ESMA). Following the equivalence decision, SEC-registered CCPs
CCP Recovery and Resolution Regulation
BMR: Council of EU text of proposed amending Regulation to address benchmark cessation risks and exempt certain third-country FX benchmarks
CSDR: Delegated Regulation on RTS on settlement discipline postponed
EMIR: European Commission adopts Delegated Regulation on rules of procedure for penalties imposed on third-country CCPs
EMIR: Implementing Decision on equivalence of US SEC regime
EMIR: European Commission adopts Delegated Regulation on procedure for penalties imposed on trade repositories
EMIR: ESMA updates Q&As
SFTR: ESMA updates Q&As on data reporting
LIBOR cessation: FCA speech
The FCA has published a speech given by Edwin Schooling Latter, FCA Director of Markets and Wholesale Policy, on being ready for life without LIBOR from the end of 2021. Highlights from the speech include:
Risk.net
Matt Smith, SteelEye
Regulatory reporting product of the year: SteelEye
SteelEye’s regulatory reporting suite consolidates, cleanses, validates and enriches all required client data in real-time and automates large parts of the transaction reporting process. Currently supporting European Market Infrastructure Regulation (Emir) and Markets in Financial Instruments Regulation (Mifir) reporting, the suite was designed and developed to reduce the complexity and cost of compliance, and enables firms to manage multiple regulations via a single platform.
Client data is cleansed, mapped and accurately indexed before it is brought into the reporting suite. SteelEye also automatically generates the required daily transaction reports, which can be scheduled for automatic submission or manually submitted to a trade repository, national competent authority or approved reporting mechanism.