OTC Derivatives Market Reforms - Focusing on International Discussion-

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1 OTC Derivatives Market Reforms - Focusing on International Discussion- June 12, 2015 Shunsuke Shirakawa Financial Services Agency Government of Japan * This presentation represents the presenter s own views, and not necessarily those of the FSA.

2 1. Background 1

3 G20 Pittsburgh Summit Leaders Statement (Sep. 2009) 1. All standardized OTC derivative contracts: a) should be traded on exchanges or electronic trading platforms, where appropriate; and b) cleared through central counterparties(ccp). 2. OTC derivative contracts should be reported to trade repositories(tr). Based on this G20 statement, regulatory reforms for OTC Derivatives markets have started. 2

4 G20 Cannes Leaders Summit Communiqué (Nov. 2011)(excerpt) Reforming the over the counter derivatives markets is crucial to build a more resilient financial system. All standardized over-the-counter derivatives contracts should be traded on exchanges or electronic trading platforms, where appropriate, and centrally cleared, by the end of 2012; OTC derivatives contracts should be reported to trade repositories, and non-centrally cleared contracts should be subject to higher capital requirements. We call on the Basel Committee on Banking Supervision (BCBS), the International Organization for Securities Commission (IOSCO) together with other relevant organizations to develop for consultation standards on margining for non-centrally cleared OTC derivatives by June 2012, and on the FSB to continue to report on progress towards meeting our commitments on OTC derivatives. 3

5 G20 Saint Petersburg Summit Leaders Declaration (Sep. 2013)(excerpt) We welcome the FSB s report on progress in over-the-counter (OTC) derivatives reforms, including members confirmed actions and committed timetables to put the agreed OTC derivatives reforms into practice. We also welcome the recent set of understandings by key regulators on cross-border issues related to OTC derivatives reforms, as a major constructive step forward for resolving remaining conflicts, inconsistencies, gaps and duplicative requirements globally, and look forward to speedy implementation of these understandings once regimes are in force and available for assessment. We agree that jurisdictions and regulators should be able to defer to each other when it is justified by the quality of their respective regulatory and enforcement regimes, based on similar outcomes, in a non-discriminatory way, paying due respect to home country regulation regimes. We call on regulators in cooperation with the FSB and the OTC Derivatives Regulators Group to report on their timeline to settle the remaining issues related to overlapping cross-border regulatory regimes, and regulatory arbitrage. 4

6 G20 Leader s Communiqué (Brisbane, Nov.2014)(excerpt) Strengthening the resilience of the global economy and stability of the financial system are crucial to sustaining growth and development. We have delivered key aspects of the core commitments we made in response to the financial crisis. Our reforms to improve banks capital and liquidity positions and to make derivatives markets safer will reduce risks in the financial system. But critical work remains to build a stronger, more resilient financial system. The task now is to finalise remaining elements of our policy framework and fully implement agreed financial regulatory reforms, while remaining alert to new risks. We call on regulatory authorities to make further concrete progress in swiftly implementing the agreed G20 derivatives reforms. We encourage jurisdictions to defer to each other when it is justified, in line with the St Petersburg Declaration. We welcome the FSB s plans to report on the implementation and effects of these reforms, and the FSB s future priorities. We welcome the progress made to strengthen the orderliness and predictability of the sovereign debt restructuring process. 5

7 FSB - OTC Derivatives Reforms - A lot of Work to be done by authorities 1)- take every opportunity to increase market use of central clearing, and minimize opportunities for regulatory arbitrage. 2)- renew their focus on the commitment to increase the use of exchanges and electronic trading platforms. 3)- implement finalized capital and margin requirements in accordance with agreed phase-in schedules. 4)- adopt resolution regimes for FMIs, and ensure that recovery / resolution plans for FMIs are developed in line with international guidance. 5)- continue to cooperate in the application of regulations in cross-border contexts, to enable them to defer to each other s rules where these achieve similar outcomes. 6)- provide clarity regarding the detailed rules on the treatment of cross-border transactions and the timetables for implementation. 7)- Authorities will need to ensure that they can make full use of the data collected by trade repositories in fulfilling their financial stability mandates; to assist in this, a f/s on approaches to the aggregation of TR data is underway. 6

8 OTC Derivatives Regulators Group (ODRG) Issue Report to the G20: Sep.2013 There are already many main points agreed: 1)- Consultation/communication when equivalence or substituted compliance assessments are being undertaken is essential. 2)- A flexible, outcomes-based approach should form the basis of final assessments regarding equivalence or substituted compliance assessments. 3)- A stricter-rule approach would apply to address gaps in mandatory trading or clearing obligations. 4)- Jurisdictions should remove barriers (ⅰ) to reporting to TR by market participants and (ⅱ) to access to TR data by authorities. 5)- There should be appropriate transitional measures and a reasonable but limited transition period for foreign entities to implement OTC Derivatives reforms. 7

