May 04, 2017
European regulators aim to reform the bloc’s over-the-counter derivatives market, a move lawyers say promises, on the surface, to lessen burdens on smaller firms, corporates and pension funds, but could also lead to a market fragmentation. Assia Damianova discussed the issue with Law360.
Exerpts from "Hidden Complexities Cloud Landmark EU Derivatives Reform," Law360, May 4, 2017:
“Some of the announced changes are quite significant in that they will reduce the transaction and compliance costs of the relevant market participants,” said Assia Damianova, special counsel in the capital markets group at Cadwalader Wickersham & Taft LLP.
“EMIR [European Market Infrastructure Regulation] has led to such profound changes in the way derivatives are traded and has been so burdensome that market participants would be quite eager to find out to what extent their life will be made easier,” Damianova said.
“While the proposals do not change the fundamental logic of EMIR, they do reflect the commission’s view of how and to what extent the rules can be made simpler and more proportionate without compromising financial stability,” Damianova said.
The Bank of England has initiated a review of its own exposure to LIBOR,
Scott Cammarn, Jonathan Watkins, Mark Chorazak, Aaron Lang
On 7 June 2019, Regulation (EU) 2019/876 (CRR II) was published in the Official Journal of the EU.