Digital assets have experienced enormous growth over the past decade and this has been accompanied by an increase in the number and diversity of market participants. As has been the case with other markets, derivatives will play an important role in the digital asset market, facilitating price discovery, increasing liquidity and allowing market participants to hedge.
To this end, ISDA will bring together derivatives market participants, members of the crypto-asset community and other stakeholders to help develop common legal standards and definitions for digital asset derivatives, recognizing that crypto assets are a unique product class.
SRB has published guidance on solvent wind-down of derivatives and trading books in resolution.
SRB highlighted in particular that for some banks, the size and complexity of their trading portfolios may impede the implementation of their liquidation strategies. The Guidance sets out the scope and minimum expectations for planning the liquidation of derivatives and trading portfolios in the context of resolution.
The application of this Guidance is specific to each bank and it may be adapted to individual situations in a proportionate manner.
ESMA has issued a Statement to clarify the transfer of competences and duties relating to supervisory and enforcement activity in the field of certain data reporting services providers (DRSPs) from National Competent Authorities (NCAs) to ESMA.
In particular, the clarifications concern:
- the criteria to identify DRSPs derogated from ESMA supervision;
- the rules of procedure for the exercise of the power to impose fines and periodic penalty payments by ESMA with regard to the DRSPs in scope of its supervision; and
- the rules for ESMA to charge supervisory fees to those DRSPs.
