Impact is a risk analysis measure at the residual risk level. To stay logged in, change your functional cookie settings. GFMA responds to those questions in the Consultation Paper, where they have a specific comment to make in regard to theforeign exchange (FX)market. Many operational functions remain dependent on spreadsheets, manually intensive operations and a limited control environment. Sergio Scandizzo, European Investment Bank. We also agree with the Council agencies belief that products subject to a clearing mandate should, as much as possible, be harmonised with other jurisdictions requirements. The Association for Financial Markets in Europe (AFME) welcomes this consultation paper from the European Commission on derivatives and market infrastructures, and appreciates the opportunity to respond. Member firms of the KPMG network of independent firms are affiliated with KPMG International. In May 2021 Talos announced the completion of a $40m Series A investment round led by venture capital firm Andreessen Horowitz. 2. Exploring opportunities and challenges in a rapidly changing sector. http://www.gfma.org/uploadedFiles/News/Speeches/2015/gfma-lei-strongin-remarks.pdf. spillovers, not just isolated to the UK and EU. The exchange of the future will be characterized by new revenue streams, streamlined operations and a symbiotic network of ecosystem partners, made possible by emerging digital shifts. These are: payment systems recognised by HM Treasury central securities depositories This response focuses onelements of the consultative document that stand to motivate and influence the expansion of central clearing. With billions of orders and executions, technology-enablement has been essential to the access to the traded markets, development of new products and services available to a board investor community. The Riksbank is Sweden's central bank. A recent report by McKinsey underscores the ongoing fintech revolution-venture capital and growth equity deployed by fintechs since 2011 has climbed to $23 billion, more than half of which was invested in 2014 alone. The
See Terms of Use for more information. Management Association (IMA), and Wholesale Market Brokers Association (WMBA)
This is in response to the July 2011 Consultation Paper on Logistical and Technical Arrangements for Reporting to Hong Kong Trade Repository (HKTR). KPMG International provides no client services. Financial market infrastructures (FMI) refer to all parts of the financial system that facilitate financial market transactions, including settlement. Measuring reputational risk. Advancement in software applications is among the factors that lead to the shift to internal scorecard development . The Global Foreign Exchange Division (GFXD) of the Global Financial Markets Association (GFMA) provides comments to the Financial Stability Board - Aggregation Feasibility Study Group of the Bank for International Settlements regarding the Consultation Paper on the Feasibility study on approaches to aggregate OTC derivatives data issued by the Financial Stability Board (FSB) on February 4th, 2014. The Trade Associations support the IOSCO-CPSS position that a system of legal entity identifiers (LEIs) would be an essential tool for the aggregation of OTC derivatives. Helping financial data, infrastructure, and technology (FDIT) providers achieve sustained growth and performance, transform their operating model, and enhance their resiliency FDIT firms are data and software service providers to the financial services community, operating at the intersection of finance and technology. Find more terms and definitions using our Dictionary Search. After becoming president, tactics, Technological, the headings of the FIRM risk scorecard as the following: Financial Infrastructure Reputational Marketplace Financial risk and infrastructure are internal risks, while reputation and marketplace external risk. The groups believe that clarifying the issues notedwill contribute to timely and efficient local implementation of BCBS 227 of July 2012. In short, a financial infrastructure enables money to move throughout an economy, functioning as a platform for transactions, whether these are payments, financing, or the transfer of bonds and . It implies that the growth of financial infrastructure is a precondition for launching the process of economic growth and also for its acceleration. The Riksbank is adapting to a changing world, Close submenu 3. The Associations strongly agree with the EBAs recommendation to support the adoption of Legal Entity Identification system proposed by the Financial Stability Board (FSB) and endorsed by the G20, aimed at achieving a unique, worldwide identification of parties to financial transactions and to call for competent authorities [to] request that all institutions under their supervisory remit obtain a pre-LEI code and use that LEI when providing information to the EBA concerning institutions. The HKMA is a member of the Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures. The Associations commend the BCBS for undertaking another consultation on these proposals and desire toprovide meaningful input to ensure a viable capital framework is adopted. This modernisation journey will not be easy, but organisations that avoid the journey risk being displaced in the era of digital disruption. proposed enhanced supervision framework.
