On July 23, ISDA responded to a consultation from the Bank of England (BoE) and Financial Conduct Authority (FCA) on the additional draft Q&A for position-level reporting of spread bets under the UK European Market Infrastructure Regulation (UK EMIR) Refit. ISDA agreed with the proposal to require reporting of spread bets at position level only, while highlighting the requirement for all derivatives to be reported at the trade level, and the mutual agreement needed between parties for position-level reporting to occur.
Documents (1) for ISDA Response to BoE and FCA on UK EMIR Refit
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Remove Bureaucracy from Cross-margin Approvals
Cross-margining programs play a critical role in financial markets. By ensuring margin requirements more closely reflect the actual risk of a portfolio of products, they reduce liquidity strain and improve market efficiency, both of which will become even more important...
Joint Response on CCP Resolution
On September 7, ISDA and FIA responded to a Bank of England (BOE) discussion paper on central counterparty (CCP) resolution. The associations support greater clarity on valuation capabilities prior to a crisis scenario and the boundary between recovery and resolution,...
Expanding Legal Agreement Coverage in the CDM
This paper examines the recent extension of the Common Domain Model (CDM)1 to represent two of the most significant, and previously undeveloped, areas of its legal agreement model: umbrella agreements and contract amendments. Umbrella agreements are widely used to document...
ISDA Omnibus Canadian Representation Letter
On September 2, ISDA published the Omnibus Canadian Representation Letter, which combines previously published representation letters drafted to assist firms in compliance with Canadian trade reporting, business conduct, regulatory margin and clearing classification rules. The Omnibus Canadian Letter is designed...