Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
Qualified Mortgage - Qualified Residential Mortgage
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Deposit Insurance
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Friday, February 12, 2016

U.S., EU Reach Agreement on Clearing Rules for Derivatives Market

After extensive negotiations, the U.S. and the European Union agreed to accept each other’s derivatives rules in order to preserve the smooth functioning of the $550 trillion global derivatives market. The arrangement will allow U.S. clearinghouses or central counterparties to continue providing services to EU banks, and EU CCPs will be able to do business with U.S. customers while complying with EU rules deemed comparable to U.S. rules. In addition, the agreement provides a partial carve-out from EU rules for derivatives contracts on U.S. agricultural products.

A need for consensus arose after it became clear that regulatory divergence and inconsistent implementation of derivatives reform between the U.S. and EU threatened to disrupt the stability of the global derivatives market. ABA, working through the International Banking Federation, was a strong advocate for the resolution of this issue, urging regulators to prioritize consistency across their regulatory regimes and make compliance determinations based on principles of mutual recognition.

Read more.

No comments:

Post a Comment

Please read our comment policy before making a comment.