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| emir definition of financial counterparty: Data Science for Economics and Finance Sergio Consoli, Diego Reforgiato Recupero, Michaela Saisana, 2021 This open access book covers the use of data science, including advanced machine learning, big data analytics, Semantic Web technologies, natural language processing, social media analysis, time series analysis, among others, for applications in economics and finance. In addition, it shows some successful applications of advanced data science solutions used to extract new knowledge from data in order to improve economic forecasting models. The book starts with an introduction on the use of data science technologies in economics and finance and is followed by thirteen chapters showing success stories of the application of specific data science methodologies, touching on particular topics related to novel big data sources and technologies for economic analysis (e.g. social media and news); big data models leveraging on supervised/unsupervised (deep) machine learning; natural language processing to build economic and financial indicators; and forecasting and nowcasting of economic variables through time series analysis. This book is relevant to all stakeholders involved in digital and data-intensive research in economics and finance, helping them to understand the main opportunities and challenges, become familiar with the latest methodological findings, and learn how to use and evaluate the performances of novel tools and frameworks. It primarily targets data scientists and business analysts exploiting data science technologies, and it will also be a useful resource to research students in disciplines and courses related to these topics. Overall, readers will learn modern and effective data science solutions to create tangible innovations for economic and financial applications. |
| emir definition of financial counterparty: Discriminatory Pricing of Over-the-Counter Derivatives Hau Harald, Peter Hoffmann, Sam Langfield, Mr.Yannick Timmer, 2019-05-07 New regulatory data reveal extensive price discrimination against non-financial clients in the FX derivatives market. The client at the 90th percentile pays an effective spread of 0.5%, while the bottom quarter incur transaction costs of less than 0.02%. Consistent with models of search frictions in over-the-counter markets, dealers charge higher spreads to less sophisticated clients. However, price discrimination is eliminated when clients trade through multi-dealer request-for-quote platforms. We also document that dealers extract rents from captive clients and market opacity, but only for contracts negotiated bilaterally with unsophisticated clients. |
| emir definition of financial counterparty: Regulation of the EU Financial Markets Danny Busch, Guido Ferrarini, 2017 PART I: GENERAL ASPECTS 1: Introduction, Danny Busch and Guido Ferrarini PART II: INVESTMENT FIRMS AND INVESTMENT SERVICES 2: The Scope of MiFID II, Kitty Lieverse 3: Governance of Investment Firms under MiFID II, Jens-Hinrich Binder 4: The Overarching Duty to Act in the Best Interest of the Client in MiFID II, Luca Enriques and Matteo Gargantini 5: Product Governance and Product Intervention, Danny Busch 6: Independent Financial Advice, Paolo Giudici 7: Conflicts of Interest, Stefan Grundmann and Philipp Hacker 8: Inducements, Larissa Silverentand, Jasha Sprecher, and Lisette Simons 9: Agency and Principal Dealing Under MiFID, Danny Busch 10: MiFID II/MiFIR's Regime for Third-Country Firms, Danny Busch & Marije Louisse PART III: TRADING 11: TGovernance and Organization of Trading Venues: The Role of Financial Market Infrastructures Groups, Guido Ferrarini & Paolo Saguato 12: EU Financial Governance and Transparency Regulation: A Test for the Effectiveness of Post-Crisis Administrative Governance, Niamh Moloney 13: SME Growth Markets, Carmine di Noia & Rudiger Veil 14: Dark Trading Under MiFID II, Peter Gomber & Ilya Gvozdevskiy 15: Derivatives: Trading, Clearing, STP, Indirect Clearing, and Portfolio Compression, Rezah Stegeman & Aron Berket 16: Commodity Derivatives, Antonella Sciarrone Alibrandi & Edoardo Grossule 17: Algorithmic Trading and High Frequency Trading, Pierre-Henri Conac 18: An American perspective, Merritt Fox PART IV: SUPERVISION AND ENFORCEMENT 19: Public Enforcement of MiFID II, Christos Gortsos 20: The Private Law Effect of MiFID: the Genil Case and Beyond, Danny Busch PART V: THE BROADER VIEW AND THE FUTURE OF MIFID 21: MiFID II: Picking up the Crumbs of a Piecemeal Approach, Veerle Colaert 22: Shadow Banking and the Functioning of Financial Markets, Eddy Wymeersch 23: Investment-based Crowdfunding: Is MiFID II enough?, Guido Ferrarini & Eugenia Macchiavello. |
| emir definition of financial counterparty: The Alternative Investment Fund Managers Directive Dirk A. Zetzsche, 2015-09-14 Apart from MiFID, the Alternative Investment Fund Managers Directive (AIFMD) may be the most important European asset management regulation of the early twenty-first century. In this in-depth analytical and critical discussion of the content and system of the directive, thirty-eight contributing authors – academics, lawyers, consultants, fund supervisors, and fund industry experts – examine the AIFMD from every angle. They cover structure, regulatory history, scope, appointment and authorization of the manager, the requirements for depositaries and prime brokers, rules on delegation, reporting requirements, transitional provisions, and the objectives stipulated in the recitals and other official documents. The challenging implications and contexts they examine include the following: – connection with systemic risk and the financial crisis; - nexus with insurance for negligent conduct; - connection with corporate governance doctrine; - risk management; - transparency; - the cross-border dimension; - liability for lost assets; - impact on alternative investment strategies, and - the nexus with the European Regulation on Long-Term Investment Funds (ELTIFR). Nine country reports, representing most of Europe’s financial centres and fund markets add a national perspective to the discussion of the European regulation. These chapters deal with the potential interactions among the AIFMD and the relevant laws and regulations of Austria, France, Germany, Italy, Luxembourg, Liechtenstein, The Netherlands, Malta and the United Kingdom. The second edition of the book continues to deliver not only the much-needed discussion of the inconsistencies and difficulties when applying the directive, but also provides guidance and potential solutions to the problems it raises. The second edition considers all new developments in the field of alternative investment funds, their managers, depositaries, and prime brokers, including, but not limited to, statements by the European Securities and Markets Authority (ESMA) and national competent authorities on the interpretation of the AIFMD, as well as new European regulation, in particular the PRIIPS Regulation, the ELTIF Regulation, the Regulation on European Venture Capital Funds (EuVeCaR), the Regulation on European Social Entrepreneurship Funds (EUSEFR), MiFID II, and UCITS V. The book will be warmly welcomed by investors and their counsel, fund managers, depositaries, asset managers, administrators, as well as regulators and academics in the field. |
