ISDA issues consultation on fallbacks for interbank offered rates | ESMA: Firms have 2 weeks to apply for Brexit relocation | ICE Benchmark Administration says Libor isn't dead
July 13, 2018
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ISDA issues consultation on fallbacks for interbank offered rates
The International Swaps and Derivatives Association has published a consultation paper on fallbacks for interbank offered rates in the event they are discontinued.
Reuters (7/13),  ABA Banking Journal online (7/12) 
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ESMA: Firms have 2 weeks to apply for Brexit relocation
The European Securities and Markets Authority has told businesses they have until the end of the month to apply for relocation to the EU to obtain regulatory authorization by March 29. "As there is no assurance that a transition period will be agreed upon, entities need to consider the scenario where a hard Brexit would take place on 30 March 2019," according to ESMA.
Financial Times (subscription required) (7/12),  Financial News (UK) (tiered subscription model) (7/12) 
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Industry News and Trends
ICE Benchmark Administration says Libor isn't dead
ICE Benchmark Administration supports development of risk-free alternatives to Libor, President Timothy Bowler says, but Libor still has a future. The Intercontinental Exchange unit thinks "a reformed Libor could continue to exist alongside these new rates, to serve a different set of customer requirements," Bowler says.
Futures & Options World (subscription required) (7/12) 
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Regulatory Roundup
ESMA pushes back update for SI regime to Feb.
The European Securities and Markets Authority has delayed publication of updated systematic-internalizer calculations for derivatives to Feb. 1. ESMA says it has been unable to conduct a complete analysis because of insufficient data.
The Trade (UK) (7/12),  Futures & Options World (subscription required) (7/13) 
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AI could aid compliance with MiFID II data rules, exec says
The "logical next step" after implementation of Europe's revised Markets in Financial Instruments Directive is to take advantage of technology such as artificial intelligence and automation to comply with data requirements, says Gerard Walsh, head of business development at Northern Trust Capital Markets.
Futures & Options World (subscription required) (7/12) 
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Stress test method for commodity derivatives gets SEBI update
The Securities and Exchange Board of India has updated the method behind daily stress tests for commodity derivatives markets. The change reflects market concerns, and the regulator has requested the modification be used within three months.
The Economic Times (India)/Press Trust of India (7/12) 
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ISDA News and Events
Spotlight on: ISDA SIMM on July 24 in Tokyo
Spotlight on: ISDA SIMM on July 24 in Tokyo
As firms are phased into the regulatory initial margin requirement, they need to select and implement a model to calculate initial margin. ISDA Developed the ISDA Standard Initial Margin Model (SIMM) to help firms do this. This course will provide a basic understanding of the SIMM, the regulatory requirements for IM and the practicalities of implementing and using the SIMM. REGISTER: ISDA SIMM Workshop on July 24 in Tokyo
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ISDA Industry and Regulators Forum on Sept. 13 in Singapore
ISDA Industry and Regulators Forum on Sept. 13 in Singapore
This is the second year ISDA will host an Industry and Regulators Forum in Singapore to bring derivatives markets' participants and rule-makers together for discussions on topics facing the industry. This year, the focus will be on the ongoing regulatory debate/cross-border topics, clearing in Asia-Pacific, the transition from IBORs to risk-free rates and the role of new technologies in derivatives markets. REGISTER: ISDA Industry and Regulators Forum on Sept. 13 in Singapore
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