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Regulatory
Statement on Complex Structured Finance
Activities
ISDA is in the process
of preparing comments on the Proposed Interagency Statement on Sound
Practices Regarding Complex Structured Finance Activities (“Proposed
Guidance”) jointly issued by the Office of the Comptroller
of the Currency, the Board of Governors of the Federal Reserve System,
the Office of Thrift Supervision, the Federal Deposit Insurance
Corporation and the Securities and Exchange Commission.
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ISDA
2004 Operations Benchmarking Survey Finds
Improvement in Credit Derivatives Processing
ISDA’s 2004 Operations Benchmarking Survey demonstrate a major
focus on improving credit derivatives processing. A record sixty-seven
institutions participated in the 2004 Survey.
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EU
Emission Allowances Confirmation
The final draft of
the emissions confirmation was distributed in mid-June and publication
is expected by June 30. The result of collaboration with the International
Emissions Trading Association, the emissions confirmation will facilitate
emission allowances trading in Europe. By May 2004, EU member states
had to publish their national allocation plans to determine the
amount of EU-Allowances assigned to various industries within their
jurisdictions, pursuant to EU Emissions Directive 2003/87/EC. Firms
are required to register their trading accounts in a member state
registry before they commence transferring EU-Allowances. Pre-compliance
trading of forwards on EU-Allowances has already begun.
Master
Agreement Protocol
The Protocol closed
on June 1 with 284 adherents. Further information, including a list
of adherents, is available on the Association’s web-site by
clicking here.
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