| emir definition of financial counterparty: Central Counterparties Jon Gregory, 2014-06-17 Practical guidance toward handling the latest changes to the OTC derivatives market Central Counterparties is a practical guide to central clearing and bilateral margin requirements, from one of the industry's most influential credit practitioners. With up-to-date information on the latest regulations imposed after the global financial crisis, this book covers the mechanics of the clearing process and analyses the resulting consequences. Detailed discussion explains the ways in which the very significant clearing and margining rules will affect the OTC derivatives market and the financial markets in general, with practical guidance toward implementation and how to handle the potential consequences. Over-the-counter derivatives were blamed by many for playing a major role in the 2007 financial crisis, resulting in a significant attention and dramatic action by policymakers, politicians, and regulators to reduce counterparty credit risk which was seen as a major issue in the crisis. The two most important regulatory changes are the mandatory clearing of standardised OTC derivatives, and the requirements for bilateral margin posting in non-standard OTC contracts. Central Counterparties is a complete reference guide to navigating these changes, providing clarification and practical advice. Review the mitigation of counterparty credit risk with the historical development of central clearing Clarify the latest regulatory requirements imposed by Dodd-Frank, EMIR, Basel III and more Learn the mechanics of central clearing, with special attention to complex issues such as margin calculations, the loss waterfall, client clearing and regulatory capital rules Gain insight into the advantages and disadvantages of clearing and bilateral margin requirements, and the potential issues that arise As the clearing and margining mandates are phased in, the associated costs will be severe enough to dramatically shift the topology of the financial markets and transform the nature of risk. Central Counterparties provides the information, clarification and expert insight market practitioners need to get up to speed quickly. |
| emir definition of financial counterparty: Principles of Banking Law Ross Cranston, Emilios Avgouleas, Kristin van Zwieten, Christopher Hare, Theodor Van Sante, 2018 This third edition of the Principles of Banking Law provides an authoritative treatment of both domestic and international banking law. This edition contains expanded coverage of developments in other comparable jurisdictions, internet banking services and money laundering. |
| emir definition of financial counterparty: The European Banking Union and Constitution Stefan Grundmann, Hans-W. Micklitz, 2019-01-24 In 2012, at the height of the sovereign debt crisis, European decision makers pushed for developing an 'ever closer union' with the formation of a European Banking Union (BU). Although it provoked widespread debate, to date there has been no coherent discussion of the political and constitutional dimensions of the European Banking Union. This important new publication fills this gap. Drawing on the expertise of recognised experts in the field, it explores banking union from legal, economic and political perspectives. It takes a four-part approach. Firstly, it sets the scene by examining the constitutional foundations of banking union. Then in parts 2 and 3, it looks at the implications of banking union for European integration and for democracy. Finally it asks whether banking union might be more usefully regarded as a trade-off between integration and democracy. This is an important, timely and authoritative collection. |
| emir definition of financial counterparty: Dark Markets Darrell Duffie, 2012-01-08 This book offers a concise introduction to OTC markets by explaining key conceptual issues and modeling techniques, and by providing readers with a foundation for more advanced subjects in this field. |
| emir definition of financial counterparty: International Convergence of Capital Measurement and Capital Standards , 2004 |
| emir definition of financial counterparty: Global Financial Stability Report, April 2012 International Monetary Fund. Monetary and Capital Markets Department, 2012-04-18 The April 2012 Global Financial Stability Report assesses changes in risks to financial stability over the past six months, focusing on sovereign vulnerabilities, risks stemming from private sector deleveraging, and assessing the continued resilience of emerging markets. The report probes the implications of recent reforms in the financial system for market perception of safe assets, and investigates the growing public and private costs of increased longevity risk from aging populations. |
| emir definition of financial counterparty: Irish Securities Law Paul Egan, 2021-11-29 This new title is concerned with the securities law provisions in the Companies Act 2014 and derivative enactments, which are of most concern to listed companies and companies issuing equity and debt securities in Ireland. It deals comprehensively with the legal obligations to produce a prospectus or similar document, what is in it, what are the exceptions, what information must be made available to the markets and what are the other legal consequences on companies and dealers in shares and other securities as a result of having securities admitted to listing. Part A of the book gives an overview of the four key areas: Prospectus, Listing, Market Abuse and Transparency. It explains the structure of the law to enable non-experts to understand the law. Part B gives the legal and regulatory texts, which will be more of interest to lawyers and financiers in this area who need to be familiar with the primary law, which is not as yet readily accessible. |
| emir definition of financial counterparty: The Oxford Handbook of Financial Regulation Niamh Moloney, Eilís Ferran, Jennifer Payne, 2015-08-27 The financial system and its regulation have undergone exponential growth and dramatic reform over the last thirty years. This period has witnessed major developments in the nature and intensity of financial markets, as well as repeated cycles of regulatory reform and development, often linked to crisis conditions. The recent financial crisis has led to unparalleled interest in financial regulation from policymakers, economists, legal practitioners, and the academic community, and has prompted large-scale regulatory reform. The Oxford Handbook of Financial Regulation is the first comprehensive, authoritative, and state of the art account of the nature of financial regulation. Written by an international team of leading scholars in the field, it takes a contextual and comparative approach to examine scholarly, policy, and regulatory developments in the past three decades. The first three parts of the Handbook address the underpinning horizontal themes which arise in financial regulation: financial systems and regulation; the organization of financial system regulation, including regional examples from the EU and the US; and the delivery of outcomes and regulatory techniques. The final three Parts address the perennial objectives of financial regulation, widely regarded as the anchors of financial regulation internationally: financial stability, market efficiency, integrity, and transparency; and consumer protection. The Oxford Handbook of Financial Regulation is an invaluable resource for scholars and students of financial regulation, economists, policy-makers and regulators. |
| emir definition of financial counterparty: European System of Accounts , 2013 |
| emir definition of financial counterparty: Over-the-Counter Derivatives Regulation in Hong Kong and Singapore Christopher Chen, 2017-02-06 In this work, Christopher Chen examines and compares the regulation of over-the-counter derivatives in Hong Kong and Singapore, the two largest international financial centres in Asia Pacific. Chen analyses current or proposed regulations on trade reporting, centralised clearing and mandatory exchange trading mandates regarding OTC derivatives against the backdrop of reforms of international financial regulatory structure after the global financial crisis. The article also relates the reforms in Asia to development in major Western markets such as the US, the UK or the European Union. Apart from technical comparison and dissecting of content of rules from different angles, his work also examines the rationale behind those reforms and policy concerns behind Asian adoption of the regulatory mandates prescribed by G20 as well as potential policy concerns (such as competition and extraterritoriality) in a market that is dominated by Western banks. |
