On June 17, 2019, ISDA responded to the International Accounting Standards Board’s (IASB) exposure draft on interest rate benchmark reform (ED/2019/1). The letter welcomes the steps taken by the IASB to amend International Financial Reporting Standards (IFRS) in response to the challenges posed by the interbank offered rates (IBOR) reform in relation to ‘phase-one’, or the uncertainty caused by the IFRS’s hedge accounting forward-looking rules.
However, the response points out that the IASB should accelerate the work to address the next phase of issues arising from IBOR reform. Some matters, such us the continuity of hedge relationships upon transition to risk-free-rates and the relief from hedge effectiveness, are imminent and are especially urgent. ISDA requests the IASB to consider ‘phase-two’ in parallel with completing the phase-one amendments.
Documents (1) for ISDA Response to IASB on Benchmark Reform
Latest
Response to FCA on Commodity Derivatives Clearing
On April 9, ISDA, the Commodity Markets Council Europe (CMCE), Energy Traders Europe (ETE) and FIA jointly responded to Chapter 7 of the UK Financial Conduct Authority’s (FCA) Quarterly Consultation CP26/8 on increasing the clearing threshold for commodity derivatives under the UK...
Response on EC’s SFR Proposal
On April 9, ISDA published technical comments on the European Commission’s (EC) proposed Settlement Finality Regulation (SFR) as it applies to designated EU systems and registered third-country systems. One significant concern is that the scope of insolvency protections provided to...
Natixis CIB Adopts ISDA’s DRR
ISDA has announced that Natixis CIB has adopted ISDA’s Digital Regulatory Reporting (DRR) solution, enabling the bank to meet regulatory reporting requirements more efficiently and accurately. The ISDA DRR uses the Common Domain Model (CDM) – an open-source data standard...
Paper on MIFIR PTT
On April 7, ISDA, the Association for Financial Markets in Europe (AFME), the International Capital Market Association (ICMA) and the European Banking Federation (EBF) published a paper on proposals relating to post-trade transparency (PTT) under the Markets in Financial Instruments...