【监管/Regulations】
√ CFTC征求关于互换清算要求的意见以解决IBOR过渡问题
√ EMIR交易报告更新以帮助改善市场实践
√ FIA报告显示衍生品交易商正扎堆进入固定收益领域
CFTC征求关于互换清算要求的意见以解决IBOR过渡问题
上周三，美国商品期货交易委员会（CFTC）针对CFTC法规第50部分下的互换清算要求进行意见征询，邀请公众对互换清算要求的修改进行反馈，主要是关于伦敦银行间同业拆放利率和其他银行间同业拆放利率（IBORs）即将停止或不具代表性，以及市场对替代参考利率（如担保隔夜融资利率SOFR）的采用的问题。CFTC将利用收到的信息和意见，为CFTC互换清算要求的修改提供参考，解决正在进行的基准过渡工作。
EMIR交易报告更新以帮助改善市场实践
欧洲市场基础设施条例（EMIR）关于报告义务的规定的最佳实践在首次发布19个月后，由管理该指南的行业协会进行了更新，以努力改善市场实践。该指南是由包括期货业协会（FIA）、国际掉期和衍生品协会（ISDA）等多个协会共同制定的跨行业倡议，截至11月9日，其中129个字段中的约23个已经被修订或替换。鉴于EMIR规定的衍生品交易报告的复杂性，该最佳实践已经成为希望商定一致合规方法的公司的行动指南。
FIA报告显示衍生品交易商正扎堆进入固定收益领域
FIA欧洲主要交易商协会的一份新报告显示，因为债务产品的更大透明度和更活跃的做市商市场，衍生品和股票交易公司正越来越多地将交易分散到固定收益领域。该报告于上周二发布，基于对资产管理公司的30位全球交易主管的采访，报告显示交易主管们正在寻求将核心产品分散到固定收益领域，这反映了该市场与疫情大流行有关的重大变化。报告还指出，鉴于在如何交易方面有更好的能见度，以及危机高峰期债券市场风险资本的减少这两个原因，固定收益产品向电子流动性供应商的转移正在加快步伐。
CFTC Collects Comment on Swap Clearing Requirement to Address IBOR Transition
The Commodity Futures Trading Commission issued a request for information and comment related to the swap clearing requirement under Part 50 of the CFTC’s regulations last Wednesday. This request for information and comment invites public feedback regarding changes to the swap clearing requirement in order to address the forthcoming cessation or non-representativeness of the London Interbank Offered Rate and other interbank offered rates (IBORs), as well as the market adoption of alternative reference rates, such as the Secured Overnight Financing Rate. The CFTC will use the information and comments received to inform modifications to the CFTC’s swap clearing requirement to address ongoing benchmark transition efforts.
EMIR Trade Reporting Updated to Improve Market Practice
The best practices for reporting under the European Market Infrastructure Regulation (EMIR) have been updated by the trade associations that administer the guidance, in an effort to improve market practice 19 months after they were first published. The guidance is a cross-trade association initiative developed jointly by several associations including the Futures Industry Association and the International Swaps and Derivatives Association. Some 23 of the 129 reportable fields under the EMIR Reporting Best Practices have been revised or replaced as of November 9. The complexity of trade reporting for derivatives under the regulation gave rise to the need for the document, which is offered as a guideline for firms looking to agree on approaches to compliance.
FIA Report Shows Derivatives Traders Pile into Fixed Income
Derivatives and equity trading firms are increasingly diversifying into fixed income to tap increased transparency and more active market-makers in debt products, a new report by the FIA European Principal Traders Association has found. The report published on last Tuesday which is based on interviews with 30 global heads of trading at asset managers, and suggested that trading heads are looking to diversify out of their core products into fixed income, reflecting significant changes in that market linked to the pandemic. The paper suggested: “The combination of better visibility in how to trade, combined with the reduced availability of risk capital in bond markets at the peak of the crisis makes it easy to see why the move to Electronic Liquidity Providers is gathering pace in fixed income products.”
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发表于 2021-11-23 08:46:34