Emir should include exchange-traded derivatives, says Gensler

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Risk.net Regulation News Update 14 October 2011 This Week's Top Story Emir should include exchange-traded derivatives, says Gensler CFTC chairman says European regulators should expand scope of Emir to include all derivatives, rather than OTC only Categories: Regulation Topics: Gary Gensler, Commodity Futures Trading Commission (CFTC), Dodd-Frank Act, European Markets Infrastructure Regulation (Emir), Central counterparty (CCP) ... Mobile RSS Managing Counterparty Risk in Volatile Markets New York, 8 & 9 November 2011 - London, 15 & 16 November 2011 Managing Counterparty Risk in Volatile Markets New York, 8 & 9 November 2011 - London, 15 & 16 November 2011 More of this week's news Energy Risk Europe: energy trading firms' technology not ready for new rules Many energy trading firms have yet to begin getting the technological infrastructure in place to comply with new EU and US financial market regulations, say panellists Energy Risk Europe: regulators need to differentiate between banks and non-banks Regulators should be wary about applying financial market regulation to all end-users, warn panellists Energy Risk Europe: Remit language too loose, say panellists Weaknesses exist in the language of new rules meant to prevent use of insider information and other forms of market abuse in the wholesale energy sector EBA stress test: Santander's sovereign swaps exposure not disclosed Banco de España chose not to report Santander's sovereign derivatives exposure to the EBA because it was 'not material' SEC charges former UCB executives with misleading investors SEC charges former UCB executives with failing to disclose losses that led to the bank crashing in 2009 Basel Committee's Sigor to undertake review of operational risk regulatory framework Wide-ranging review seeks to raise operational risk capital and overhaul the basic indicator and standardised approaches FSB: risk managers should advise on compensation FSB remuneration guidelines suggest all firms should have risk management executives on compensation committee FSB warns members not to misinterpret G-20 commitments The FSB warns that some regulations appear to be contrary to the spirit of the OTC derivatives reforms agreed by G-20 members – a statement some believe was prompted by a disagreement over the scope... Australian banks still face liquidity challenges, FSB peer review finds A Financial Stability Board peer review finds the Australian financial system remains strong but banks face Basel III liquidity and wholesale funding challenges Regulators failing to take the lead on operational risk, says new survey Few regulators are taking operational risk seriously, says Mike Finlay, chief executive of RiskBusiness EBA stress test: €3.4 billion error in BPCE's derivatives exposure to France Owner of Natixis overstated derivatives exposure to France by €3.4 billion after mixing up notional and mark-to-market numbers New York sues BNY Mellon for foreign exchange fraud Federal authorities in New York have filed two separate suits accusing BNY Mellon of foreign exchange fraud, following cases brought by other states Related news this week from other categories Energy Risk Europe: eurozone sovereign debt fears could exacerbate oil supply problems, says Currie Fears that the sovereign debt crisis will lead to global financial shock is causing oil producers to reduce inventory and cut back investment – creating a potential supply problem in future, warns Goldman... US banks at a disadvantage in face of Volcker rule Non-US banks will have an advantage over US counterparts when it comes to prop trading, according to one legal expert Video: Banks can arbitrage central bank liquidity provision A conflict between new liquidity regulations under Basel III and existing central bank operations leaves a gap that banks may be able to exploit, warns financial stability expert   Related publications: Risk magazine, Operational Risk & Regulation, Life & Pension Risk, Central Banking Related categories: Risk Management, Investment

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