GFMA offers recommendations limited to key issues which they believe remain, or are newly raised in the CSA Consultation. Incentives to centrally clear over-the-counter (OTC) derivatives (DAT
They also believe the proposal fails to provide incentives forCCPs to invest in the improvement of their risk systems and methodologies anddiscourages fundamental CCP risk practices, notably the intended function of the default fund. 1. Financial sector assets remain concentrated in a few countries, with the United States in a pre-eminent position, and as interdependence between the core and periphery intensifies, market movements in the financial core have substantial effects on financial markets in the periphery (e.g. This project explores the potential for distributed ledger technology to transform the infrastructure of the financial services industry. FMIs include systemically-important payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories. Website by, Capital Markets Efficiency and Resiliency, Market Fragmentation: Promote cross-border regulatory coordination and consistency, Opportunities and Risks from New Technology, Benchmarks Reform and Transition to Risk-free Rates, GFMA as part of a joint industry letter provides comments to the CFTC on Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants, GFMA/ISDA Response to LEI ROC Consultation on Government Entities, GFMA, IIF and ISDA Submit Response to BCBS on Leverage Ratio Treatment of Client Cleared Derivatives, GFMA FX Division Submits Comments to the BCBS on its Consultative Document 'Leverage ratio treatment of client cleared derivatives', GFMA and ISDA Submit Joint Comments in Response to the FSB's Thematic Peer Review on the Implementation of the LEI, GFMA FX Division Submits Comments to the FSB, BCBS, CPMI and IOSCO on their consultation on Incentives to Centrally Clear Over-the-Counter (OTC) Derivatives, GFMA, FIA and IIF Response to FSB Derivatives Assessment Team Report, GFMA Comments in Support of the HKMA and SFC proposal to mandate the use of the LEI for certain reporting obligations, GFMA Submits Comments to the European Commission on its Proposed Enhanced Supervision Framework, GFMA Submits Comments to the LEI Regulatory Oversight Committee in response to its consultation on the Corporate Actions and Data History in the Global LEI System, Brexit: Implications for the Global Financial System, GFMA, IIAC, IIF and ISDA Submit Comments to LEI ROC in Response to Consultation Paper on Including Data on Branches in the Global LEI System, GFMA FX Division Submits Comments to the Monetary Authority of Singapore (MAS) on their Policy Consultation on Margin Requirements for Non-Centrally Cleared OTC Derivatives, GFMA FX Division Submits Comments to the European Commissions Public Consultation on Regulation (EU) No 648/2012 on OTC Derivatives, Central Counterparties and Trade Repositories, GFMA FX Division Submits Comments to the Monetary Authority of Singapore (MAS) on Policy Consultation on Intermediaries Dealing in OTC Derivative Contracts, GFMA CWG Submits Comments to the CFTC Regarding Position Limits for Derivatives, GFMA with Other Associations Submit Letter to Multiple Regulators on Global Trade Reporting and Data Harmonization, GFMA Submits Comments to HKMA and SFC on the Consultation Paper on the Securities and Futures Rules; OTC Derivative Transactions, GFMA Submits Comments to EBA, EIOPA, and ESMA Regarding the Consultation Paper on Risk Management Procedures for Non-Centrally Cleared OTC Derivatives, GFMA Letter to the Editor-Financial Times: Start by endorsing principle of comity, GFMA Submits Comments to the Canadian Securities Administrators on Model Provincial Rule on Mandatory Central Counterparty Clearing of Derivatives, GFMA Submits Comments to the FSB Regarding Study on Approaches to Aggregate OTC Derivatives Data, GFMA Submits Comments to G20 in Support of Global, Consistent Standards and Meaningful Regulatory Reform, GFMA Submits Comments to the Malaysian Regulatory Agencies on Trade Repository Reporting Requirement for Derivatives, GFMA and Other Associations Submit Comments Malaysian Regulators on Trade Repository Reporting Requirement for Derivatives, GFMA and Other Associations Submit Comments to the EBA on the Use of a Legal Entity Identifier, GFMA and Other Associations Submit Additional Responses to the BCBS on Non-Internal Model Method for Capitalizing Counterparty Credit Risk Exposures, GFMA and Other Associations Submit Comments to the BCBS on Capital Treatment of Bank Exposures to CCPs, GFMA Submits Comments to ESMA in Response Paper on the Clearing Obligation under EMIR, GFMA Submits Comments to BCBS and IOSCO in Response to the Second Consultative Document: Margin Requirements For Non-Centrally-Cleared Derivatives, GFMA Submits Comments to the CSA on Updated Model Rules for Derivatives and Data Reporting, GFMA and ISDA Submit Comments to the BCBS Responding to the Consultative Document on Recognising Cost of Credit Protection Purchased, GFMA and Other Associations Submit Comments to the FSB on the Mutual Acceptance for pre-LEI identifiers, GFMA and Other Associations Submit Comments to the FSB on the Need for Mutual Acceptance and Interim Standards for Global LEI, GFMA and ISDA Submit Comments to BCBS and CPSS-IOSCO on Caplitalisation of Bank Exposures to Central Counterparties, GFMA Submits Comments to BCBS and IOSCO on Margin Requirements for Non-Centrally-Cleared Derivatives, GFMA Submits Comments to the CSA on OTC Derivatives Central Counterparty Clearing, GFMA Submits Comments to the ESMA on Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories, GFMA Submits Comments to the Australian Treasury on Australia's G20 Derivatives Commitments, GFMA and ISDA Submit Comments to CPSS and IOSCO on Assessment Methodology and Disclosure Framework for FMIs, GFMA Submits Comments to Canadian Securities Administrators on OTC Derivatives Regulation in Canada, GFMA Submits Comments to the CFTC on Confirmation, Portfolio Reconciliation and Portfolio Compression Requirements, GFMA Submits Comments to the CFTC on Real-time Public Reporting of Swap Transaction Data, GFMA Submits Comments to the European Securities and Markets Authority on Draft Technical Standards for Regulation of OTC Derivatives, GFMA Submits Comments to the Monetary Authority of Singapore on Proposed Regulation of OTC Derivatives, GFMA Submits Comments to the MAS on a Consultation Paper Regarding Proposed Regulation of OTC Derivatives, GFMA with Other Associations Submit Comments to the ASIC in Response to their Consultation Paper 168, Australian equity market structure, GFMA Affiliate Briefing Note - MiFID and Transparency in Foreign Exchange Derivatives, Coalition Submits Comments to the Hong Kong Monetary Authority on their July 2011 Consultation Paper, GFMA Submits Comments to HKMA on Hong Kong Trade Repository (HKTR) Consultation, Group of Associations Submit Comments to the US Department of Treasury on the Statement on Legal Entity Identification for Financial Contracts, GFMA and MFA Submit Comments to the CFTC and SEC on Safe Harbor Provisions for the Definition of Eligible Contract Participants, GFMA and MFA Submit Comments to the CFTC and SEC on the Definition of Eligible Contract Participant (10 January 2012), GFMA Submits Comments to CESR on Standardisation and Exchange Trading of OTC Derivatives, GFMA Submits Response to the BIS and the IOSCO on the Principles for Financial Market Infrastructures Consultative Report, GFMA Submits Comments to Canadian Securities Administrators on Derivatives Trade Repositories. 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