On December 19, ISDA submitted a response to the Canadian Securities Administrators (CSA) consultation on proposed amendments to the clearing obligation in Canada. The CSA invited comments on the proposed amendments and on the specific question set out in Annex B of the notice, ie, whether including single-name credit default swaps (CDS) within the scope of the clearing obligation would be appropriate.
In the response, ISDA asks the CSA to provide an appropriate implementation period for firms to prepare for the changes – it is proposed this would be six months from the time the amended instrument enters into force. ISDA also welcomes that the proposed changes are largely in line with global developments and existing requirements on the scope of the clearing obligation in other jurisdictions. Finally, on whether single-name CDS should be included in the scope of the clearing obligation, ISDA recommends that the scope should remain in line with global peer jurisdictions and notes that no other jurisdiction currently mandates clearing for single-name CDS. The response explains that single-name CDS are not sufficiently liquid to warrant a clearing requirement.
Documents (1) for ISDA Responds to CSA Consultation on Revisions to Canadian Clearing Obligation
Latest
DRR Expanded to Cover Hong Kong's Revised Rules
ISDA has expanded its Digital Regulatory Reporting (DRR) solution to support revised derivatives reporting rules in Hong Kong, enabling in-scope firms to implement the changes cost-effectively and accurately. The amendments from the Hong Kong Monetary Authority (HKMA) and the Securities...
Joint Letter on Simplification of EU Taxonomy
On October 6, ISDA, the Association for Financial Markets in Europe (AFME), the European Fund and Asset Management Association (EFAMA), the European Association of Co-operative Banks (EACB) and the European Banking Federation (EBF) published a policy statement in support of...
Paper on Removal of SI Regime
On October 10, ISDA, the Association for Financial Markets in Europe (AFME) and the International Capital Market Association (ICMA) published a paper on the practical implications of the recent discontinuation of the systematic internalizer (SI) regime for derivatives, bonds and...
ISDA Analysis to ESMA on Reporting Costs
ISDA has submitted to the European Securities and Markets Authority (ESMA) an analysis of the costs of regulatory reporting, which proposes where savings can be made most effectively. This document supplements the recent response submitted by ISDA, the Association for...