Some UK pension funds get clearing exemption from ESMA | Euribor transition timeline could cause upheaval, execs say | 10 directors chosen for board of LSE futures exchange
February 3, 2016
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Some UK pension funds get clearing exemption from ESMA
The European Securities and Markets Authority said Tuesday that exemption to mandatory swaps clearing for 16 UK-based pension funds was "justified" due to concerns over costs and their ability to meet variation margin requirements. The Trade News (U.K.) (tiered subscription model) (2/2)
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Euribor transition timeline could cause upheaval, execs say
The European Money Markets Institute's proposal to switch the Euro Interbank Offered Rate to calculation based on traded volume, rather than indicative quotes, could cause holders of contracts to say they are no longer valid, market participants say. The concern is a lack of time for a smooth transition if legacy contracts need renegotiation. (subscription required) (2/2)
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Industry News and Trends
10 directors chosen for board of LSE futures exchange
The London Stock Exchange has chosen 10 directors to oversee CurveGlobal, the interest-rate futures exchange to be launched during the second quarter. Among those joining LSE CEO Nikhil Rathi on the board will be BNP Paribas' Gaspard Bonin, Citigroup's Ashlin Kohler, Barclays' Richard Sears and CBOE Holdings' John Deters. LSE has yet to appoint a CEO for CurveGlobal. The Trade News (U.K.) (tiered subscription model) (2/2), Financial News Online (U.K.) (free content) (2/2)
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BATS Chi-X Europe might leave UK if "Brexit" happens
BATS Chi-X Europe might pull out of the UK if the country exits the EU, according to a filing with the US Securities and Exchange Commission. "Should the United Kingdom vote to withdraw from the European Union, there may be an unfavorable business environment for companies with operations in the United Kingdom that do business in the European Union," according to parent company BATS Global Markets. "In such a case, BATS Chi-X Europe may move some or all of its operations to the European Union." A referendum on EU membership could take place within months, UK Prime Minister David Cameron says. The Trade News (U.K.) (tiered subscription model) (2/2), Bloomberg (2/1)
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Regulatory Roundup
$23M settlement ends bank's benchmark-manipulation case
Citigroup has agreed to pay $23 million to settle a lawsuit alleging the bank conspired to rig benchmark interest rates, including the yen London Interbank Offered Rate. Attorneys for the plaintiff say the deal could prompt other banks to follow suit. Reuters (2/2)
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Firms must be aware of MiFID II's many changes, experts say
Europe's revised Markets in Financial Instruments Directive includes a number of measures that have raised significant concern among the financial-services industry. MiFID II also includes changes that haven't garnered as much attention but could hit companies if not handled properly. FTSE Global Markets (2/1)
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Analysis: Basel Committee likely to re-examine leverage ratio
This year, the Basel Committee on Banking Supervision likely will review leverage-ratio rules, including the inclusion of clients' collateral as part of banks' assets, according to this analysis. The rule has made some banks reconsider derivatives clearing or increase prices for the service. Bloomberg Professional (2/2)
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ISDA News and Events
Overview of Interest Rate Derivatives in N.Y. on Feb. 9
This full-day conference will provide a complete view of Interest Rate Derivatives, including an explanation of Interest Rate Products, understanding the 2006 ISDA Definitions, which products are being cleared/how it's determined which products are cleared/clearing cross-border issues and what role Swap Execution Facilities (SEFs) play. The conference will conclude with a live step-by-step demonstration of how to complete a trade on an SEF.

Register: Overview of Interest Rate Derivatives on Feb.9 in New York
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2016 ISDA Annual Legal Forum
The 2016 ISDA Annual Legal Forum is intended for all market participants interested in keeping informed on key legal developments. The forum will feature discussions on:
  • Bank Recovery
  • Resolution Electronic Trading WGMR CCP Resilience, Recovery
  • Resolution Regulation
  • Compliance Issues Cross-Border Issues
  • Equivalence Law Reform, Netting
  • Legal Opinions
Register: ISDA Annual Legal Forum on Feb. 10 in London
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