EU proposes "too big to fail" reform | Privacy issues stall US-Indian CCP equivalence | Industry works on ISDA SIMM enhancement requests
November 23, 2016
ISDA dailyLead
Daily coverage for the global derivatives industry
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EU proposes "too big to fail" reform
EU puts forward TLAC rules
(Carl Court/Getty Images)
The European Commission has proposed reform to handle financial institutions that become "too big to fail." A proposal for total loss-absorbing capacity is designed to mitigate risk from global systemically important banks and would require them to hold more capital to protect against losses.
CNBC (11/23) 
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Privacy issues stall US-Indian CCP equivalence
Issues regarding data protection have slowed an effort by the Reserve Bank of India to get the Commodity Futures Trading Commission to let US banks clear Indian derivatives trades through Clearing Corporation of India. "What Indian regulators don't like is ad hoc sharing of data -- they want this to be defined only for a specific purpose," said Trilegal's Kosturi Ghosh.
Risk.net (subscription required) (11/23) 
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Industry News and Trends
Industry works on ISDA SIMM enhancement requests
The industry is working to meet regulatory requests for certain risk-factor enhancements to the standard initial-margin model for noncleared derivatives. The industry is prioritizing workload because the deadline is in the first quarter, experts say.
Risk.net (subscription required) (11/22) 
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IMF: Oil hedges to provide Mexico $2.9B
Mexico, which has bought nearly $1 billion in put options annually during the past decade, will receive about $2.9 billion from oil hedges this year, according to the International Monetary Fund. Oil hedging earned Mexico $6.4 billion in 2015 and $5.1 billion in 2009.
Bloomberg (11/22) 
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Regulatory Roundup
FINRA requests authority to expedite trade-abuse action
The Financial Industry Regulatory Authority is asking the Securities and Exchange Commission for more authority to curb disruptive trading by allowing FINRA senior officers to issue permanent cease-and-desist orders. FINRA says there are certain clear cases where it should "initiate an expedited proceeding to stop the behavior from continuing."
Reuters (11/22) 
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Fines levied by CFTC hit $1.3B
During the 12 months that ended June 30, the Commodity Futures Trading Commission imposed fines totaling $1.3 billion in 68 enforcement actions, the agency said. Retail theft was the most frequent enforcement action, accounting for 30 of them.
Pensions & Investments (free access for SmartBrief readers) (11/22),  The Trade (UK) (11/22) 
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Bricker to replace Schnurr as SEC chief accountant
Wesley Bricker, interim chief accountant at the Securities and Exchange Commission since July, will officially fill the role when James Schnurr retires, the agency announced Tuesday. Before joining the SEC in 2015, Bricker was a partner at PricewaterhouseCoopers.
Reuters (11/22),  The Wall Street Journal (tiered subscription model) (11/22) 
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ISDA News and Events
ISDA on Location: Mumbai. Documentation Conferences, including New Margin Requirements & Buy-side Perspective
ISDA
ISDA will hold the Understanding the ISDA Master Agreements and the Understanding Collateral Arrangements and the 2016 ISDA Variation Margin and Initial Margin Credit Support Documents conferences in Mumbai, India, on Nov. 29 and 3. The Master Agreements conference will provide a section-by-section analysis of the 2002 ISDA Master Agreement, will focus on common issues when negotiating the schedule to the agreement, and will discuss closeout provisions and netting opinions. The Collateral Arrangements conference will discuss the uses of collateral; the new rules on collateral management, including variation margin; and outline and compare arrangements under English law versus New York law. Register: Understanding the ISDA Master Agreements on Nov. 29 and Understanding Collateral Arrangements and the 2016 ISDA Variation Margin and Initial Margin Credit Support Documents on Nov. 30 in Mumbai
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MiFID II/Dodd-Frank: Approaching New Terrain
MIFID II/Dodd-Frank: Approaching New Terrain
ISDA's first Trade Execution Legal Forum is a new one-day conference that will focus on key issues relating to trade execution in the EU, US and Cross-Border recognition of trading rules. The first panel of the conference will discuss the current state of the derivatives markets and provide the outlook for the derivatives trading. This panel will be followed by the discussions of the EU and US trading venues and the trading requirements. The afternoon panel will address challenges of cross-border derivatives trading and highlight approaches to harmonization of trading rules. Register: MiFID II/Dodd-Frank: Approaching New Terrain in London on Dec. 9
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Editor's Note
The dailyLead will not publish Thursday, Friday
In observance of Thanksgiving in the US, the dailyLead will not publish Thursday and Friday. Publication will resume Monday.
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I can't give you a surefire formula for success, but I can give you a formula for failure: Try to please everybody all the time.
Herbert Swope,
journalist
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