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    Financial Stability Paper 37: Got to be certain: The legal framework for CCP default management processesJo Braithwaite and David MurphyCentral clearing offers numerous benefits to financial stability including multilateral netting of cleared exposures and the centralisation of default management. These benefits explain the pivotal role of central counterparties (‘CCPs’) in the post-crisis derivatives market reforms. However they lead to a key financial stability question: will CCPs be able to manage a large member default effectively?There are various aspects to this question, and we concentrate on one of the least studied: the legal certainty of CCP default management practices. This aspect is important because the prospect of legal challenge to a CCP could be destabilizing, and the legal framework within which CCPs operate is a complex and, in some areas, newly constructed one.We evaluate the diverse legal rules governing CCP default management by investigating the extent to which they provide adequate legal certainty. The paper discusses the processes of clearing and collateral posting in detail, establishing the nature of the rights which CCPs rely upon when managing defaulting members. We then consider the relationship between CCP default management processes and insolvency law, as defaulting members are sometimes (but not always) insolvent. This leads to an evaluation of the legal issues arising along a typical default timeline of default declaration; returning to a matched book; and use of the defaulter’s collateral.Our findings are that English and EU law provide legal certainty for many aspects of CCPs’ default management processes, but some challenges remain. One set arise through the piecemeal nature of the legislative framework, while others turn on the importance of CCPs’ contractual drafting being as robust as possible. The paper concludes with recommendations on both legislative and drafting issues.

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    The Disciplinary Committee of Nasdaq Stockholm (“the Exchange”) has ruled that Mavshack AB (“Mavshack”) has breached Nasdaq Stockholm First North’s regulations (“the Rule Book”) and has therefore ordered Mavshack to pay a fine of SEK 293.304, corresponding to four times the company’s annual fee.read more...

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    The Irish Stock Exchange’s (ISE) web-based fund information portal, ISEFundHub, has added data from three new investment managers - Edinburgh Partners, Man AHL and Odey Asset Management. Over 50 investment managers are now live on the portal.read more...

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    MEFF, the Derivatives Market of BME, will broaden the range of underlying assets for Single Stock Dividend Future contracts.read more...

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     Broadridge Financial Solutions, Inc. (NYSE:BR) today announced that Questrade, an online retail brokerage based in Canada, has adopted Broadridge’s end-to-end foreign exchange and liquidity solution, Broadridge FX and Liquidity (FXL).read more...

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    In a case brought by the Financial Conduct Authority (FCA), Martyn Dodgson, a senior investment banker, and Andrew Hind, a Chartered Accountant, have today been sentenced at Southwark Crown Court to 4.5 years and 3.5 years imprisonment, respectively, having been convicted of conspiring to insider deal between November 2006 and March 2010. Dodgson’s sentence is the longest ever handed down for insider dealing in a case brought by the FCA.read more...

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    Algo-Logic Systems announces the release of their latest Field Programmable Gate Array (FPGA) accelerated CME Tick-To-Trade (T2T) System. The sub-microsecond trading solution is ideal for latency-sensitive trading firms that need deterministic response times to market opportunities. The CME T2T System is built using internally developed, pre-built FPGA IP cores that significantly reduce time-to-market and provide flexibility for customizations.read more...

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    The U.S. Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO) today announced it has issued a no-action letter extending conditional time-limited relief for Australian-based trading platform Yieldbroker Pty Limited (Yieldbroker).read more...

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    According to the Prime Minister's announcement on the occasion of Jordan Independence Day, the Amman Stock Exchange (ASE) will observe a holiday on Wednesday 25 May, 2016.

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    After being organized in Belgium for the first time in 2009, DevOpsDays spread to the world in a short time. Now, DevOpsDays will be hosted by Borsa Ä°stanbul for the first time in Turkey on June 3-4, 2016. DevOps Days activities were realized in three continents, 11 countries, 22 cities in 2015, and this year, it will be organized in 24 cities including Istanbul. read more...

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    Bats Global Markets, Inc. (Bats: BATS), the #1 U.S. market for the trading of exchange-traded funds (ETFs), today welcomed nine new ETFs from iShares to its U.S. market, the largest number of listings in one day for The Bats ETF Marketplace.read more...