| emir definition of financial counterparty: Collateral Management Michael Simmons, 2019-02-18 Insight into collateral management and its increasing relevance in modern banking In the wake of recent financial crises, firms of all sizes have adjusted their policies to incorporate more frequent instances of collateral management. Collateral Management: A Guide to Mitigating Counterparty Risk explains the connection between the need for collateral management in order to alleviate counterparty risk and the actions that firms must take to achieve it. Targeted at middle and back office managers seeking a hands-on explanation of the specifics of collateral management, this book offers a thorough treatment of the subject and attends to details such as internal record management, daily procedures used in making and receiving collateral calls, and settlement-related issues that affect the movements of cash and securities collateral. An expert in financial topics ranging from trade lifecycle to operational risk, author Michael Simmons offers readers insight into a field that, so far, is struggling to produce enough expertise to meet its high demand. Presents hands-on advice and examples from a bestselling, internationally renowned author who introduces his third book on operations and operations-related activities Explains the relationship between collateral management and preventing institutional defaults, such as the recent Lehman Brothers downfall Since 2008, firms have recognized and embraced the importance of collateral management, but this book will provide practitioners with a deeper understanding and appreciation of its relevance. |
| emir definition of financial counterparty: The Risk Controllers Peter Norman, 2011-09-07 Clearing houses, or CCPs, were among the very few organisations to emerge from the global financial crisis with their standing enhanced. In the chaotic aftermath of the bankruptcy of Lehman Brothers, they successfully completed trades worth trillions of dollars in a multitude of financial instruments across listed and over-the-counter markets, and so helped avert financial Armageddon. That success transformed the business of clearing. Governments and regulators around the world gave CCPs and the clearing services they provide a front-line role in protecting the global economy from future excesses of finance. CCPs, which mitigate risk in financial markets, responded by greatly expanding their activities, notably in markets for over-the-counter derivatives, and often in fierce competition with one another. In The Risk Controllers, journalist and author Peter Norman describes how CCPs operate, how they handled the Lehman default, and the challenges they now face. Because central counterparty clearing is a complex business with a long history that continues to influence decisions and structures even in today’s fast changing world, The Risk Controllers explores the development of CCPs and clearing from the earliest times to the present. It draws on the experiences of the people who helped to shape the business of clearing today. It sets the development of CCPs and clearing in the broader context of changes in society, politics and regulation. The book examines turning points, such as the 1987 stock market crash, that set clearing on a new path and the impact of long running trends, including the exponential growth of computer power and the ebb and flow of globalisation. Written in non-technical language, The Risk Controllers provides a unique and accessible guide to CCPs and clearing. It is essential reading for clearing professionals, legislators and regulators whose job it is to take this vitally important business into the future. “The recent crisis has, thankfully, renewed interest in the importance of central counterparties: how they can help preserve stability or, as Hong Kong showed in 1987, undermine stability if they are not super sound. Peter Norman’s book places the role of clearing houses in a historical context, and explains why the financial system’s plumbing matters so much. It should be read by anyone interested in building safer capital markets.” Paul Tucker, Deputy Governor Financial Stability, Bank of England |
| emir definition of financial counterparty: US Reg International Securities and Derivative Market 11e (2 Vol) GREENE, 2014-12-29 Dramatic changes in U.S. law have increased the need to understand the complex regulation of todayand’s global capital and derivatives markets. U.S. Regulation of the International Securities and Derivatives Markets is the first truly comprehensive guide in this dynamic regulatory arena. This completely updated Eleventh Edition was authored by a team of attorneys at Cleary Gottlieb Steen and& Hamilton LLP, one of the foremost law firms in international finance. U.S. Regulation of the International Securities and Derivatives Markets provides thoroughly up-to-date coverage of the SEC Securities Offering Reform rules, the impact of the Dodd-Frank Act and the Sarbanes-Oxley Act on public companies in the United States, and much more. Advising clients on cross-border securities transactions means dealing with a tangle of complex rules and requirements. This comprehensive reference explains in detail virtually everything your clients might want to know, including: The U.S. securities and commodities laws pertaining to foreign participants and financial products entering U.S. capital markets, and U.S. securities in international markets, including a comprehensive discussion of the requirements imposed by the Sarbanes-Oxley Act and the regulatory framework established by the Dodd-Frank Act. The rules and regulations affecting each participant, including foreign banks, broker-dealers, investment companies and advisers, futures commission merchants, commodity pool operators, commodity trading advisors, and others The rules and requirements behind different cross-border transactions, including private placements and Rule 144A, ADR programs, the U.S./Canadian MJDS, global offerings, and more The principal European Union measures governing securities offerings and ongoing reporting in the European Union Many additional regulatory issues, including enforcement and remedies, recent case interpretations, FINRA and other SRO rules, and much more U.S. Regulation of the International Securities and Derivatives Markets, Eleventh Edition is by far the most comprehensive reference of its kind. This is the only desk reference covering all U.S. laws and regulations affecting international securities offerings and foreign participants in U.S. capital markets. It explains dozens of topics that simply cannot be found in any other published sourceand—saving you valuable research time, youand’ll have all the detailed information you need to guide clients through this dramatic new financial era. |
| emir definition of financial counterparty: Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations (Us Commodity Futures Trading Commission Regulation) (Cftc) (2018 Edition) The Law The Law Library, 2018-06-16 Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations (US Commodity Futures Trading Commission Regulation) (CFTC) (2018 Edition) The Law Library presents the complete text of the Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations (US Commodity Futures Trading Commission Regulation) (CFTC) (2018 Edition). Updated as of May 29, 2018 On July 12, 2012, the Commodity Futures Trading Commission (Commission or CFTC) published for public comment its proposed interpretive guidance and policy statement (Proposed Guidance) regarding the cross-border application of the swaps provisions of the Commodity Exchange Act (CEA), as added by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act or Dodd-Frank). On December 21, 2012, the Commission also proposed further guidance on certain aspects of the Proposed Guidance (Further Proposed Guidance). This book contains: - The complete text of the Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations (US Commodity Futures Trading Commission Regulation) (CFTC) (2018 Edition) - A table of contents with the page number of each section |
| emir definition of financial counterparty: The Payment System Tom Kokkola, 2010 This book is designed to provide the reader with an insight into the main concepts involved in the handling of payments, securities and derivatives and the organisation and functioning of the market infrastructure concerned. Emphasis is placed on the general principles governing the functioning of the relevant systems and processes and the presentation of the underlying economic, business, legal, institutional, organisational and policy issues. The book is aimed at decision-makers, practitioners, lawyers and academics wishing to acquire a deeper understanding of market infrastructure issues. It should also prove useful for students with an interest in monetary and financial issues.--Introduction (Pg. 20, para 8). |
