This report describes the different types of trading platforms currently available for the execution of OTC derivatives transactions in IOSCO member jurisdictions. Where possible, it also notes the differences relating to participant, product and geographic coverage.

Text of this speech given at a conference in Paris follows, in which he notes: “significant restructuring efforts will have to continue in the future. We can report good progress in some countries – such as Ireland; but in others – such as Greece – the situation is still very complex, given the lack of sustainable solutions to this country’s challenges. I can also tell you that we are still looking for adequate solutions for some banks in Portugal, Austria, Germany, Spain, Belgium, France and other countries as well … As I have said several times in the past, we can no longer afford zombie banks as we struggle to generate growth”. (25/01/12)

Text of this speech, given to the European Parliament, follows. Topics include: ESMA’s current work with credit rating agencies and issues surrounding CRA3.

FSA has published this guidance consultation following enquiries from firms who were unsure how to transaction report strategy trades entered into on Aii exchanges. Responses are required by 22 February 2012.

In November 2011 the Council and the Parliament voted on a Regulation on short selling and certain aspects of credit default swaps ESMA note that this is about to be published and should be applicable from 1 November 2012. It is also noted that the consultation paper on the draft technical standards is published without prejudice to another consultation on technical advice to the EC on delegated acts to be issued by ESMA shortly. The consultation paper on technical advice will also include the corresponding consultation on one regulatory technical standard on the method of calculation of the fall in value of a financial instrument, since it is dependent on the provisions of a future EC’s delegated act on the definition of what is a significant fall in value of financial instruments other than liquid shares. Responses are required by 13 February 2012.

Text of the above, given at a seminar in Berlin, follows. He discusses challenges in the area of financial regulation, particularly with respect to the consistency of the calculations of risk-weighted assets, the treatment of sovereign exposures, and liquidity standards, and considers the prospects for Basel III. (24/01/12) The need for effective international collaboration in times of financial stress

FMLC has published the texts of three letters sent to EC offices in respect of concerns over legal certainty on the above.

This press release notes that the Council has adjusted its position in negotiations with the European Parliament on a draft regulation aimed at increasing transparency on all derivatives and reducing risk in the OTC derivatives market. A general approach agreed in October 2011 specified that a CCP authorisation by a member state competent authority could only be blocked by a negative opinion of the college supported by a "unanimity minus one" vote (i.e. all the members of the college, excluding the authorities of the "home" member state). However, in order to facilitate agreement with the European Parliament, which is pushing for a stronger role for the college and for ESMA, the Council has approved a proposal by the presidency which would introduce two additional safeguards, whereby: following a negative opinion of the college, with "unanimity minus one", the "home" member state can refer the matter to ESMA for binding mediation; when a "sufficient" majority in the college opposes authorisation of a CCP, this "sufficient majority" may then decide to put the issue to ESMA for binding mediation. The Council's position defines a "sufficient" majority as two-thirds of college members, with votes in the college limited to two per member state for colleges of up to and including 12 members and three for colleges above that size. The item also notes compromises on pension schemes (which would 18 be exempt from a clearing obligation for a period of three years, extendable by another two years plus one years, subject to reports justifying the deferrals) and on how CCPs from third countries will be approached.

EBA has now published responses to the above-mentioned consultations, which are available to download via the following link.

TSC has published the uncorrected evidence from the hearing son the above topic held on 11 January 2012 which was attended by George Osborne and Tom Scholar (HMT). Topics include: issues arising from European regulatory proposals, including how it affects the implementation of the Vickers report and bank remuneration.