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Bas Zebregs, Victor de Serière, Patrick Pearson, Rezah Stegeman
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson

I Introduction to OTC Derivatives Clearing in Europe, 1 After the Dust Has Settled: Clearing OTC Derivatives in Europe after a Decade of Regulation »

Bas Zebregs, Victor de Serière, Patrick Pearson, Rezah Stegeman
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson
This chapter provides an overview of over-the-counter (OTC) derivatives clearing in Europe. As a consequence of the way in which central counterparties (CCPs) responded to the bankruptcy of Lehman Brothers in 2008 and enabled financial markets to continue to operate during the financial crisis, legislators and regulators immediately and unanimously concluded that (i) OTC derivatives clearing not only reduces systemic risk and enhances financial stability but also (ii) CCPs themselves are systemically important institutions that can potentially raise issues of systemic risk. In 2012, EMIR was adopted, introducing mandatory clearing of designated OTC derivatives, regulatory requirements for CCPs, stricter rules for uncleared OTC derivatives, and a reporting obligation for derivatives to central trade repositories. The chapter then considers the effects of Brexit and presents some relevant market data to illustrate the scope and scale of the OTC derivatives clearing markets in Europe. It also outlines the various chapters in the book.

Clearing OTC Derivatives in Europe »

Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson

Contents »

Bas Zebregs, Victor de Serière, Patrick Pearson, Rezah Stegeman
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson

Part VII Facilitating Cross-Border Investing, 24 Efforts to Strengthen the Clearing and Settlement Framework of the Capital Markets Union »

Bas Zebregs, Victor de Serière
From: Capital Markets Union in Europe
Edited By: Danny Busch, Emilios Avgouleas, Guido Ferrarini
This chapter discusses the EU's efforts to strengthen the European clearing and settlement framework for securities and derivatives transactions. That exercise is pa should promote access and therefore competitrt of the EU's plans to establish an integrated European Capital Markets Union. Important steps have already been undertaken, and more legislation is now under construction, designed to lead to a comprehensive robust market infrastructure in the EU. These include the EU Commission's proposals to update the segregation provisions in the European Market Infrastructure Regulation and the proposed regulation dealing with the recovery and resolution of central counterparties. The chapter shows that although the advances made are significant, there is quite a long way to go before a fully integrated and risk-averse environment for clearing and settlement is achieved.

Index »

Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson

List of Abbreviations »

Bas Zebregs, Victor de Serière, Patrick Pearson, Rezah Stegeman
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson

List of Contributors »

Bas Zebregs, Victor de Serière, Patrick Pearson, Rezah Stegeman
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson

List of Figures »

Bas Zebregs, Victor de Serière, Patrick Pearson, Rezah Stegeman
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson

List of Tables »

Bas Zebregs, Victor de Serière, Patrick Pearson, Rezah Stegeman
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson

Preface »

Bas Zebregs, Victor de Serière, Patrick Pearson, Rezah Stegeman
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson

Preface by the Series Editors »

Bas Zebregs, Victor de Serière, Patrick Pearson, Rezah Stegeman
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson

Part III Post-Trading Infrastructures, 10 Securities and Derivatives Central Counterparties in the EU: Regulatory Framework, Segregation, and Portability »

Bas Zebregs, Victor de Serière
From: Financial Market Infrastructures: Law and Regulation
Edited By: Jens-Hinrich Binder, Paolo Saguato
This chapter provides a general introduction to the relevant international standards and their transposition into the regulatory framework for the clearing sector in the European Union. It summarizes the applicable regulations established by the European Market Infrastructure Regulation (EMIR) of 2012 and related legal instruments. Specifically, the chapter analyses the applicable licensing and governance requirements, requirements pertaining to restricting and managing conflicts of interests, the outsourcing of certain activities and, in particular, the applicable prudential requirements for the management of losses and liquidity shortfalls and relevant conduct-of-business rules. All of these are broadly in line with the CPSS-IOSCO principles for market infrastructures of 2012. The chapter then turns to a closer look at the relevant investor protection rules established by MiFID II and the corresponding Markets in Financial Instruments Regulation (MiFIR). Of particular relevance within the European framework are issues relating to the segregation and portability of client assets.

III Default Management, 10 Segregation and Portability of Cleared OTC Derivatives in Europe »

Bas Zebregs
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson
This chapter assesses the segregation and portability requirements for over-the-counter (OTC) derivatives clearing in Europe under the European Market Infrastructure Regulation (EMIR). EMIR prescribes that client positions and assets should be held and recorded in segregated accounts at the level of the central counterparty (CCP). The segregation and portability regime aims to ensure that upon a clearing member (CM) default, these assets do not become part of the bankruptcy estate of the CM but can be transferred to another CM or returned to the client. The chapter then describes the segregation models as imposed by EMIR as well as the models that are actually offered in practice, including private omnibus models, value segregation models, and different margin models. This is followed by a description of the portability framework as well as the main hurdles—including any potential insolvency complications—that may prevent porting or the return of assets. The author concludes that, although the segregation and portability arrangements may appear to be robust at first glance, there are still several areas of concern.

Table of Cases »

Bas Zebregs, Victor de Serière, Patrick Pearson, Rezah Stegeman
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson

Table of Legislation »

Bas Zebregs, Victor de Serière, Patrick Pearson, Rezah Stegeman
From: Clearing OTC Derivatives in Europe
Edited By: Bas Zebregs, Victor de Seriere, Rezah Stegeman, Patrick Pearson