| emir definition of financial counterparty: EU Securities and Financial Markets Regulation Niamh Moloney, 2023-03-25 Over the decade or so since the global financial crisis rocked EU financial markets and led to wide-ranging reforms, EU securities and financial markets regulation has continued to evolve. The legislative framework has been refined and administrative rulemaking has expanded. Alongside, the Capital Markets Union agenda has developed, the UK has left the EU, and ESMA has emerged as a decisive influence on EU financial markets governance. All these developments, as well as the Covid-19 pandemic, have shaped the regulatory landscape and how supervision is organized. EU Securities and Financial Markets Regulation provides a comprehensive, critical, and contextual account of the intricate rulebook that governs EU financial markets and its supporting institutional arrangements. It is framed by an assessment of how the regime has evolved over the decade or so since the global financial crisis and considers, among other matters, the post-crisis reforms to key legislative measures, the massive expansion of administrative rulemaking and of soft law, the Capital Markets Union agenda, the development of supervisory convergence as the means for organizing pan-EU supervision, and ESMA's role in EU financial markets governance. Its coverage extends from capital-raising and the Prospectus Regulation to financial market intermediation and the MiFID II/MiFIR and IFD/IFR regimes, to the new regulatory regimes adopted since the global financial crisis (including for benchmarks and their administrators), to retail market regulation and the PRIIPs Regulation, and on to the EU's third country regime and the implications of the UK's departure from the EU. This is the fourth edition of the highly successful and authoritative monograph first published as EC Securities Regulation. Heavily revised from the third edition to reflect developments since the global financial crisis, it adopts the in-depth contextual and analytical approach of earlier editions and so considers the market, political, institutional, and international context of the regulatory and supervisory regime. |
| emir definition of financial counterparty: EU Securities and Financial Markets Regulation Niamh Moloney, 2023-03-29 Over the decade or so since the global financial crisis rocked EU financial markets and led to wide-ranging reforms, EU securities and financial markets regulation has continued to evolve. The legislative framework has been refined and administrative rulemaking has expanded. Alongside, the Capital Markets Union agenda has developed, the UK has left the EU, and ESMA has emerged as a decisive influence on EU financial markets governance. All these developments, as well as the Covid-19 pandemic, have shaped the regulatory landscape and how supervision is organized. EU Securities and Financial Markets Regulation provides a comprehensive, critical, and contextual account of the intricate rulebook that governs EU financial markets and its supporting institutional arrangements. It is framed by an assessment of how the regime has evolved over the decade or so since the global financial crisis and considers, among other matters, the post-crisis reforms to key legislative measures, the massive expansion of administrative rulemaking and of soft law, the Capital Markets Union agenda, the development of supervisory convergence as the means for organizing pan-EU supervision, and ESMA's role in EU financial markets governance. Its coverage extends from capital-raising and the Prospectus Regulation to financial market intermediation and the MiFID II/MiFIR and IFD/IFR regimes, to the new regulatory regimes adopted since the global financial crisis (including for benchmarks and their administrators), to retail market regulation and the PRIIPs Regulation, and on to the EU's third country regime and the implications of the UK's departure from the EU. This is the fourth edition of the highly successful and authoritative monograph first published as EC Securities Regulation. Heavily revised from the third edition to reflect developments since the global financial crisis, it adopts the in-depth contextual and analytical approach of earlier editions and so considers the market, political, institutional, and international context of the regulatory and supervisory regime. |
| emir definition of financial counterparty: Commodity Price Dynamics Craig Pirrong, 2011-10-31 Commodities have become an important component of many investors' portfolios and the focus of much political controversy over the past decade. This book utilizes structural models to provide a better understanding of how commodities' prices behave and what drives them. It exploits differences across commodities and examines a variety of predictions of the models to identify where they work and where they fail. The findings of the analysis are useful to scholars, traders and policy makers who want to better understand often puzzling - and extreme - movements in the prices of commodities from aluminium to oil to soybeans to zinc. |
| emir definition of financial counterparty: How Big Banks Fail and What to Do about It Darrell Duffie, 2010-10-18 A leading finance expert explains how and why big banks fail—and what can be done to prevent it Dealer banks—that is, large banks that deal in securities and derivatives, such as J. P. Morgan and Goldman Sachs—are of a size and complexity that sharply distinguish them from typical commercial banks. When they fail, as we saw in the global financial crisis, they pose significant risks to our financial system and the world economy. How Big Banks Fail and What to Do about It examines how these banks collapse and how we can prevent the need to bail them out. In sharp, clinical detail, Darrell Duffie walks readers step-by-step through the mechanics of large-bank failures. He identifies where the cracks first appear when a dealer bank is weakened by severe trading losses, and demonstrates how the bank's relationships with its customers and business partners abruptly change when its solvency is threatened. As others seek to reduce their exposure to the dealer bank, the bank is forced to signal its strength by using up its slim stock of remaining liquid capital. Duffie shows how the key mechanisms in a dealer bank's collapse—such as Lehman Brothers' failure in 2008—derive from special institutional frameworks and regulations that influence the flight of short-term secured creditors, hedge-fund clients, derivatives counterparties, and most devastatingly, the loss of clearing and settlement services. How Big Banks Fail and What to Do about It reveals why today's regulatory and institutional frameworks for mitigating large-bank failures don't address the special risks to our financial system that are posed by dealer banks, and outlines the improvements in regulations and market institutions that are needed to address these systemic risks. |
| emir definition of financial counterparty: Central Bank Reserve Management Age Bakker, Ingmar R. Y. van Herpt, 2007-01-01 This book addresses the welfare gains and costs of accumulating foreign exchange reserves and the implications for the functioning of the global financial system. The tremendous growth of central bank reserves has led to an increased focus on raising returns in addition to the traditional preference central banks have for maintaining liquid portfolios. Issues such as asset and currency diversification, the impact of new accounting rules and the profit distribution agreements with the government are analysed, adding new insights to the current debate on the optimal size of central bank reserves. This book brings together a wide range of experts from central banks, investment banks and the academic community. |
| emir definition of financial counterparty: Euro Area Policies International Monetary Fund. Monetary and Capital Markets Department, 2018-07-19 Regulation, supervision, and oversight of central counterparties (CCPs) and central securities depositories (CSDs) in the euro area is evolving. Recent proposed amendments to the European Market Infrastructure Regulation (EMIR) are expected to further alter the landscape, as is the European Central Bank (ECB) proposal to amend article 22 of the Statute of the European System of Central Banks (ESCB) and the ECB. The main objective of this note is to analyze the regulatory and supervisory structure applicable to CCPs and International CSDs (ICSDs) in the European Union (EU) and assess their suitability using international standards and good practices. |
| emir definition of financial counterparty: Federal Register , 2013-12 |
