Manfred Wiebogen President ACI  The Financial  Markets Association
Manfred Wiebogen President ACI The Financial Markets Association

Once more - G-20, EMIR and Dodd Frank

During the weekend of February 26th to 28th 2011, the Italian traders of ASSIOM FOREX met in Verona for their yearly meeting. More than a thousand participants listened to the speech of Mr. Draghi, Governor, Banca d’Italia, when he presented his views on economic policies, the planned international financial rules and controls, the Italian banks and the Bank of Italy’s supervisory action and market growth. Besides interest from the audience regarding Axel Weber’s drawback from the ECB candidateship, the participants very carefully weighed up every word spoken regarding the latest regulatory developments.

I was asked to address the audience and began summarizing the linkage of currency reserves, gold exploration and the probability of a new gold standard. However the presentation brought me back to reality and the continuing uncertainty of possible restrictions on OTC Derivatives. EMIR and Dodd-Frank In September 2009, the first announcements were delivered by the G-20 Leaders on standardizing over-the-counter derivatives. OTC contracts would become traded on exchanges or electronic trading platforms and cleared through CCPs (central counterparties) by the end of 2012. The European Commission published in September last year its proposal for a regulation on OTC derivatives, CCPs and TRs (trade repositories), known as ‘EMIR’. The US ‘Dodd-Frank Wall Street Reform and Consumer Protection Act’ was the answer by the US government to the financial crisis. In July 2010, President Obama finally signed the most comprehensive reform since the great recession of the ‘30s....continued

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