ISDA Briefing Paper on Post-trade Risk Reduction

On March 22, 2023, ISDA published a briefing paper on post-trade risk reduction (PTRR), which explains how these services would significantly strengthen the resilience and competitiveness of Europe’s derivatives market if fully deployed. The paper highlights how the benefits of PTRR services are restricted by the clearing obligation under the European Market Infrastructure Regulation (EMIR) and outlines the conditions under which non-price forming output transactions that result from PTRR exercises should benefit from a derogation from the EMIR clearing obligation. These conditions would ensure the derogation could not be used to evade clearing. ISDA also recommends that policymakers use the current EMIR proposal to introduce such a derogation, which would be in line with the recommendations made by the European Securities and Markets Authority in 2020.

Documents (1) for ISDA Briefing Paper on Post-trade Risk Reduction

ISDA AGM Studio: José Manuel Campa, EBA

José Manuel Campa, chairperson of the European Banking Authority, speaks to Mark Gheerbrant, ISDA’s global head of risk and capital, about concerns over differences in timing and content of the Basel III reforms across jurisdictions and what can be done...

ISDA AGM Studio: Doug Donahue and Oliver Maxwell

Just a small delay in the delivery and receipt of a termination notice can have significant economic consequences for derivatives counterparties. Doug Donahue, partner at Linklaters, and Oliver Maxwell, product management director, platforms and regulatory compliance at S&P Global Market...