| emir definition of financial counterparty: Financial Regulation in the EU Raphaël Douady, Clément Goulet, Pierre-Charles Pradier, 2017-08-29 Financial regulation has dramatically evolved and strengthened since the crisis on both sides of the Atlantic, with enhanced international coordination through the G-20 and the Financial Stability Board and, at the regional level, a definite contribution from the European Union. However the new regulatory environment has its critics, with many divergent voices arguing that over-regulation has become a root cause of our current economic stagnation. This book provides a bigger picture view of the impact and future of financial regulation in the EU, exploring the relationship between microeconomic incentives and macroeconomic growth, regulation and financial integration, and the changes required in economic policy to further European integration. Bringing together contributions from law, economics and management science, it offers readers an accessible but rigorous understanding of the current state of play of the regulatory environment, and on the future challenges. Coverage will include: • A review of the recent regulatory changes from a legal and economic perspective • Analysis of how the economic model of financial institutions and entities is impacted by the new frameworks • How to improve securitization and new instruments under MIFID II • Issues in the enhanced supervision under delegated acts for AIFMD, CRR-CRD IV and Solvency II • How long term funding can be supplied in lieu of the non-conventional monetary policies • A new architecture for a safer and more efficient European financial system Financial Regulation in the EU provides much needed clarity on the impact of new financial regulation and the future of the economy, and will prove a must have reference for all those working in, researching and affected by these changes. |
| emir definition of financial counterparty: A Guide to Financial Regulation for Fintech Entrepreneurs Stefan Loesch, 2018-06-05 The Fintech Entrepreneur’s Guide to Regulation and Regulatory Strategy Fintech has been growing dramatically over the last few years, and it is now an important sector in its own right. This means that Fintech companies, who could so far often rely on a comparatively lenient regulatory regime, will now have to give serious thoughts on compliance with applicable regulatory rules. Operating in a highly regulated environment is tedious, but not all bad—companies that can play the regulatory game well have a strategic advantage, especially with regard to time-to-market and scaling. Nothing spells missed opportunity like a competitor building market share with a copycat product whilst you are still waiting for your license! Written for professionals, this book helps anyone whose job has to do with formulating or executing a Fintech startup strategy or whose job touches financial services regulation, or anyone who simply wants an easy- to-read introduction to financial services and their regulation. Describes the purpose of and principle behind modern financial services regulation Explains how to include regulation into a startup’s strategic planning to optimize time-to-market and scaling Gives an overview of the entire financial services space, and which regulations apply where Gives detailed references to 20 key regulations in the EU regulatory system, including PSD, GDPR, CRD, AMLD, MiFID, UCITSD, AIFMD The first part introduces financial services regulation, its purpose, how it is created (especially in the EU and in the US), and it develops a framework for including regulations into the strategic planning of a company. It also gives a rundown of the current financial services space—players and products—and its key regulations. The second part describes a regulatory system in more detail. The system chosen is the EU because it is more consistent and unified than the US system where a lot of the regulation still is created at the state-level. However, as most financial regulation nowadays is determined at the global level, the principles found in EU regulation will be by and large also be found the US and other systems. |
| emir definition of financial counterparty: Euro Area Policies International Monetary Fund. Monetary and Capital Markets Department, 2018-07-19 The euro area (EA) bank resolution and crisis management arrangements have been strengthened considerably over recent years, but work remains to complete and unify the regime. The adoption of the Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism Regulation (SRMR), and the establishment of the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM) provide a foundation to deal with problem banks. The authorities remain committed to completing the banking union through the establishment of a backstop for the Single Resolution Fund (SRF) and a European deposit insurance scheme (EDIS) and other measures, many of which are in line with recommendations in this report. |
| emir definition of financial counterparty: EU Banking and Financial Regulation Jean-Baptiste Poulle, Arut Kannan, Nicolas Spitz, Sandra Kahn, Anastasia Sotiropoulou, 2024-03-14 EU Banking and Financial Regulation presents a comprehensive and systematic overview of the major directives and regulations which currently govern the EUÕs banking and finance industries. Offering a depiction of the main EU rules, this timely book not only addresses the various banking and financial legislations relating to EU supervisors, banks and financial markets, but also considers more peripheral issues such as anti-money laundering, whilst referring to important case law. |
| emir definition of financial counterparty: Germany International Monetary Fund. Monetary and Capital Markets Department, 2016-06-29 This paper evaluates the risks and vulnerabilities of the German financial system and reviews both the German regulatory and supervisory framework and implementation of the common European framework insofar as it is relevant for Germany. The country is home to two global systemically important financial institutions, Deutsche Bank AG and Allianz SE. The system is also very heterogeneous, with a range of business models and a large number of smaller banks and insurers. The regulatory landscape has changed profoundly with strengthened solvency and liquidity regulations for banks (the EU Capital Requirements Regulation and Directive IV), and the introduction of macroprudential tools. |
| emir definition of financial counterparty: The Scarcity Effect of Quantitative Easing on Repo Rates: Evidence from the Euro Area William Arrata, Benoit Nguyen, Imene Rahmouni-Rousseau, Miklos Vari, 2018-12-07 Most short-term interest rates in the Euro area are below the European Central Bank deposit facility rate, the rate at which the central bank remunerates banks’ excess reserves. This unexpected development coincided with the start of the Public Sector Purchase Program (PSPP). In this paper, we explore empirically the interactions between the PSPP and repo rates. We document different channels through which asset purchases may affect them. Using proprietary data from PSPP purchases and repo transactions for specific (“special) securities, we assess the scarcity channel of PSPP and its impact on repo rates. We estimate that purchasing 1 percent of a bond outstanding is associated with a decline of its repo rate of 0.78 bps. Using an instrumental variable, we find that the full effect may be up to six times higher. |
| emir definition of financial counterparty: Counterparty Credit Risk, Collateral and Funding Damiano Brigo, Massimo Morini, Andrea Pallavicini, 2013-03-05 The book’s content is focused on rigorous and advanced quantitative methods for the pricing and hedging of counterparty credit and funding risk. The new general theory that is required for this methodology is developed from scratch, leading to a consistent and comprehensive framework for counterparty credit and funding risk, inclusive of collateral, netting rules, possible debit valuation adjustments, re-hypothecation and closeout rules. The book however also looks at quite practical problems, linking particular models to particular ‘concrete’ financial situations across asset classes, including interest rates, FX, commodities, equity, credit itself, and the emerging asset class of longevity. The authors also aim to help quantitative analysts, traders, and anyone else needing to frame and price counterparty credit and funding risk, to develop a ‘feel’ for applying sophisticated mathematics and stochastic calculus to solve practical problems. The main models are illustrated from theoretical formulation to final implementation with calibration to market data, always keeping in mind the concrete questions being dealt with. The authors stress that each model is suited to different situations and products, pointing out that there does not exist a single model which is uniformly better than all the others, although the problems originated by counterparty credit and funding risk point in the direction of global valuation. Finally, proposals for restructuring counterparty credit risk, ranging from contingent credit default swaps to margin lending, are considered. |
