Category Archives: OTC Derivative Reform

Off the Hook or Time to Prepare? Canada’s Derivative Clearing Rules Close to Final

In February, the Canadian Securities Administrators (CSA) published a revision to National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives (proposed clearing rule) for a 90-day comment period. This proposed clearing rule sets out when certain over-the counter (OTC) derivatives are required to be cleared through a recognized or exempt…

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Canada Drives the LEI Mandate Forward

Due to the size of the Canadian marketplace, the country’s regulators typically rely on other jurisdictions to take a leading role when it comes to global regulatory initiatives. Canada often provides leadership through its input in the early stages of regulatory reform through its participation in international committees and by…

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It’s Time to Get Cracking: The Clock is Ticking for Derivative Dealers in Canada

With the dawn of a new year, Derivative Dealers operating in Canada woke up to the fact that they must quickly get up to speed on two new Rules released by the Canadian Securities Administrations (CSA) ‘Committee’. The ‘Committee’ not only released its Proposal on Central Counterparty Clearing of Derivatives…

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Summary of the Recent Consultation Paper on Draft Regulations for Reporting of Derivative Contracts – Singapore

The Monetary Authority of Singapore released a consultation paper late last month on their proposed regulations for OTC derivative reporting.  The key points have been summarized in the table below. Points of note are that Singapore will require collateral information to be reported and that both parties to a trade…

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One Small Step for Provincial and Model Rules, One Giant Leap for Trade Reporting and Product Determination

Last week, the Canadian Securities Administration (CSA) ‘Committee’ published two consultation papers that contain the proposed provincial rules and updated model rules for the reporting of derivatives transactions to trade repositories (TRs). The updated model rules clarify and tighten their policy stance yet do not deviate significantly from the proposed…

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Innovation Trumps Complacency – SEF Rules Level The Playing Field in OTC Derivative Reform

Recently, a client asked us what we thought were the three most important factors that would contribute to the success of an electronic venue. It turns out that this was a timely and relevant question given the release of the final rules on swap execution facilities (SEFs). While these rules…

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Finding their Feet in the Fog: Central Reporting Gone Adrift – Part II

The article is a follow up from my December blog titled: Getting Lost in Translation: Central Reporting Gone Adrift. http://balmoraladvisorygroup.com/blog/?p=229 My concerns regarding regulatory readiness for the central reporting obligation mandated by the OTC derivative reform were validated this week when CFTC Commissioner Scott O’Malia spoke at a Sifma seminar…

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Getting Lost in Translation: Central Reporting Gone Adrift

Over the course of this year, I have often wondered if the G20 leaders who met in Pittsburgh in 2009, discussed the state of the global OTC derivatives market and proposed sweeping reforms truly understood the scope and complexity of this undertaking. In their quest to make the world of…

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Shifting the Focus to the Little Guy: Update on OTC Derivative Reform

True to their word, the Monetary Authority of Singapore (MAS) continues to slowly piece together their plans for OTC derivative reform. Their latest installment was released in early August when they issued the second round of feedback from market participants. This response focuses on the central clearing and reporting of…

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Taking It Step By Step: Developments at the Monetary Authority of Singapore on OTC Derivative Reform

Last month, the Monetary Authority of Singapore (MAS) released their response to feedback following a consultation period with market participants on the regulation of over-the-counter (OTC) derivatives. This paper followed their proposal that was released in February. The response marks another step towards finalizing the changes needed to the Securities…

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Carving Out their own Path for Change: Status of OTC Derivative Reform In Australia

The Council of Financial Regulators in Australia broke their silence last week and introduced their policy proposals for meeting the G20 objectives to reduce systemic risk in the ‘over-the-counter’ (OTC) derivative market. We have become accustomed to Australia taking the lead in the Asia-Pacific region with regulatory change so their…

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Singing Its Own Tune: Singapore’s Proposed OTC Derivative Reform

In February, the Monetary Authority of Singapore released their consultation paper on over-the-counter (OTC) derivative reform. At first glance, the proposed reform may appear soft and flexible compared to the hard and rigid structures taking shape in the West. However, when you consider their proposal in the context of the…

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About The Author

Donna Bales
is a product development professional with a proven track record of managing complex capital market industry initiatives during times of significant market change and market structure reform. Donna is the founder and managing director of Balmoral Advisory, a boutique advisory firm that works with exchanges, regulators, technology firms, market participants and market data vendors to identify and evaluate business opportunities, understand and respond to changing industry/market dynamics and develop and implement strategies and solutions that make sense now and in the future. In addition she acts as a strategic advisor to an international consultancy firm, CollegeHill Asia and sits on the Board of 3Q Innovation, a non-profit focused on retaining and replacement of older workers who face protracted unemployment. Originally from Canada, Donna holds a bachelor degree in Economics from the University of Western Ontario.