9 2. Implementation in Japan 8

10 OTC Derivatives Market Reforms in Japan 2010 May 2012 Sep. Nov. Mandatory central clearing Reporting requirement Promulgation of amended FIEA (1) became effective on Nov. 1 st became effective on Nov. 1 st (Note) Use of electronic trading platforms Promulgation of amended FIEA (2) will be effective on Sep. 1 st 2015 FIEA: Financial Instruments Exchange Act (Note) Reporting starts from April

11 Mandatory Clearing Obligations and Margin Requirement 1 Mandatory use of central counterparties (CCPs) for clearing standardized OTC derivatives transactions(mandatory Clearing Obligations) 2 Margin requirement for non-cleared OTC derivative transaction (Margin Requirement) A Problem of Derivative Market in Financial Crisis B 1Mandatory Clearing Obligations A B CCP C D Promoting use of CCPs to prevent spill-over effects C Influence of default will spill-over through counterparties( ) D 2Margin Requirement (Proposed rule in Japan was published in July 2014) A B Margin C Margin D In case of counterparty s default, collected margin helps prevent spill-over effects 10

12 Mandatory use of central counterparties (CCPs) for clearing standardized swaps transactions Product Coverage JPY-denominated plain vanilla Interest Rate Swap (IRS) with reference to Yen LIBOR Index-based CDSs (itraxx Japan) JPY-denominated IRS with reference to Yen TIBOR Transactions through trust accounts are to be added Nov. July Dec. Dec. Dec. First stage Second stage Covered Entity Large financial institutions participating in CCP Financial institutions with the outstanding OTC derivative transaction amount of no less than JPY 300 billion are to be added Financial institutions with the outstanding OTC derivative transaction amount of no less than JPY 1 trillion are to be added Insurance Companies are to be added 11

13 Report to Trade Repository(TR) <Purpose> Collection of OTC Derivatives Trade Information Authority *Japan exchange group started numbering LEI (Legal Entity Identifier) service from 1 Aug trade information TR trade information trade information trade information Product Coverage of Reporting and Storing Trade Information: OTC derivatives of forward 1 option 2 swap related to interest rate, currency, and equity OTC derivatives related to credit (e.g. CDS) 1 excluding products settled within period no more than 2 business days from trade date. 2 excluding products those exercise period is no more than 2 business days Covered Entity: Type I Financial Instruments Business Operator, Registered Financial Institutions (Shoko Chukin Bank, Development Bank of Japan, Norinchukin Bank and Shinkin Central Bank and other banks only), and Insurance Companies 12

14 Report to Trade Repository(TR) JFSA CCP TR* (ⅰ)covered transactions of clearing mandate (ⅱ) with use of TR (ⅲ) direct reporting Financial Institutions (Type I Financial Instruments Business Operators) * DDRJ (DTCC data repository Japan/subsidiary of DTCC (U.S.) ) has been designated as TR 13

15 Mandatory Use of Electronic Trading Platforms (ETP) <Purpose> Enhancing Fairness and Transparency of OTC Derivatives Transactions Financial Institution Financial Institution Transactions through telephone or voice broker Financial Institution Type I FIBO ETP Financial Institution JPY-denominated IRS Financial Institution Financial Institution Financial Institution Obligation to publish Trading information Financial Institution Market participant Authority It is difficult to obtain transaction prices broadly and easily Market participant Authority It is possible to obtain transaction prices broadly and easily Fairness and transparency of transaction are to be improved * Regulatory framework for foreign ETP operators to provide cross-border services is available in light of the large amount of transactions with foreign counterparties. 14

16 Mandatory Use of ETP Date of Enforcement: 1 Sep Product Coverage of Mandatory Use of ETP: JPY-denominated plain vanilla IRS (planning to stipulate details in Notification) Covered Entity of Mandatory Use of ETP: Financial institutions with outstanding OTC derivatives transaction amount of no less than JPY 6 trillion Requirement for ETP:(not applied to Block Trade) To have Order Book To transact with Order Book or Request for Quote (RFQ) for no less than 3 counterparties Publication of Trade Information by ETP: Trade information should be published after transaction without delay. (In the case of block trade, trade information should be published in the day after trade date) Item of Publication :trade date, product category, transaction amount, etc. (Identifiable information(e.g. name of counterparty) is excluded) 15

17 Product Coverage of Mandatory Use of ETP (Draft Notification proposed on 29 May) JFSA is conducting a public consultation on products which will be subject to mandatory trading (the consultation period is till 29 June). The proposed products are Fixed-to-Floating Interest Rate Swaps which are cleared by Japan Securities Clearing Corporation and satisfy conditions below: Currency Floating Rate Indexes JPY 6 month LIBOR Fixed Leg Payment Frequency Semi-Annual Day Count Convention a/365 Floating Leg Reset Frequency Semi-Annual Day Count Convention a/360 Tenors 5,7,10 years * Some detailed conditions are omitted from the above table. 16