| emir definition of financial counterparty: Correspondent Central Banking Model (CCBM) European Central Bank, 1998 |
| emir definition of financial counterparty: European Banking and Financial Law 2e Matthias Haentjens, Pierre de Gioia Carabellese, 2020-06-02 Over the last few decades, banks, insurers, pension funds, investments firms and other financial institutions have become subject to sometimes dramatically new, but always substantially more, legislation. This is especially true for the EU. Moreover, Brexit has already caused profound changes to the dynamics of EU financial regulation, and its effects will likely become ever-more significant in the years to come. This book serves as a comprehensive introduction to these developments, and, more generally, to European banking and financial law. It is organised around the three economic themes that are central to the financial industry: (i) financial markets, (ii) banking and financial institutions and (iii) financial transactions. It covers not only regulatory law but also commercial law that is relevant for the most important financial transactions. This Second Edition has been completely revised. The basic structure of the First Edition has been maintained, but all chapters have been thoroughly rewritten and restructured. Attention is now also given to topics such as shadow banking and credit rating agencies. As a matter of course, all new relevant legislation and case law has been included. In addition, on the basis of real-life classroom experience, student questions and further reading suggestions have been updated and expanded. |
| emir definition of financial counterparty: Credit Default Swaps Marti Subrahmanyam, Patrick Augustin, Dragon Yongjun Tang, 2014-12-19 Credit Default Swaps: A Survey is the most comprehensive review of all major research domains involving credit default swaps (CDS). CDS have been growing in importance in the global financial markets. However, their role has been hotly debated, in industry and academia, particularly since the credit crisis of 2007-2009. The authors review the extant literature on CDS that has accumulated over the past two decades and divide the survey into seven topics after providing a broad overview in the introduction. The second section traces the historical development of CDS markets and provides an introduction to CDS contract definitions and conventions. The third section discusses the pricing of CDS, from the perspective of no-arbitrage principles, structural, and reduced-form credit risk models. It also summarizes the literature on the determinants of CDS spreads, with a focus on the role of fundamental credit risk factors, liquidity and counterparty risk. The fourth section discusses how the development of the CDS market has affected the characteristics of the bond and equity markets, with an emphasis on market efficiency, price discovery, information flow, and liquidity. Attention is also paid to the CDS-bond basis, the wedge between the pricing of the CDS and its reference bond, and the mispricing between the CDS and the equity market. The fifth section examines the effect of CDS trading on firms' credit and bankruptcy risk, and how it affects corporate financial policy, including bond issuance, capital structure, liquidity management, and corporate governance. The sixth section analyzes how CDS impact the economic incentives of financial intermediaries. The seventh section reviews the growing literature on sovereign CDS and highlights the major differences between the sovereign and corporate CDS markets. The eighth section discusses CDS indices, especially the role of synthetic CDS index products backed by residential mortgage-backed securities during the financial crisis. The authors close with our suggestions for promising future research directions on CDS contracts and markets. |
| emir definition of financial counterparty: Clearing and Settlement Dermot Turing, 2021-02-12 The post-trading industry is one in which financial firms make money and one in which risk issues need careful management. Reliable payment, clearing and settlement structures are perceived to be essential to enable financial firms to withstand shocks. A great deal of the cost of trading and cross-border investment is attributed to the very complex process of clearing and settlement. This book describes and explains: 1. what happens in clearing and settlement, and the roles of (and risks assumed by) the various participants in the post-trade marketplace 2. the law applicable to infrastructures, how they are are regulated, and the other topographical features of their legal landscape 3. the legal and practical aspects of risk management and operations of infrastructures 4. the risks faced by participants in payment, clearing and settlement systems - the agent banks - along with practical and operational issues which they face in their roles. Fully revised, updates for the 3rd edition include: - Implications and impact of Brexit - CPMI and IOSCO paper on central counterparty default (CCP) management auctions - cyber-security and the resilience of financial market infrastructures (FMIs) and the wider market ecosystem. |
| emir definition of financial counterparty: Regulating Financial Derivatives Alexandra G. Balmer, 2018-06-29 This book puts forward a holistic approach to post-crisis derivatives regulation, providing insight into how new regulation has dealt with the risk that OTC derivatives pose to financial stability. It discusses the implications that post crisis regulation has had on central counterparties and the risk associated with clearing of OTC derivatives. The author offers a novel solution to tackle the potential negative externalities from the failure of a central counterparty and identifies potential new risks arising from post crisis reforms. |
| emir definition of financial counterparty: European Financial Regulation Veerle Colaert, Danny Busch, Thomas Incalza, 2019-12-26 Mirroring the long-established structure of the financial industry, EU financial regulation as we know it today approaches banking, insurance and investment services separately and often divergently. In recent decades however, the clear separation between financial sectors has gradually evaporated, as business lines have converged across sectors and FinTech solutions have emerged which do not fit traditional sector boundaries. As the contours of the traditional tripartition in the financial industry have faded, the diverging regulatory and supervisory treatment of these sectors has become increasingly at odds with economic reality. This book brings together insights developed by distinguished researchers and industry professionals in a series of articles analysing the main areas of EU financial regulation from a cross-sectoral perspective. For each specific research theme – including prudential regulation, corporate governance and conduct of business rules – the similarities, as well as gaps, overlaps and unjustifiable differences between banking, securities and insurance regulation, are clearly presented and discussed. This innovative research approach is aimed at informing lawmakers and policymakers on potential improvements to EU financial regulation whilst also supporting legal and compliance professionals applying the current framework or looking to streamline compliance processes. |
| emir definition of financial counterparty: Sovereign Debt Management Rosa Lastra, Lee Buchheit, 2014-01 The most authoritative and comprehensive book available on sovereign debt management written by practitioners and scholars of world renown. |
What is the difference between an Emir and a Sultan?
