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Tag Archive: European Commission


I am re-posting one of my old post with the intention that many of my fellow mates wanted to know the implications of the European

Esma

Esma (Photo credit: SphotoE)

Securities and Markets Authority ESMA on India.

“The RBI and CCIL have expressed reservations and said they would be reluctant to apply for registration under Esma.”

India is “reluctant” to apply for third-country equivalence for the Clearing Corporation of India (CCIL) from the European Commission (EC), while it is also planning to mandate the central clearing of rupee foreign exchange derivatives, a scenario that could potentially force European banks to exit the most profitable part of their derivatives business in the country. Continue reading

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European Commission regulators say that 13 investment banks, the International Swaps and Derivatives Association (Isda) and Markit imagesbreached antitrust rules by colluding to prevent exchanges from entering the credit derivatives business.

The formal European Commission charge-sheet, running to almost 400 pages, alleges collusion to ensure the insurance-like contracts remained an “over-the-counter” (OTC) product – preserving the banks’ lucrative role as middlemen.

Between 2006 and 2009, Deutsche Börse and the Chicago Mercantile Exchange tried to enter the credit derivatives business, turning to the Isda and Markit to obtain necessary licenses for data and index benchmarks. Continue reading

“The RBI and CCIL have expressed reservations and said they would be reluctant to apply for registration under Esma.”images

India is “reluctant” to apply for third-country equivalence for the Clearing Corporation of India (CCIL) from the European Commission (EC), while it is also planning to mandate the central clearing of rupee foreign exchange derivatives, a scenario that could potentially force European banks to exit the most profitable part of their derivatives business in the country.

On June 15, the European Securities and Markets Authority (Esma) is due to provide advice for the EC over whether India’s central counterparty (CCP) will be able to clear trades for European banks on July 15. Currently there is no framework within European Market Infrastructure Regulation (Emir) to enable clearing from non-equivalent CCPs. Continue reading

There is progress happening at the European Council as the statement made by the President of the European councilEurope, in presence of  the President of the European Parliament. Majority referred to the Nobel Prize as a tribute for the Union’s past achievements and an encouragement for the future. The focus was on the future of the Economic and Monetary Union.

The urgent element now is setting up a Single Supervisory Mechanism, to prevent banking risks and cross-border contagion from emerging. Continue reading

The topic looks to me never-ending, I have done more than 3 dozen of articles on the European crisis but it looks far from over. With no intention of hurting any body sentiments and due apologies to my friends in Greece and Europe.

 

It was time for the “Men in Black,” as the Greeks call them, to depart once again — without having accomplished anything. The troika, consisting of representatives of the IMF, the European Commission and the European Central Bank (ECB), had had enough. Continue reading

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