ICE’s Post

U.S. Repo Transaction Reporting Rule - A Game Changer for the Financial Industry! As of July 5th, 2024, the Office of Financial Research (OFR) mandates daily reporting for firms with substantial Non-Centrally Cleared Bilateral Repo (NCCBR) dealings. With NCCBR constituting a whopping 60% of the $2+ trillion repo exposure, this move by OFR enhances transparency and heightens oversight. - Daily reporting is a must for firms juggling average Repo commitments ≥ $10 billion. - Approximately 40 broker-dealers and government securities dealers are on the compliance radar. - The collected data will be accessible to the oversight council and its affiliate regulators. This strategic push by OFR is rooted in lessons from the past, aiming to fortify financial stability by shedding light on less liquid and higher-risk collateral types within the repo market. Curious about how this ruling might impact you or your firm? Keen on a deep dive into the consequences for global markets? Please get in touch. #secfinsolutions  #RepoMarket #RegulatoryChange

ICMA’s European Repo and Collateral Council (ERCC) has today published an updated version of the ERCC Guide to Best Practice in the European Repo Market. Download the Guide here: https://lnkd.in/e_WdcNZ6 The ERCC Guide is a flagship document for ICMA and provides detailed guidance, best practice recommendations, and clarifications that are intended to support the well-organized trading and settlement of repos. Comprising nearly 150 pages, the ERCC Guide is among the most substantial and well-established industry self-regulatory guidance across the entire financial market. By setting standards and best practices the Guide helps to avoid uncertainty and disagreements among market participants, helping to foster a more efficient and orderly repo market in Europe and beyond. This latest document reflects 18 months of discussion and consultation with ERCC members which led to updates in several key areas of best practice including: * Interest claims and CSDR cash penalties * Compounding of floating repo rates * Repo re-rates * Ways of cleaning up accrued interest * Re-sizing repos * Late manufactured payments * Open, evergreen, extendible repos #repo #capitalmarkets #collateral #fixedincome

U.S. Repo Transaction Reporting Rule - A Game Changer for the Financial Industry! As of July 5th, 2024, the Office of Financial Research (OFR) mandates daily reporting for firms with substantial Non-Centrally Cleared Bilateral Repo (NCCBR) dealings. With NCCBR constituting a whopping 60% of the $2+ trillion repo exposure, this move by OFR enhances transparency and heightens oversight. - Daily reporting is a must for firms juggling average Repo commitments ≥ $10 billion. - Approximately 40 broker-dealers and government securities dealers are on the compliance radar. - The collected data will be accessible to the oversight council and its affiliate regulators. This strategic push by OFR is rooted in lessons from the past, aiming to fortify financial stability by shedding light on less liquid and higher-risk collateral types within the repo market. Curious about how this ruling might impact you or your firm? Keen on a deep dive into the consequences for global markets? Please get in touch. #secfinsolutions  #RepoMarket #RegulatoryChange

New Reporting Rule Brings Repo Transactions Out of the Shadows Regulators monitoring financial-stability risks are about to get a clearer view into a crucial but historically opaque segment of the U.S. repurchase-agreement, or repo, market. A final rule from the Office of Financial Research (OFR), adopted in May and effective July 5, requires daily reporting by brokers and others with large NCCBR (non-centrally cleared bilateral repo) exposures. NCCBR is the biggest of the repo categories – they are labeled as centrally cleared and non-centrally cleared, tri-party, and bilateral – and is “the last segment for which regulators do not have a transaction-level data source,” as explained in the rule filing. https://lnkd.in/gsyHXFei

Frankfurt – December 28, 2023 – 360T’s new UK-based Multilateral Trading Facility (MTF) has received a regulatory interim exemption from the Ontario Securities Commission (OSC) that will ensure that Canadian FX market participants can trade on the platform when it launches on January 2.   The 360T Swaps Execution Facility (SEF) has operated in Canada under an exemption order granted by the OSC since June 2016 and 360T’s European MTF has operated in Canada under an exemption order granted by the OSC since June 2019.   The OSC interim exemption will mean that Canadian FX market participants can trade FX Forwards, Swaps, Options, Non-Deliverable Forwards (NDFs) and Non-Deliverable Swaps (NDSs) via the 360T UK MTF.

A conclusion of the U.S. Securities and Exchange Commission’s (SEC) final rules on mandatory clearing is that Guaranteed Repo is exempted. This important distinction means that the financial benefits of Guaranteed Repo are available to all market participants both now and after the mandate goes live in 2026. Shiv Rao, SUNTHAY More on #finadium: https://lnkd.in/ep3Tm5wE

A conclusion of the U.S. Securities and Exchange Commission’s (SEC) final rules on mandatory clearing is that Guaranteed Repo is exempted. This important distinction means that the financial benefits of Guaranteed Repo are available to all market participants both now and after the mandate goes live in 2026. Shiv Rao, SUNTHAY More on #finadium: https://lnkd.in/eq4wWhcT

Financial Stability Board (FSB) : new global standard for central counterparty resolution. * Ensure resolution authorities access resolution-specific tools and any unused recovery resources to support CCP resolution ; * Adequate liquidity, loss-absorbing, and recap tools must be available for CCP critical functions continuity and mitigate impact on financial stability; * FSB will monitor implementation for systemic CCPs. https://lnkd.in/eXBM4M73 #resolution #finance #CCP

⚖️ Exness vs XTB: which Forex broker is better? ⚖️ https://lnkd.in/gMvcs2y4 In this thorough examination of Exness versus XTB, delve into the key aspects that differentiate these forex brokers. From regulatory compliance to trading platforms, account options, fees, and customer support, this comparison helps you make an informed decision about which broker aligns best with your trading preferences and goals. #forextrading #forexmarket #forexbroker #cfdbroker #cfdtrading #tradingeducation #forexeducation #brokerreview

So the US has gone live for securities T1 settlement - but what of the concerns raised regarding related FX transactions? Join us for a wash-up webinar where we will have a panel of market practitioners discuss how the market is reacting with 2 weeks of market operations to look back on.