emir n. 1625. A Saracen or Arab prince, or governor of a province; a military commander. A title of honour borne by the descendants of the prophet Muhammad. emirate n. 1863. The jurisdiction …
grammar - Do I Capitalize someone's role? - English Language
Oct 24, 2014 · Some titles serve as names, and therefore have initial capitals, though they also serve as descriptions: the Archbishop of Canterbury, the Emir of Kuwait, the Shah of Iran. If …
SIFMA AMG” or “AMG”) pursuant to the European Market …
Step 2 – Determine status as a financial counterparty (“FC”), non-financial counterparty (“NFC”) or third country entity equivalent to FC or NFC. This is the most important step and is made more …
July 18, 2017 - Managed Funds Association
In the EMIR Amending Regulation, the Commission has proposed to amend the definition of “financial counterparty” to include “an AIF as defined in Article 4(1)(a) of [AIFMD]”. This …
EMIR - application to Jersey and Guernsey EMIR- application …
Sep 7, 2019 · Note that as an EU Regulation EMIR can only have direct effect on entities that are “established in the Union”. EMIR has no direct effect on TCEs. Financial counterparties …
European Market and Infrastructure Regulation (EMIR) - KPMG
Counterparties who are subject to EMIR may be classified as follows: • Financial Counterparties (FC); or • Non-Financial Counterparties(NFC) It is the responsibility of the counterparty to …
Emir Definition Of Financial Counterparty Full PDF
Emir Definition Of Financial Counterparty: Data Science for Economics and Finance Sergio Consoli,Diego Reforgiato Recupero,Michaela Saisana,2021 This open access book covers the …
SECURITIES AND EXCHANGE COMMISSION Release No. 34 …
even if the counterparty is not authorized pursuant to EU law as anticipated by the EMIR art. 2(8) “financial counterparty” definition, or if the counterparty is not an “undertaking” (such as by …
Circular Regarding the Importance of Correctly Populating …
In the case where a fund, that qualifies as a Financial Counterparty (FC), enters into an OTC derivative with a Non-Financial Counterparty (NFC-) below the clearing thresholds, the …
Emir Definition Of Financial Counterparty Full PDF
Emir Definition Of Financial Counterparty: Data Science for Economics and Finance Sergio Consoli,Diego Reforgiato Recupero,Michaela Saisana,2021 This open access book covers the …
Financial Regulatory Alert - Akin Gump
NFCs under EMIR to determine whether a counterparty is an NFC+ or NFC-. iv. Per article 2(8) of EMIR. v. Per the amended definition of FC, under Article 1(1)(e) of the EMIR Refit, amending …
EMIR Portfolio Reconciliation Operational Guidance Note
CFTC Port Rec Rules EMIR Port Rec Rules Swap Dealers (SDs) and Major Swap Participants (MSPs) Agree in writing with each counterparty on terms governing portfolio reconcilation 23rd …
Swiss Financial Market Infrastructure Act Frequently …
framework with international standards, in particular with the EU regulations (MiFID, MiFIR, EMIR and CSDR) with a view to preserving Switzerland's global competitiveness. Specifically …
Final Report - European Securities and Markets Authority
• Financial institutions and insurance companies not falling under the EMIR definition of ‘financial counterparty’: 9 NFCs (4%). 4.2 Risk 17. The information gathered via the survey and follow-up …
Overview - wholesale.banking.societegenerale.com
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Emir Definition Of Financial Counterparty Full PDF
Emir Definition Of Financial Counterparty: Data Science for Economics and Finance Sergio Consoli,Diego Reforgiato Recupero,Michaela Saisana,2021 This open access book covers the …
EMIR Refit: Are you fit for the future? - Hogan Lovells
from the date EMIR Refit enters into force. Two exceptions to this are the requirement for FCs to report on behalf of NFC-s, which applies one year later, and the FRAND requirements, which …
European Market Infrastructure Regulation (EMIR)
counterparty (clearing house) if both counterparties are subject to the clearing obligation. This is defined in Arti-cle 4a EMIR for financial counterparties and Article 10 EMIR for non-financial …
EMIR REFIT (EMIR REVIEW - securities …
In calculating the positions referred to in paragraph 1, the financial counterparty shall include all OTC derivative contracts entered into by that financial counterparty or entered into by other …
Review of the clearing thresholds under EMIR - FIA
Article 2a EMIR – treatment of ... The current definition of hedging is too narrow to cover all transactions which a corporate group might enter into in order to mitigate its commercial risk. …
10 January 2011 ISDA (International Swaps and Derivatives …
Article 2(6): The proposed definition of "financial counterparty" currently applies to investment firms, credit institutions, etc. "as defined in" the various sectoral directives, which ... II of EMIR …
SIFMA AMG Provides Comments on European Commission …
financial counterparty that is a credit institution or an investment firm should be required to report derivative transactions entered into with pension schemes, insurers, and UCITS and other …
EMIR Refit 2 - fia.org
EMIR Refit changes the way the NFC “clearing threshold” is ... The definition of FC has been expanded –Expanded to include AIFs established in the EU in addition to ... ‒May apply to …
EMIR Refit (FOR A MORE PROPORTIONATE APPROACH)
Apr 15, 2025 · The European Commission (EC) took into consideration the burden EMIR imposed to small financial counterparties due to the ... EMIR Refit changes slightly the definition of a …
EMIR: Q&A - rates-globalmarkets.bnpparibas.com
The definition of OTC derivatives in EMIR refers to all derivatives contracts which are not "executed on a regulated market" or an equivalent third country market. As a result, all …
EMIR Refit Reporting Guidelines for Euronext Legacy …
Indicate if counterparty 2 is a CCP, a financial counterparty or a non-financial counterparty as defined in Article 2, points 1, 8 and 9 of Regulation (EU) No 648/2012, or an entity as referred …