18 Margin Requirement (BCBS-IOSCO s revised framework) BCBS-IOSCO recently announced 9 month delay of the implementation timeline of bilateral margin requirement. FSA will finalize the rule in due course, taking into account the revised timeline. Coverage:(FSA proposal) Covered entity is defined in the same way as mandatory clearing obligations. Covered transaction is non-centrally cleared OTC derivatives transaction between Financial Instruments Business Operators which have outstanding above threshold. Type of Margin and Date of Enforcement Covered entities belonging to a group whose aggregate month-end average notional amount of non-centrally cleared derivatives exceeding: September 2013 framework Initial margin March 2015 revisions 3.0 trillion 1 December 2015 to 30 November September 2016 to 31 August trillion 1 December 2016 to 30 November September 2017 to 31 August trillion 1 December 2017 to 30 November September 2018 to 31 August trillion 1 December 2018 to 30 November September 2019 to 31 August 2020 Covered entities belonging to a group whose aggregate month-end average notional amount of non-centrally cleared derivatives exceeding 8 billion From 1 December 2019 forward From 1 September 2020 forward Covered entities belonging to a group whose aggregate month-end average notional amount of non-centrally cleared derivatives exceeding 3 trillion Variation margin 1 December September 2016 All other covered entities 1 March

19 Differences between Margin Requirement Frameworks * Note that all descriptions below are based on the draft regulations for public consultation in each jurisdiction. Proposed Margining Regime WGMR final report (Sep 2013) Japan (draft) (Jul 2014) E.U. (draft) (Apr 2014) U.S. (draft) (Sep 2014) Covered Entity Financial Firms and Systemically Important Non Financial Entities Financial Instruments Business Operator, etc. Financial Entity and Non Financial Entity(conditional) Swap Entity and Financial End User IM Phase In Dec EUR 3 tn Dec EUR 2.25 tn Dec EUR 1.5 tn Dec EUR 0.75 tn Dec EUR 80 bn Dec JPY 420 tn Dec JPY 315 tn Dec JPY 210 tn Dec JPY 105 tn Dec JPY 1.1 tn (about EUR 80 bn) Dec EUR 3 tn Dec EUR 2.25 tn Dec EUR 1.5 tn Dec EUR 0.75 tn Dec EUR 80 bn Dec USD 4 tn Dec USD 3 tn Dec USD 2 tn Dec USD 1 tn Dec USD30 bn (about EUR 38.5 bn) (for Swap Entity threshold is 0 ) Eligible Collateral for VM Cash, Government bond, Gold, etc. Cash, Government bond, Gold, etc. Cash, Government bond, Gold, etc. Cash Hair Cut for Currency Mismatch 8% 8% 8% 8% (But no requirement for VM in U.S. dollar cash) Timing of Collateral Settlement Without delay T+1 T+1 Collateral Concentration Limit Not overly concentrated Securities issued by a single issuer shall no exceed 50% Intragroup Transaction Appropriate regulation in a manner consistent with each jurisdiction s framework Not covered Not covered subject to approval Covered 18

20 3. Progress on bilateral discussions 19

21 Discussion with US CFTC Points agreed Substituted Compliance Determination (Dec. 2013): A broad range of entity-level regulatory requirements for swap dealers in Japan were decided to be comparable to and as comprehensive as those of the CFTC s requirements Supervisory Cooperation (Mar. 2014): JFSA and CFTC agreed on Memorandum of Cooperation (MOC) to enhance supervision of cross-border regulated entities Points to be concluded Remaining issues for substituted compliance determination (i.e. reporting requirement to TR, clearing obligations etc.) Derivatives Clearing Organization(DCO) registration: Japan Securities Clearing Corporation (JSCC) Early consultation framework to avoid conflict of regulations on trading mandate 20

22 Discussion with EC/ESMA The procedure for the recognition of Japanese CCPs to provide EU financial institutions with clearing services The European Commission adopted the equivalence decision for the regulatory framework of Japan for CCPs to the requirements of EU regulation on Oct. 30, JFSA and ESMA established a cooperation arrangement related to the supervision of CCPs on Feb. 18, ESMA recognized two CCPs in Japan (JSCC and TFX) as third-country CCPs on April. 29,

23 4. Challenges 22

24 Challenges for regulators in the implementation phase 1. Resolving cross-border issues - how to reconcile differences in the rules - how to prevent market fragmentation risks - how to prevent dominance by a small number of major financial institutions or markets 2. Assessing and addressing the effect of regulatory reforms - cumulative impact of various reform measures - unintended consequences - regulatory gaps or inconsistencies of incentives (e.g. clearing obligation vis-a-vis leverage ratio regulation) 23

25 Forthcoming International Agenda in the Derivatives Space 1. Addressing Systemic Risk of CCPs Resilience stress testing margin requirement skin-in-the-game Recovery Planning Resolvability Interdependencies 2. Standardization and Aggregation of TR Data Data Harmonization (UTI, UPI, LEI, etc.) Removal of Legal Barriers to Cross-border Reporting 24

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