Derivatives

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Derivatives Sound Practices for Private Pension Plans

OSFI guideline sets out its expectations of regulated private pension plans with respect to their derivative activities

Office of the Superintendent of Financial Institutions of Canada guideline sets out the factors that it expects administrators of federally regulated private pension plans to consider when developing policies and procedures for the sound risk management of derivative activities. Guideline reflects current practices with respect to the risk management of derivative activities, and covers both exchange traded and over-the-counter (OTC) derivatives. Sets out expectations for plan administrators who invest in derivatives indirectly through various types of funds, including pooled funds and hedge funds.

Publisher: National Regulators Release date: Feb 2018 Country: Canada

Type: Guideline

Topics: Risk management, Derivatives

Sectors: Pensions

Implementation of G20/FSB Recommendations Related to Securities Markets

IOSCO 2017 survey of implementation of the G20/FSB post-crisis recommendations aimed at strengthening securities markets

International Organization of Securities Commissions report on results of survey of jurisdictions' implementation of G20/Financial Stability Board recommendations related to securities markets. Addresses: i) hedge funds; ii) structured products and securitization; iii) oversight of credit rating agencies; iv) measures to safeguard the integrity and efficiency of markets; and v) commodity derivative markets.

Publisher: Global Standard-Setting Bodies Release date: Nov 2017

Type: Implementation

Peer: Implementation of Principal G20 Financial Regulatory Reforms , Implementation of G20/FSB Financial Reforms in Other Areas

Topics: Transparency and disclosure, Derivatives, Securitization, Shadow banking

Sectors: Securities

Implementation of Principal G20 Financial Regulatory Reforms

FSB third annual report on implementation of post-crisis regulatory reforms

Financial Stability Report provides comprehensive assessment on implementation and effects of the agreed financial regulatory reforms. Implementation progress continues but is uneven across the four core reform areas. Addresses the core elements of the reform program: i) making financial institutions more resilient; ii) ending too-big-to-fail (TBTF); iii) making derivatives markets safer; and iv) transforming shadow banking into resilient market-based finance. Identifies three areas for further vigilance: i) maintaining an open and integrated financial system; ii) market liquidity; and iii) effects of reforms on emerging market and developing economies.

Publisher: Global Standard-Setting Bodies Release date: Jul 2017

Type: Consultative, discussion and issues paper

Peer: Implementation of G20/FSB Financial Reforms in Other Areas, Implementation of G20/FSB Recommendations Related to Securities Markets

Topics: Shadow banking, Capital adequacy, Liquidity risk and rules, Recovery and resolution, Systemically important financial institutions (SIFIs), Derivatives

Sectors: Banking, Securities, Insurance

Review of OTC Derivatives Market Reforms

FSB review of effectiveness and broader effects of reform

Financial Stability Board report assesses implementation of G20 reforms to over-the-counter (OTC) derivative markets, effectiveness of reforms in meeting G20 objectives, and broader effects of reforms. Review findings include: i) implementation of reforms is now well progressed; ii) progress has been made toward mitigating systemic risk; iii) progress has been made in improving transparency; iv) further study should be made on effects of reforms in protecting against market abuse; and v) a range of views have been expressed on the impact of market reforms on spreads and liquidity in OTC derivatives markets.

Publisher: Global Standard-Setting Bodies Release date: Jun 2017

Type: Consultative, discussion and issues paper

Peer: Implementing OTC Derivatives Market Reforms

Topics: Derivatives, Transparency and disclosure, Systemic risk

Sectors: Banking, Insurance, Securities

Consultation Paper 1 on Draft Regulations Pursuant to the Securities and Futures Act

MAS consultation on draft regulations to support implementation of the 2017 Securities and Futures (Amendment) Act

Monetary Authority of Singapore consultation on proposed new regulations under the Securities and Futures (Amendment) Act 2017 (SFA). The SFA enables MAS to implement over-the-counter (OTC) derivatives regulatory reforms, and introduces amendments aimed at enhancing regulatory safeguards for retail investors, enhancing the credibility and transparency of the capital markets, and strengthening MAS' ability to take enforcement action against market misconduct. The proposed regulations involve: i) changes to product definitions; ii) applying the markets regime of the SFA to OTC derivatives; iii) changes to extend the capital markets services licensing regime to OTC derivatives; and iv) changes to other parts of the legislation, as well as the Financial Advisors Act, arising from the key changes above.

