One actor, two recent pieces of news. Deutsche Börse Group’s post-trade arm Clearstream grabs Europe’s 19th license under CSDR. Also announced by the company is a new majority stake takeover of UBS’ fund distribution platform Fondcenter.
Interviewed by PostTrade 360, Richard Metcalfe, head of regulatory affairs of the World Federation of Exchanges, uses strong wording as he rejects calls that CCPs themselves ought to put in a much larger part of the counterparty default reserves.
Is conflict brewing in the post-trade infrastructure community? Well, so it seems when it comes to the size of CCP reserve capital for loss recovery. The CCP industry is hitting back after critique from market actors including JP Morgan, State Street and Blackrock.
A fresh research paper from the Bank for International Settlements (BIS) sets out to quantify, and explain, the price differential (”basis”) that dealers add when the same products are cleared in different CCPs and therefore increase collateral costs.
The Brussels-based international central securities depository (ICSD) Euroclear Bank is the first international CSD to be granted an operating license under CSDR, the EU’s Central Securities Depositories Regulation. 17 non-international CSDs are through since before.
The job ads are out. Version 2.2 of the European Market Infrastructure Regulation (EMIR) says that the European Securities and Markets Authority (ESMA) should set up a new CCP supervisory committee. Now positions for the chair and two independent committee members are declared vacant.