European Securities and Markets Authority (Esma)
Esma dismisses Prospectus Directive criticism
Issuers say investors will not benefit from amendments to the EC's Prospectus Directive, but Esma maintains the new requirements serve a purpose
Index roundup: Esma and EBA move to strengthen Euribor
Index roundup
European swap margin rules won’t be retroactive, says Esma
Trades will not become subject to initial margin rules part-way through their life, rule-making body tells Risk
Lack of inflation clearing could hit LDI community
A different track
Segregation clash could stop European firms using US CCPs
Segregation clash
OTC Derivatives Clearing Summit Europe: EU clearing mandates unlikely before August 2013
The first clearing mandates are unlikely to be in place in Europe before August 2013, says Bank of England’s head of payments and infrastructure division
EU short-selling ban hits liquidity, hikes uncertainty
Liquidity drained from the sovereign CDS market before the ban took hold this morning – and market-makers are still unsure what they can and cannot do
Rule changes make it harder for small firms to use CCPs - Risk.net poll
Esma's decision to make indirect clearing an optional service could leave smaller firms without clearing access, according to a poll of Risk.net readers
Indirect clearing: The capital conundrum
Draft European Securities and Markets Authority rules on indirect clearing caused uproar when they appeared in June. The regulator removed the most controversial elements in its final text, but dealers are still in the dark about the capital treatment…
Final Esma clearing rules too rigid, CCPs say
Regulator has not given clearing houses enough freedom to calculate margin requirements, critics say - and Europe's CCPs may have to charge more for futures than their US rivals
Energy Risk Europe: EC official questions energy industry estimates of clearing costs
Industry estimates of clearing costs met with scepticism
Esma backtracks on indirect clearing
Final rules remove two controversial proposals, but revive regulators' concerns about access to clearing for small firms
Indirect clearing to be overhauled in final Esma rules
Indirect clearing will not be compulsory, sources say – and a controversial 30-day guarantee for indirect clients will also be removed
Esma sidelined consultative group during rule-writing
Industry group was not convened as Esma drew up draft clearing rules
Unclear on clearing in Germany
Unclear on clearing
Esma levels ETF playing field
Levelling the field for synthetic ETFs
Retail structured products pose systemic risk, concludes report
Retail structured products pose systemic risk, concludes report
Industry slams 'unworkable' Esma proposals on indirect clearing
Clearing members would be forced to guarantee trades executed by their clients' clients - on terms the member firms have not agreed
Pressure mounts on Esma over clearing exemption
Responses to Esma's draft technical standard on Emir call for the agency to clarify its position on forex clearing - with some suggestion NDFs could be exempt
New Esma ETF guidelines change the rules on securities lending in favour of synthetics
The latest European Securities and Markets Authority guidelines for Ucits ETFs will make life more difficult for physically backed ETFs and point to a growing acceptance of synthetic funds
House of Lords committee chair warns of Mifid liquidity costs
Transparency and own-capital ban for OTFs could interfere with “free flow” of market, says Lord Harrison, chair of a House of Lords committee that yesterday warned of fundamental flaws in Europe’s Mifid review
CCPs wary of covered bonds despite Esma proposal
LCH.Clearnet and Eurex will not accept own-name covered bonds as collateral, despite green light from Esma