Publisher: National Regulators Release date: Apr 2017 Country: Singapore

Type: Consultative, discussion and issues paper

Topics: Derivatives

Sectors: Securities

Deadline for comments: Jun 2017

HKMA Supervisory Policy: Margin and Risk Mitigation: Standards for Non-Centrally Cleared OTC Derivatives

HKMA implementation of BCBS and IOSCO standards

Hong Kong Monetary Authority Supervisory Policy Module sets out minimum standards for margin and other risk mitigation techniques for non-centrally cleared over-the-counter (OTC) derivatives transactions. Module: i) covers margin standards; ii) covers risk mitigation standards; and iii) outlines HKMA's supervisory approach to margin and other risk mitigation standards for non-centrally cleared derivatives transactions and expectations regarding governance arrangements. Implements the margin requirements for non-centrally cleared derivatives issued by the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) in 2013 and the risk mitigation standards for non-centrally cleared OTC derivatives issues by IOSCO in 2015.

Publisher: National Regulators Release date: Dec 2016 Country: Hong Kong, China

Type: Guideline

Parent: Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives

Peer: Margin Requirements for Non-Centrally Cleared Derivatives

Topics: Derivatives, Risk management, Corporate governance

Sectors: Banking

Supervisory Activities on CCPs Margin and Collateral Requirements

ESMA peer review on requirements applied to central counterparties

European Securities and Markets Authorities peer review on how national supervisory authorities ensure that central counterparties (CCPs) comply with margin and collateral requirements under the European Markets Infrastructure Regulation (EMIR). Review focuses on margin and collateral requirements, and identifies areas for improvement regarding risk model validation and regular reviews under ongoing supervision. Identifies areas of divergence in supervisory approaches and makes recommendations to enhance supervisory convergence.

Publisher: Regional Standard-Setting Bodies Release date: Dec 2016

Type: Consultative, discussion and issues paper

Topics: Financial market infrastructure, Risk management, Derivatives

Sectors: Securities

Report on IOSCO Survey on Retail OTC Leveraged Products

IOSCO report on various risks related to marketing and sale of complex OTC leveraged products to retail investors

International Organization of Securities Commissions fact-finding report identifies various risks related to marketing and sale of complex OTC leveraged products to retail investors, and describes how some regulators respond to the challenges presented by these products. Analyzes offers of rolling-spot forex contracts, contracts for differences and binary options to retail investors. Report is based on survey of 21 IOSCO members regarding their experiences with leveraged OTC products, the firms that sell them, and current regulatory and supervision frameworks.

Publisher: Global Standard-Setting Bodies Release date: Dec 2016

Type: Consultative, discussion and issues paper

Topics: Derivatives, Transparency and disclosure, Consumer education and protection, Conduct

Sectors: Securities

Liquidity and Policy Analyses for Platform Trading of OTC Derivatives: A Perspective of Smaller Markets

MAS paper assessing when to mandate OTC derivatives be traded on a trading platform

Monetary Authority of Singapore staff paper analyzes criteria for assessing when it might be appropriate to mandate the trading of standardized over-the-counter derivatives ("OTCD") on trading platforms ("trading mandate") in the context of smaller OTCD markets. Examines benefits and challenges of a trading mandate and puts forward a two-stage assessment framework, comprising a trading infrastructure test and a product test. Tests seek to identify the appropriate conditions for implementation of a trading mandate, considering the associated risks of market fragmentation and regulatory arbitrage. Proposes a liquidity assessment methodology to identify products suitable for trading on platforms. Discusses publishing post-trade data from trade repositories as alternative measure to improve market transparency.

Publisher: National Regulators Release date: Dec 2016 Country: Singapore

Type: Consultative, discussion and issues paper

Peer: Implementing OTC Derivatives Market Reforms

Topics: Derivatives, Transparency and disclosure

Sectors: Securities

The Future of Derivatives Processing and Market Infrastructure

ISDA white paper urges greater standardization and efficiency in derivatives market infrastructure

International Swaps and Derivatives Association white paper identifies opportunities for greater standardization and automation of derivatives trade processes in order to achieve improved efficiency, reduced complexity and lower costs for market participants. Highlights challenges with existing structures and processes and recommends steps to create efficiencies, in particular by embracing opportunities for further standardization.

Publisher: Industry Groups Release date: Sep 2016

Type: Consultative, discussion and issues paper

Topics: Derivatives, Financial market infrastructure

Sectors: Banking, Securities

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Resources

382 records

Derivatives Sound Practices for Private Pension Plans

Implementation of G20/FSB Recommendations Related to Securities Markets

Implementation of Principal G20 Financial Regulatory Reforms

Review of OTC Derivatives Market Reforms

Consultation Paper 1 on Draft Regulations Pursuant to the Securities and Futures Act

HKMA Supervisory Policy: Margin and Risk Mitigation: Standards for Non-Centrally Cleared OTC Derivatives

Supervisory Activities on CCPs Margin and Collateral Requirements

Report on IOSCO Survey on Retail OTC Leveraged Products

Liquidity and Policy Analyses for Platform Trading of OTC Derivatives: A Perspective of Smaller Markets

The Future of Derivatives Processing and Market Infrastructure

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