Swaps compensation update

The recent Financial Conduct Authority update on compensation payments for mis-selling of interest rates hedging products (June 2014) shows that 2,400 claims for consequential losses have been submitted to date.

EMIR: Collateral and valuation reporting

As part of the EMIR reporting requirements that have been in effect since 12 February 2014, from 11 August 2014 EU established financial counterparties (FC), including brokers and AIFs and non-financial counterparties (NFC+s that exceed the €1bn or €3bn clearing threshold), are expected to comply with further obligations, including providing daily collateral and valuation reports of any OTC or exchange-traded derivatives trades.
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