Tag: ICMA

ICMA

Associations Publish Global Benchmark Report

The International Swaps and Derivatives Association (ISDA), the Association of Financial Markets in Europe (AFME), International Capital Market Association (ICMA) and the Securities Industry and Financial Markets Association (SIFMA) and its asset management group (SIFMA AMG) have published a new report that assesses the issues involved with benchmark reform, and makes recommendations on steps firms can take to prepare for the transition from interbank offered rates (IBORs) to alternative risk-free rates (RFRs).
The report, which was based on a survey of 150 banks, end users, infrastructures and law firms in 24 countries, shows a gap between high levels of awareness of benchmark reform and concrete steps being taken to transition from the IBORs to alternative RFRs.

Associations Urge EU Regulation Change

The International Swaps and Derivatives Association (ISDA), the European Banking Federation (EBF), International Capital Market Association (ICMA) and the International Securities Lending Association (ISLA) have published a whitepaper on the benefits of post-trade risk reduction services as a crucial risk management tool.
The bodies say that risk reduction services like compression and counterparty rebalancing play an increasingly important role in reducing risks in derivatives markets. These benefits are recognised in the European Union under MIFID II/MIFIR, which exempt post-trade risk reduction administrative transactions from the trading obligation, however, currently no exemption from the clearing obligation in the EU for these transactions.