Views on improving the integrity of global capital markets


European Market Infrastructure Regulation: Starting Point for OTC Derivatives Union?

EMIR’s aim is to make the clearing and reporting of OTC derivatives mandatory.

Sunshine Is the Best Disinfectant: Post-Trade Transparency in Credit Default Swap Markets

IOSCO study: Neither market activity nor market exposure changed substantially following post-trade transparency rules.

Derivatives Market Regulation: What Are the Unintended Consequences of Reform?

Eric Boess, CFA, director and global head of derivatives at RCM Allianz Global Investors, discusses the impact of derivatives reform on global derivatives trading.

Derivatives Counterparty Risk and Central Clearing: The Impact of Post-Crisis Reforms (Video)

How has the use of collateral to mitigate counterparty risk and central clearing helped to reshape the financial system post-crisis?

A Fuller View: Information to Assess Derivatives Credit-Risk Exposures in Banks

Assessing derivatives exposures can be challenging because of incomparable, incomplete, and fragmented disclosures within financial reports.

Large, Complex Financial Institutions: Investors Need Better OTC Derivative Disclosure

Have the raft of regulatory proposals requiring greater use of central counterparty clearing houses enhanced risk transparency and risk management at the systemic level and within individual financial institutions?

U.S.-EU Cross-Border Derivatives Compromise: Who is the Real Winner?

On the surface, the derivatives deal appears like a win for the EU, but a closer look reveals that this “victory” is perhaps not quite what it seems.

Derivatives Reform Three Years after Dodd-Frank: One Step Forward, Two Steps Back

After months of delay, U.S. derivatives reform finally moved from back-burner status last week, when the Commodity Futures Trading Commission (CFTC) approved regulations aimed at forcing derivatives trading — and depending on the source, either a major culprit of or contributor to the financial crisis — out of the shadows. This means that many types of previously unregulated derivatives will now have to trade on open platforms.

What Is the Future of Financial Exchanges? (Video)

“While exchanges have a responsibility to provide fair and equal access to all market participants without violating public interest responsibility, they are dependent on a responsible financial ecosystem of lawyers, consultants, advisers, accountants, and managers of listed companies to avoid fraud by listed companies,” TMX Group CEO Thomas Kloet said recently at a program on “The Future of Exchanges.”

Policy Perspectives: Hedge Accounting and Derivatives Use Disclosures Risky Business for Investors (Video)

Vincent Papa, CFA, director of financial reporting policy at CFA Institute, discusses the need for better disclosures to improve transparency for investors, based on a recent CFA Institute study.

“Gibberish and Alleged Untruths” — The London Whale Fiasco Explained

Two articles on the US$6 billion London Whale trading loss saga show how the obfuscation of facts and alleged untruths played leading roles in the debacle.

Derivatives Counterparty Risk: Impact of New IFRS Fair Value Requirements

In a recently published issue brief, CFA Institute examines the impact of IFRS 13 Fair Value Measurement on the reporting of derivatives counterparty risk, including highlights of areas where information deficiencies currently exist and how IFRS 13 may improve transparency around CCR.

IFRS Interpretations Committee: More Relevant and Active Than Investors Might Expect

After my first meeting as a member of the International Financial Reporting Standards Interpretations Committee (IFRS IC) in July, it was apparent to me that the activities and decisions of the IFRS IC are more relevant to investors than they might anticipate.

Bank Financial Reporting: “The Cause Is Hidden, but the Result Is Well Known”

Are you the trusting sort? How about when it comes to trusting banks some six years after the financial crisis? You should consider reading The Atlantic’s recent article “What’s Inside America’s Banks?” on why many in the investment world, and the general public, still don’t trust banks.

Need for Increased Transparency of Derivatives and Hedging Activities in Financial Reports

CFA Institute recently issued a report, User Perspective of Financial Instrument Risk Disclosures Under IFRS (Volume 2), that focuses on the disclosures of derivatives and hedging activities of financial and non-financial institutions.

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