ESMA Signs MoU with RBA Enabling Access To European Trade Repositories

The European Securities and Markets Authority (ESMA ESMA European Securities and Markets Authority (ESMA) is an independent Authority of the European Union that is responsible for the safety, security, and stability of the European Unions’ financial system and is charged with protecting the public. The European supervisory authority for the securities sector, ESMA was established on 1 January 2011. The European Securities and Markets Authority is an independent EU authority based in Paris. It aims to contribute to the effectiveness and stability of t European Securities and Markets Authority (ESMA) is an independent Authority of the European Union that is responsible for the safety, security, and stability of the European Unions’ financial system and is charged with protecting the public. The European supervisory authority for the securities sector, ESMA was established on 1 January 2011. The European Securities and Markets Authority is an independent EU authority based in Paris. It aims to contribute to the effectiveness and stability of t Read this Term) and the Reserve Bank of Australia (RBA) have signed a Memorandum of Understanding (MoU) enabling the RBS to gain access to European trade repositories.

Back in December, ESMA augmented its cooperation efforts with Australian financial authorities represented by the Australian Securities and Investments Commission (ASIC) and the Reserve Bank of Australia (RBA) – the subsequent MoU builds on this relationship and has been in effect since February 18, 2015.

Trade repositories are central structures that collect and maintain data for over-the-counter (OTC) derivatives. Consequent transaction reporting helps ensure overall transparency over OTC derivatives markets, with ESMA, operating under European Market Infrastructure Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term (EMIR) providing oversight on the matter.

The recent ESMA/RBA MoU is the second such cooperative mandate established under Article 76 of the EMIR regulation. In essence, the cooperation represents a bid to ensure that third-country authorities lacking adequate trade repositories in their jurisdiction may access the information on derivatives contracts held via European trade repositories.

Also of note to trade repositories, the Markets in Financial Instruments Directive (MiFID), constituting an ESMA directive that sets out an ongoing conduct of business and organizational requirements for investment firms, is targeting the passage of its second phase into law as of January 2017.