To market, new market
To market, new market: Trading carbon - what you need and what you need to watch out for
View ArticleSecurity measures under the Clean Energy Scheme: Are they adequate?
Now that the Clean Energy Bill has been passed, there are new opportunities for spot trading in OTC carbon derivatives. What has Australia learnt from phishing and cyber theft of permits in the EU...
View ArticleProposed reforms to the handling and use of client money in OTC derivatives...
Do the laws on the holding of client moneys in connection with OTC derivatives need reform? That's the question posed by a new discussion paper. Louise McCoach and Vittorio Casamento consider its main...
View ArticleCapitalisation of bank exposures to central counterparties
The Basel Committee on Banking Supervision continues its push to encourage the use of central counterparties with the release of a second consultative paper. Louise McCoach and Vittorio Casamento...
View ArticleFinancial market infrastructure regulation: Proposals for reform in Australia
Louise McCoach and Vittorio Casamento put the Australian Council of Financial Regulators' latest reform proposals under the microscope.
View ArticleISDA publishes draft Appendix to the 2011 ISDA Equity Derivatives Definitions
ISDA's latest draft definitions are very detailed and differ markedly from the equivalent provisions in the 2002 ISDA Equity Definitions, so parties need to familiarise themselves with their contents...
View ArticleRBA sets annual fee for committed liquidity facility
The RBA's released more details of its committed liquidity facility for ADIs, as Louise McCoach and Alex Chernishev explain.
View ArticleAPRA emphasises importance of written self-assessments for securitisations
A recent letter from APRA not only underscores the importance of getting self-assessment for securitisations right, but, as Louise McCoach and Alex Chernishev discover, contains some useful...
View ArticleBasel issues final rules for global systemically important banks
The Basel Committee has finalised its framework for global systemically important banks, say Louise McCoach and Alex Chernishev.
View ArticleAPRA address on prudential issues in securitisation
A recent speech from APRA's Charles Littrell has given some valuable insights into the regulator's approach to securitisation and current concerns.
View ArticleGovernment consults on new OTC derivatives framework for Australia
On 18 April 2012, the Australian Government took the next step towards reform of the over-the-counter (OTC) derivatives market in Australia by its release of a Treasury consultation paper proposing a...
View ArticleEnglish court upholds ISDA's interpretation of ISDA Master Agreement
Louise McCoach, Graeme Dennis and Romany Sloan look at how the Lomas decision confirms the understanding of the OTC derivatives industry and realigns the Australian and English law position on the...
View ArticleASIC looks at relaxing financial requirements for issuers of electricity...
Issuers of over-the-counter derivatives relating to the wholesale price of electricity could have easier financial requirements if the proposals in ASIC's new Consultation Paper 177 Electricity...
View ArticleISDA Eurozone Contingency Planning - New Illegality/Force Majeure Protocol
ISDA's new ISDA Illegality/Force Majeure Protocol is designed to enable parties to amend their 1992 ISDA Master Agreements to bring them into line with the illegality/force majeure provisions in the...
View ArticleD-SIBs to hold additional capital under Basel III - Implications for...
While certain banks may not be significant from an international perspective, they nevertheless have an important impact on their domestic economies. Louise McCoach and Alex Chernishev discuss what...
View ArticleASIC's latest on carbon market licensing
If you want a new Australian financial services licence, or a variation, to authorise you to provide financial services in regulated emission units and associated products, you'll need to read INFO...
View ArticleMargin requirements for non-centrally-cleared derivatives: Basel Committee...
The latest proposal to reduce the systemic risk imposed by the OTC derivatives market would apply margining requirements to all derivative products, say Louise McCoach and Mark Wiese.
View ArticleDerivatives reform bill - no surprises for Australia's derivatives industry
On Wednesday 25 July 2012, the Australian Government released an exposure draft of the Corporations Legislation Amendment (Derivatives Transactions) Bill 2012, which will establish a framework for the...
View ArticleAustralian Government looks at treating Tier 2 instruments issued by ADIs as...
As part of the Basel III implementation, the Australian Government is seeking views on whether eligible Tier 2 instruments issued by ADIS can be treated as debt for tax purposes. Louise McCoach and...
View ArticleRetail trading of Government Bonds moves a step closer
Louise McCoach and Alex Chernishev look at the latest step in developing a deep and active retail bond market in Australia - a new consultation paper on how ASIC's market integrity rules should apply...
View ArticleBasel Committee addresses concerns over capital charges for CCP exposures
The Basel Committee on Banking Supervision last week released interim rules for the risk-weighting of exposures to central clearing counterparties, as Louise McCoach and Alex Chernishev explain.
View ArticleAustralia's CFD industry subject to tougher regulatory financial requirements
ASIC is bolstering the financial requirements for issuers of retail OTC derivatives, but what effect will it have on the industry here, ask Louise McCoach and Matthew Daley.
View ArticleISDA Dodd-Frank Protocol opens for adherence
The International Swaps and Derivatives Association, Inc. (ISDA) has published a new protocol called the "ISDA August 2012 Dodd-Frank Protocol" to assist compliance with rules for derivatives markets...
View ArticleISDA publishes Tri-Party IA Notices
ISDA has published the latest instalment in its roll-out of documentation developed in response to the United States Dodd-Frank Wall Street Reform and Consumer Protection Act.
View ArticleFIA-ISDA Addendum for cleared derivatives transactions released
Participants in the Australian over-the-counter (OTC) derivatives markets should consider reviewing their OTC derivatives documentation, following the release earlier today of the FIA-ISDA Addendum for...