Obligations Under EMIR Imminent - Morgan, Lewis & Bockius
Financial counterparties (FCs) ... As a general matter, the EMIR definition of a “hedging transaction” is broader than the definition provided by U.S. regulators under Dodd-Frank, and …
July 18, 2017 - mfaalts.org
the application of the EMIR framework.6 In addition, we summarize our key recommendations below.7 (1) Financial Counterparty Definition – MFA strongly recommends that the …
Variation/initial margin and clearing - Simmons & Simmons
Dec 21, 2022 · NFC + / NFC - A non financial counterparty (NFC) is any unde rtaking established in the EEA which is not a financial counterparty or a CCP (as defined in EMIR). An NFC is only …
ISDA 2013 EMIR PORTFOLIO RECONCILIATION, DISPUTE
ISDA 2013 EMIR PORTFOLIO RECONCILIATION, DISPUTE RESOLUTION AND DISCLOSURE PROTOCOL FINANCIAL SERVICES 1 A “financial counterparty” means (broadly) MiFID …
EMIR 3 EU lawmakers agree on new clearing obliga- tions …
8 EMIR defines NFCs as undertakings established in the EU other than the entities falling within the definition of “financial counterparty”. 9 Article 4 EMIR also requires that OTC derivative …
Final Report - European Securities and Markets Authority
definition of FC in EMIR (i.e. “financial counterparties as defined in Article 2(8) of [EMIR]”). 12. Given that EMIR Refit does not amend MiFIR, the scope of FCs subject to the DTO and ... “a …
EMIR Refit (FOR A MORE PROPORTIONATE APPROACH)
Nov 18, 2024 · The European Commission (EC) took into consideration the burden EMIR imposed to small financial counterparties due to the ... EMIR Refit changes slightly the definition of a …
Regulatory framework and QCCP Status of LCH
The below table provides an overview of the definition of a QCCP under specific regulatory regimes and how the relevant CCP meets the definition, as a guidance to clearing members ...
EMIR 3.0: New rules for trading and clearing derivatives in the …
Regulation) and the EMIR 3.0 Directive (a directive amending CRD and the IFD). Most of the changes in EMIR 3.0 apply from 24 December 2024. However, the active account obligation …
Circular on Regulation (EU) No 2019/834 - the European …
Amendments to EMIR 1. Amendments to the definition of Financial Counterparties to include all financial counterparties that are systemically important for the financial system. The definition …
Bär & Karrer Briefing
As under EMIR, transactions of non-financial coun-terparties can be disregarded if they are directly related to the business, the liquidity or asset man-agement of the counterparty or its …
EMIR REFIT AN OVERVIEW - Clifford Chance
Definition of “financial counterparty” EMIR Refit amends the definition of financial counterparty (FC) as it relates to alternative investment funds (AIFs) and their managers. An AIF will be an …
EUROPEAN MARKET INFRASTRUCTURE REGULATION - BNP …
In order to determine your status under EMIR, you will need to consider the definitions of a financial counterparty and non-financial counterparty under EMIR. In broad terms, a financial …
Risk of margin posting and clearing for securitisation SPVs
Currently, under EMIR, a SPV is generally classified as non-financial counterparty (NFC) and therefore only needs to comply with less stringent requirements under EMIR as long as the …
The Extra-territorial Impact of EMIR on Non-EU Swap …
whether the counterparty is established in the EU, and whether it is a Financial Counterparty5 or a Non-financial Counterparty6 (and, if a Non-financial Counterparty, how much derivative trading …
EMIR: Calculation of counterparty risk by UCITS for cleared …
Art.52(1) of the UCITS Directive imposes counterparty risk exposure limits on OTC derivative transactions: “The risk exposure to a counterparty of the UCITS in an OTC derivative …
10 January 2011 ISDA (International Swaps and Derivatives …
Article 2(6): The proposed definition of "financial counterparty" currently applies to investment firms, credit institutions, etc. "as defined in" the various sectoral directives, which ... II of EMIR …
Circular on Updates to the Q&As on Regulation (EU) No …
Article 10(3) EMIR only refers to "non-financial counterparty or by other non-financial entities within the group to which the non-financial counterparty belongs," and not to financial entities …
CLIENT INFORMATION – EMIR Refit – Mandatory Trade R …
from 1 January 2021 (“ UK EMIR ”). UK Financial Counterparties (“ UK FC ”) and UK non-financial counterparties falling into the category of NFC+ and NFC- (each an “ UK NFC ”) are required to …
EMIR REFIT: How it will affect you - abderivs.com
Jun 26, 2024 · Importantly, the changes to the definition of “financial counterparty” and the amendments to the clearing obligation will be applicable from the Effective Date. The above, …
20191121 Clarification on the Classification of Collective
Nov 21, 2019 · Of particular interest, the Regulation amends the definition of Financial Counterparties under EMIR, with the intention to include all entities having systemically …
EMIR – When are exemptions available for intragroup …
EMIR – When are exemptions available for Regulatory reforms ... Where the first counterparty is an FC, the other counterparty must be: An FC, a financial holding company, a financial …
CCP interoperability arrangements - European Central Bank
4.2 Possible risks to financial stability from interoperability arrangements ... (EMIR), mostly cover the clearing of cash equities and ... (2017) provides a definition according to which …
Risk of margin posting and clearing for Securitisation SPVs
Currently, under EMIR, a SPV is generally classified as non-financial counterparty (NFC) and therefore only needs to comply with less stringent requirements under EMIR as long as the …
EMIR Review Report no - European Securities and Markets …
counterparty alternatively reports its trade as a financial and as a non-financial; b) Some vehicles whose primary purpose is to invest in the financial markets (such as certain hedge funds) …