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    Euronext today announced that it is in exclusive talks to acquire a 20% equity stake in EuroCCP for €14M (including contribution to regulatory capital) subject to closing adjustments and regulatory approval. In addition, Euronext will offer choice in clearing within the Eurozone through the implementation of a preferred Central Counterparty (CCP) model for its equity markets. EuroCCP is the leading CCP for pan-European equity markets providing clearing and settlement services and this new partnership will allow clients to benefit from significant operational and cost efficiencies.read more...

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    The Annual General Meeting of Oslo Børs VPS Holding ASA held on Thursday 12 May 2016 approved the annual report and accounts for 2015. The meeting resolved to pay a dividend of NOK 4.15 per share.read more...

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    Thank you for that kind introduction Bruce. At the outset, let me give the requisite reminder that the views I express today are my own and do not necessarily represent the views of the Commission or its staff.[1]read more...

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    The California Public Employees' Retirement System (CalPERS) today announced that it has again earned an 'AAA' grade from the Asset Owners Disclosure Project (AODP), 1 of only 12 organizations to do so, ranking ninth on the organization's index of the world's 500 largest asset owners.read more...

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    The Securities and Exchange Commission today announced fraud charges against a California stock promoter and a New Jersey lawyer who allegedly were creating sham companies and selling them until the SEC stopped them in their tracks.read more...

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    Columbia Business School Professor Rita McGrath asks an interesting question on her blog this week. She ponders whether the situation unfolding at Lands' End may be eerily similar to the fiasco that took place at J.C. Penney when Ron Johnson was hired as CEO. She's commenting about a Wall Street Journal feature story about the culture clash taking place at Lands' End as new CEO Federica Marchionni attempts to revitalize the apparel retailer. The former Ferrari and Dolce & Gabbana executive has taken over as CEO of the Wisconsin-based retailer, and she's trying to make the brand more fashionable. She tells the Wall Street Journal that her goal "is to evolve Lands’ End into a meaningful, global lifestyle brand.”  The key question:  Can she reignite growth at the firm without alienating traditional customers as well as her long-tenured employees?  Why has a culture clash emerged? For starters, Marchionni has decided not to work primarily from the corporate headquarters. The Wall Street Journal reports:As part of her contract, the Lands’ End board agreed to let Ms. Marchionni work primarily from an office in New York’s garment district—an arrangement that rubbed some in Dodgeville the wrong way, according to former employees. Her employment agreement says she must be in Wisconsin for holiday parties and other social events that the Lands’ End CEO “historically has attended.”  Joining her in Manhattan is a small group of fashion veterans including Joseph Boitano, a former Saks executive who serves as the company’s chief merchandising and design officer.Marchionni has also been critical of some of her own company's clothes, describing certain traditional Lands' End items as "ugly" in one presentation.   There are other changes that have made some waves:  The CEO ordered up a slate of new ads to run in the September issue of Vogue and other fashion titles. She commissioned celebrity photographer Bruce Weber to shoot a major holiday campaign. The full-page newspaper and magazine inserts showed patrician-looking models in coastal settings. Spiked red heels now featured alongside comfy slip-on moccasins.Professor McGrath acknowledges that Lands' End faces substantial challenges and needs to change.  She wonders, however, whether Marchionni can lead in a way that brings her people along.  Can she create an inclusive vision for the key employees?   Or, will culture eat her bold new strategy for lunch?  I don't know the answer to these questions, but I cannot imagine how leading a company from 1,000 miles away makes much sense.  It creates problems at two levels.  First, symbolically, it sends a message to employees that you don't want to engage with them, be available to them, etc.  Second, substantively, it isolates you from the rank-and-file, making it more difficult for critical information (including bad news) to reach you in a timely manner.  

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    To enhance transparency of the over the counter (OTC) derivatives market, the Autorité des marchés financiers (the “AMF”) today released the final version of amendments to Regulation 91-507 respecting Trade Repositories and Derivatives Data Reporting (the “Regulation”). Under the Regulation, recognized trade repositories will be required, as of January 16, 2017, to publicize certain data on transactions executed by OTC market participants.read more...

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    The Ontario Securities Commission (OSC) today published final amendments to OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting (TR Rule) and its companion policy. The amendments will increase transparency in the Canadian over-the-counter (OTC) derivatives market through public dissemination of transaction-level data and provide exclusions from the reporting requirement for certain OTC derivatives transactions between affiliates.read more...

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