View ArticleFATCA effective date is fast approaching
The Australian Government announced on 28 August that it is exploring the feasibility of an intergovernmental agreement (IGA) with the US to minimise the costs for Australian stakeholders of complying...
View ArticleOne month left to shape APRA's implementation of Basel III OTC derivatives...
Participants in the Australian over-the-counter (OTC) derivatives market only have one month to make comments on the Australian Prudential Regulation Authority's (APRA) Discussion Paper on its proposed...
View ArticleGovernment introduces derivatives reform Bill into Parliament
A new over-the-counter (OTC) derivatives regulatory framework for Australia is one step closer with the introduction into Parliament of the Corporations Legislation Amendment (Derivative Transactions)...
View ArticleRegulators support industry-led move to OTC central clearing for now, and...
Louise McCoach looks at the recommendations in a new report on the OTC derivatives market. The report provides some useful guidance on potential future reforms that could affect the domestic OTC...
View ArticleAustralian OTC derivatives reforms passed - with some changes to meet...
The Australian Parliament has just passed the Corporations Legislation Amendment (Derivative Transactions) Bill 2012
View ArticleAPRA's welcome transitional relief to Basel III counterparty credit risk...
APRA's updated implementation timeframe for Basel III in Australia is welcome relief for the OTC derivatives sector who must operate within the new counterparty credit risk rules, says Louise McCoach.
View ArticleADIs welcome transitional relief to Basel III counterparty credit risk...
APRA's updated implementation timeframe for Basel III in Australia is welcome relief for the OTC derivatives sector who must operate within the new counterparty credit risk rules, says Louise McCoach.
View ArticleAustralian Government takes next steps to develop retail corporate bond market
Does a new draft Bill go far enough to encourage the development of a retail corporate bond market in Australia? Andrew Jinks, Louise McCoach, Alex Chernishev and Elissa Tobin pick through the detail.
View ArticleAPRA sets a high water mark for implementing Basel III liquidity reforms
On 6 May 2013 the Australian Prudential Regulation Authority (APRA) released a second consultation package outlining updates to its proposals to implement the Basel III liquidity reforms for authorised...
View ArticleTradeable water rights excluded from "derivatives" regulation
Tradeable water rights and arrangements in relation to tradeable water rights will be excluded from the definition of a "derivative" in Chapter 7 of the Corporations Act 2001 (Cth).
View ArticleMandatory OTC derivatives reporting now a reality
Australia's new over-the-counter (OTC) derivatives reporting regime came into force yesterday.
View ArticleMandatory central clearing for foreign currency-denominated derivatives the...
The regulation of the Australian OTC derivatives market continues to evolve. The next step may be the introduction of a central clearing mandate for interest rate derivatives denominated in US dollars,...
View ArticleAPRA's latest Basel III guidance sets out its approach to secured committed...
The Australian Prudential Regulation Authority (APRA) has released further guidance on how it will treat authorised deposit-taking institutions' (ADIs) applications to establish a secured committed...
View ArticleHow will new margin requirements affect securitisation transactions which...
The Basel Committee's final framework for margin requirements for non-centrally cleared derivatives has been released, but as Louise McCoach sets out, it could have some unintended effects on...
View ArticleLoose ends remain for Australian swap dealers following CTFC substituted...
Jeff Chen, a partner at the leading US law firm Cadwalader, Wickersham & Taft LLP, joins Clayton Utz partner Louise McCoach in this special collaboration to outline a recent development in the...
View ArticleAPRA's final Basel III liquidity rules now in force
Australia's implementation of the Basel III liquidity reforms took a major step forward with the release of final rules by APRA in December. Louise McCoach and Alex Chernishev find some issues arising...
View ArticleRefinements to LCR cashflow assumptions under the final APS 210
The cashflow assumptions in the final APS 210 basically adopt those in the Basel III liquidity framework, with some changes.
View ArticleMandatory central clearing of G4 IRDs in 2015?
It now appears likely that mandatory central clearing of G4-denominated interest rate derivatives will kick off next year, says Louise McCoach, who sets out the Government's latest proposals.
View ArticleAustralia compliant with Basel III Capital Framework, says Basel Committee
According to a recent assessment by the Basel Committee, Australia's capital framework is overall compliant with the Basel III framework, so significant changes to Australia's capital standards in the...
View ArticleOTC trade reporting deadline looms for superannuation and funds management...
Certain superannuation fund trustees and responsible entities of managed investment schemes will soon have some new reporting obligations on OTC derivatives. Louise McCoach explains how they're...
View ArticleAustralia's implementation of the Basel III capital framework - how divergent...
We've noted Australia's divergence from the Basel III capital framework in two areas. Are they important? Louise McCoach picks apart the details to see why these divergences have happened, and what...
View ArticleRound-up of regulatory capital requirements for Australian ADIs post-Basel III
Louise McCoach rounds up the major aspects of Australias implementation of the Basel III reforms.
View ArticleMajor shakeup of Australia's financial services sector on the way
The Federal Government has accepted the vast majority of changes recommended by the Financial System Inquiry headed by David Murray, and set out a roadmap for the biggest reforms in 20 years under five...
View ArticleMandatory central clearing on its way for issuers of OTC derivatives in...
Issuers of certain OTC interest rate derivatives will soon be required to clear their swaps in compliance with ASIC's new mandatory clearing rules. Sonia Goumenis and Mano Karthigeyan explain how these...
View ArticleATO reviewing financial arrangements, derivatives and currency swaps
Tax alerts are on the way for transfer pricing and integrity measures concerning financing arrangements, such as cross-currency interest rate swaps and similar derivative financial instruments. Dr Niv...
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