OTC Derivatives Regulation

Update on EMIR & Dodd-Frank

Course objectives

  • Understand the reasons and challenges of the reform of the OTC Derivatives Regulation
  • Know the main elements about the Dodd Franck and EMIR regulation
  • Better apprehend the impacts of the reform on the Securities Services activity in the Middle and Back Office

G-20 Commitments

  • G-20 commitments on Financial Stability
  • Worldwide Regulatory response
  • Dodd Frank / EMIR : Political structure

OTC Clearing

  • From bilateral to Central Clearing (principle)
  • Mechanism of OTC Clearing

New Mandatory Identifiers

  • Entity code : Legal Entity Identifier (LEI)
  • Trade code : Unique Trade Identifier (UTI)
    • The UTI running process
  • Product code : Unique Product Identifier

Update on Dodd-Frank

  • Dodd-Frank timeline
  • Requirements summary
  • Who is impacted?
  • Clearing : instruments eligible (1st phase and 2nd phase)
  • Electronic execution : the SEFs ('swap execution facilities')
  • Update on Extraterritoriality

Update on EMIR

  • Compliance calendar 2013 / 2018
  • Requirements summary
  • Who is impacted?
  • Exemptions under EMIR
  • Timely confirmation for bilateral
  • Portfolio reconciliation
  • Portfolio compression
  • Dispute resolution
  • Reporting to trade repositories
    • Regulatory requirements
    • Backloading scenarios
    • Pairing
    • Registered trade repositories
    • Open questions
  • EMIR : next steps
    • Issue with Definition of Spot FX / Forward FX
    • Update on Clearing: Draft of RTS for IRS
    • List of authorised CCPs
    • MIFID : electronic execution
    • Extraterritoriality

Comparison EMIR / Dodd-Frank

Rest of World

  • Asia Pacific : regulatory timeline
  • Specifics for Singapore
  • Worldwide OTC Reforms : update

Margins requirements for uncleared trades

Impacts for Market Participants

  • Towards a new market organisation
  • Points of attention
  • Points of attention
  • To do list
  • EMIR global worlkflow
  • Workflow for EMIR trade matching
  • Workflow for EMIR Portfolio reconciliation
  • Workflow for EMIR trade repository
  • Workflow for clearing
  • Futurization of swaps

Dominique Iroz

Dominique Iroz

Dominique began his career in 1985 at BNP in the Back Office of Derivatives OTC Trading Room where he held the position of Deputy Head. He then joined the subsidiary BNP Paribas Securities Services in 2000 to develop the activity of outsourcing of OTC Derivatives Middle Office for French and foreign institutional clients. Since 2008, he is in charge of the Strategic Operating Model on OTC derivatives and has expertise in OTC reform, on which he conducts training sessions in France and Europe.

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