ISDA Recommends Aligning Clearing and Trading Obligations
On July 6, ISDA published a briefing paper outlining its support for alignment of the clearing obligation under the European Market Infrastructure Regulation and the derivatives trading obligation under the Markets in Financial Instruments Regulation.
ISDA recommends that alignment be based on transaction and counterparty terms, with a view to enhancing legal certainty for market participants.
Latest phase of the uncleared margin rules were implemented in September.
ICEU allegedly violated regulations requiring written acknowledgment letters from a depository.
Benefits include a reduction in settlement and counterparty risk, and lower risk of market disorder.
Year-to-date cleared contract volume through end of September up 35%.
Operating 24 hours a day, five days a week will better support the Asia Pacific region.