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White & Case Derivatives Insight – The Delta Report

The Delta Report – Derivatives Newsletter: November 2017

Read: Brexit update

  • As the contours of Brexit start to become clearer through the negotiations between the EU and the British Government and the release of position papers from the two parties, the potential impacts on London based financial institutions, participants in the derivatives market and – more generally – contract parties using English law governed agreements is likewise beginning to emerge. In this edition of the Delta Report, our Brexit review outlines some of the key developments that have taken place since July 2017, analyses the position papers issued by the British Government and the EU on the cross-border enforcement of civil judgments and also outlines some of the key issues that are beginning to emerge in derivative documentation negotiations as well as commenting on the potential impact on the derivatives market more generally.

 

Read: On the end of LIBOR: preliminary reflections on its implications for derivatives

  • Following the announcement by the Financial Conduct Authority that it will not compel panel banks to submit quotations to LIBOR, this paper analyses the impact it is likely to have on the derivatives market, the Benchmark Regulation and generally the main commercial and legal issues around the replacement of LIBOR.

 

Read: MiFID II/MiFIR – Outlook into 2018

  • This article examines some of the key issues looking ahead to the MiFID II/MiFIR implementation start date on 3 January 2018.

 

Read: Regulators begin Volcker Rule review, signaling potential for needed clarifications

  • On 2 August 2017, the Office of the Comptroller of the Currency ("OCC") issued a notice and request for public input ("Request")1 on potential revisions to the implementing regulations for the Volcker Rule. The OCC's action represents a preliminary step by the financial regulators in providing Volcker Rule relief.
  • In this article we set out a brief summary of the Request. For a more detailed explanation, please see our client alert on the Request available here.

 

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1 OCC, Proprietary Trading and Certain Interests in and Relationships with Covered Funds (Volcker Rule); Request for Public Input, 82 Fed. Reg. 36692 (Aug 7, 2017).

 

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