国际衍生品市场动态 ｜监管 Regulations

龙听

【监管/Regulations】

√ESMA持续关注LME镍事件之后的集中风险

√金融稳定委员会关注商品市场保证金和加密货币市场

√CFTC将34个未注册外国实体列入“红名单”

ESMA持续关注LME镍事件之后的集中风险

欧洲证券和市场管理局（ESMA）中央对手方（CCP）监管委员会主席Klaus Loeber上周二在期货业协会（FIA）法兰克福论坛上发言时指出了围绕集中风险和透明度的问题。他详细介绍了今年衍生品市场的混乱，特别是3月份伦敦金属交易所（LME）镍交易停止以来采取的一系列行动。Loeber表示，ESMA对CCP的第三次和第四次压力测试表明商品产品的集中风险敞口很大，吸引了相对较低的集中度附加值。ESMA将与各国家主管当局合作，在每个CCP的基础上进一步加强使用集中度附加条款，在必要时覆盖集中度风险。

金融稳定委员会关注商品市场保证金和加密货币市场

金融稳定委员会（FSB）表示，今年将重点关注与商品市场和加密货币市场的动荡有关的传导性风险。FSB主席Klaas Knot在上周三发表的致G20财长和央行行长的信中提到了因俄乌事件引发的“金融紧张”导致了保证金要求和对杠杆率的担忧增加。FSB正在与标准制定机构合作，分析商品市场的金融问题，并密切监测这些市场对更广泛的全球金融体系可能产生的溢出效应，以此作为其持续监管的一部分。FSB还批评了加密资产市场，特别是稳定币，指出了过去几个月里对一些代币信心的崩溃。

CFTC将34个未注册外国实体列入“红名单”

美国商品期货交易委员会（CFTC）在其“注册缺陷名单”（红名单）上新增了34个未注册的外国实体。CFTC红名单于2015年推出，现在有202个在册实体。当CFTC从调查线索和公众询问中确定一家公司（比如交易二元期权、外汇（Forex）或其他产品等）需要注册但没有在CFTC注册时，该公司就会被列入红名单。美国《商品交易法》要求衍生品行业的中介机构在CFTC注册，并可能受制于各种财务、披露、报告和记录要求。在某些例外或豁免情况下中介机构不需要注册。

ESMA eyes concentration risk post-LME nickel

Speaking at an FIA Forum in Frankfurt on last Tuesday, Klaus Loeber, the chair of the European Securities and Markets Authority (ESMA) Central Counterparty (CCP) Supervisory Committee, pointed to issues around concentration risk and transparency. He has detailed further action being taken in light of disruptions in the derivatives markets this year, particularly the London Metal Exchange nickel shutdown in March.

Loeber referenced that the third and fourth ESMA CCP stress test exercises have shown that the concentration exposures for commodity products are significant and attract relatively low concentration add-ons. ESMA will interact with national competent authorities, on a CCP-by-CCP basis, to further strengthen the use of concentration add-ons to cover concentrations risks, where needed.

FSB sets sights on commodity margin, crypto markets

The Financial Stability Board (FSB) has said it is focusing this year on contagion risks linked to the commodities markets and the turmoil in cryptocurrencies. FSB chair Klaas Knot cited in a letter to G20 finance ministers and central bank governors published on last Wednesday ‘financial strains’ stemming from the Russian-Ukraine issues, causing increased margin requirements and concerns about leverage. The FSB is working with standard setting bodies, analyzing financial issues in commodity markets and closely monitoring the possible spillovers from these markets into the broader global financial system as part of its ongoing surveillance. The FSB has also doubled down on its criticism of the crypto-asset markets and specifically stablecoins, reflecting the collapse of confidence in some tokens over the last few months.

CFTC adds 34 unregistered foreign entities to RED List

The Commodity Futures Trading Commission added another 34 unregistered foreign entities to its Registration Deficient List (RED List). Launched in 2015, CFTC’s RED List now has 202 entities. A firm is added to the RED List when the CFTC determines, from investigative leads and public inquiries, that it is not registered with the Commission and appears to be acting in a capacity that requires registration, such as trading binary options, foreign currency (forex), or other products. The Commodity Exchange Act generally requires intermediaries in the derivatives industry to register with the CFTC. An intermediary may also be subject to various financial, disclosure, reporting, and recordkeeping requirements. There are some exceptions or exemptions where an intermediary does not require registration.

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