European Commission

The EC (European Commission) and CFTC (Commodity Futures Trading Commission) agreed a deal last July as to the best way to proceed with a harmonised derivatives reform programme, known as the Path Forward. It was agreed in response to fears raised by banks that conflicting derivatives regimes in the US and Europe would fragment the markets and, ultimately, drive up costs.

The European obsession with competition and free market has arrived in the CSD space. It is an unfamiliar concept in this space and will bring with it both positives and negatives for CSDs. There will be a change in approach, of the philosophy of the CSDs and also of the services that they provide. These are entities that stood up resolutely in the recent financial turmoil, so it would appear obvious to argue that if it’s not broken, then why try to fix it?

Phase two of Italian tax on the derivatives markets launches on 2 September

The EU FTT has been a subject of much debate and derision in the financial industry, but it remains firmly on the political agenda

CFTC announces ‘common path forward’ on derivatives with EC