监管/Regulations

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监管\Regulations

√监管机构一致认为在CCP标准上有更多可以做的工作

√CFTC认为美国应该在外国中央对手方问题上“做的更好”

√衍生品行业机构呼吁做出“关键”等效决定

监管机构一致认为在CCP标准上有更多可以做的工作

在上周由美国证券托管结算公司(DTCC)主办的研讨会上，监管机构们呼吁加强标准的趋同，而不是分歧。欧洲证券和市场管理局(Esma)指出，在中央清算对手方（CCPs）和中央证券存管机构（CSDs）的国际标准方面，还需要做更多的工作。国际清算银行(BIS)认为，重要的是确保金融市场基础设施(FMIs)的弹性，以及在确保弹性的稳健性基础上在各管辖区之间建立一致性。美国商品期货交易委员会（CFTC）支持国际标准的统一，并称虽然一些监管机构必须执行更细化的规章制度，但它们应该把重点放在所希望的共同结果上。

CFTC认为美国应该在外国中央对手方问题上“做的更好”

在期货业协会（FIA）举办的Asia-V活动中，美国商品期货交易委员会(CFTC)表示，在允许外国中央对手方(CCPs)向美国客户提供场外交易(OTC)清算时，CFTC已经尝试为外国CCPs向美国客户提供清算建立了豁免程序——CFTC上个月批准了外国CCPs对美国掉期清算要求的新豁免法案。然而，CFTC承认其最近的尝试存在着巨大的混乱。他们也意识到，随着其他司法管辖区从2009年开始应用各自的措施来实现G20的共同目标，CFTC早就应该重新审视其政策，允许美国人进入外国市场。

衍生品行业机构呼吁做出“关键”等效决定

包括期货业协会（FIA）和国际掉期及衍生品协会(ISDA)在内的机构作出警告，称欧盟委员会尚未对欧盟和英国的市场作出关键的等效性决定，有可能对欧盟的市场参与者产生负面影响。目前，欧盟和其他地区的市场参与者在英国市场上交易广泛的交易所交易衍生品(exchange-traded derivatives，ETDs)，而其中一些衍生品工具在欧盟或其他第三国并没有直接的替代品。如果不给予等效性认定，在英国监管市场上交易的ETDs将在脱欧过渡期结束后被视为场外交易(OTC)衍生品。机构们强烈建议欧盟委员会在过渡期结束前作出等效决定。

Regulators agreed that more work can be done on CCP standards

Regulators called for increased convergence of standards,as opposed to a divergence,in a webinar hosted by the Depository Trust & Clearing Corporation (DTCC) last week.The European Securities and Markets Authority (Esma) noted that more work needs to be done when it comes to international standards for central clearing counterparties (CCPs) and central securities depositories (CSDs).The Bank for International Settlements (BIS) added that what is important is ensuring the resiliency of financial market infrastructures (FMIs),as well as creating consistency across jurisdictions in terms of the robustness of that resiliency.In support for the convergence of international standards,Commodity Futures Trading Commission (CFTC) added that while some regulators have to implement more granular regulations,they should keep a focus on the desired common result.

CFTC realized that it“must do better”on foreign CCPs

During a fireside chat at the Futures Industry Association’s Asia-V event,the Commodity Futures Trading Commission (CFTC) said that when it comes to allowing foreign central counterparties (CCPs) to offer over-the-counter (OTC) clearing to US clients,it has attempted to establish an exemption process for foreign CCPs to offer clearing to US clients,which approved new exemptions from US swap clearing requirements for foreign CCPs last month.However,CFTC admitted that there has been a tremendous amount of confusion regarding its recent attempts,and realized that as other jurisdictions apply their own measures to achieve the common goals of the G20 from 2009,the CFTC should have long ago revisited its policies into allowing US persons access to foreign markets.

Derivatives leaders call for“critical”equivalence decisions

Trade bodies including the Futures Industry Association and International Swaps and Derivatives Association have warned that the European Commission risks negatively impacting market participants in the European Union as it has yet to take critical equivalence decisions.The trades market participants in the EU and elsewhere trade a broad range of exchange-traded derivatives (ETDs) on UK markets, and there is no direct substitute for some of these instruments in the EU or other third countries.If equivalence is not granted, ETDs traded on UK regulated markets will be considered as over the counter (OTC) derivatives after the end of the Brexit transition period. They strongly recommend to the Commission to issue equivalence determinations at the earliest possible opportunity and, in any case, before the end of the transition period.