بازار خرید و فروش انواع پارچه | پارچه سرا قیمت، خرید، فروش انواع پارچه
Swap dealers and major swap participants shall have an agreed daily valuation methodology: (i) for the purpose of determining capital and margin requirements for uncleared swaps entered into by swap dealers and large swap participants (in accordance with Section 4(e) of the ACE) and (ii) as part of the internal risk management systems of swap dealers and major swap participants. swaps (in accordance with section 4(j) of the ACE). Since neither the CFTC nor the Securities and Exchange Commission has so far adopted definitive rules regarding margin requirements for uncleared swaps, the valuation methodology contained in the March 2013 Protocol (referred to as risk assessment) is intended solely to ensure that swap dealers and key swap participants comply with the risk management requirements set out in Section 4s(j) – and is not binding on the parties for other purposes (including for the following purposes: setting margins in the context of existing exchange documents). Accordingly, Section 3.10 of the March 2013 Protocol provides that the Parties recognize that the adoption of margin agreements under Section 4s (e) may require additional agreement between the Parties for the purposes of such arrangements and for the purposes of Section 4s (j). The International Swaps and Derivatives Association (“ISDA”) published the August 2012 Dodd-Frank Protocol (the “August Protocol”) in the fall of 2012, followed by the March 2013 Dodd-Frank Protocol (the “March Protocol” and, together with the August Protocol, the “DF Protocol”). The introduction of DF protocols has led many Canadian participants in the swap market to wonder what the protocols are, how they work, what impact they have on them and whether they should (or should) adhere to DF protocols. This bulletin presents these issues while specifying the upcoming deadline for compliance with certain external rules of conduct of business on May 1, 2013. [2] Rule 23.504(b)(4)(i) of the TCRC (requires that documentation between DSS and other DSDs/MSPs, financial institutions and other parties requesting such documentation include an agreement on the process for determining the value of each swap “at any time” during the term of the swap in order to meet relevant margin and risk management requirements). Market participants comply with the DF protocols by following the instructions posted on the ISDA website, including filing a letter of adhesion, proof that the agreement is bound by a specific DF protocol, and paying a $500 fee. Any party that files a letter of membership and pays the associated fees is a member party. A list of adherent parties is published on the ISDA website for each of the DF protocols.
Each subscribing party (also known as the protocol participants) must also complete a questionnaire that allows it to provide information about itself and to conduct certain elections. The delivery of a completed questionnaire to another member party makes it possible to add additional conditions that are in force for this member party. To meet these bilateral delivery requirements, ISDA has partnered with Markit Group Limited to create “ISDA Amend”, an automated information collection process that allows data and documents to be submitted for sharing with counterparties for which authorization has been granted. This system of bilateral delivery requirements differs from previous ISDA protocols. The March 2013 Protocol gives end-users who have the right to choose the end-user exception the possibility (questionnaire, question 4(a)) to notify their counterparty of a single notification that it chooses the end-user exception for all exchanges. If an end-user qualified to choose the end-user exception has not yet taken the appropriate commercial measures to select the end-user exemption by 1 July (including measures taken by the Management Board, if necessary), the end-user may comply with the March 2013 minutes by 1 July and answer question 4(a) in the negative or not answer question 4, point (a). After taking all necessary commercial steps to select the end-user exception, it may amend its questionnaire to answer question 4 (a) in the affirmative if it so wishes. In addition, an end-user who qualifies to choose the end-user exception but is not yet ready to answer question 4(b) or 4(c) concerning the end-user exception may choose not to answer those questions at the time of its first compliance, but may do so before 9 September in a modified version of its questionnaire. 2013 (date of the first mandatory compensation for non-financial end-users).
If an end user chooses the end-user exception, they must notify their counterparty before entering the swap. As discussed above, question 4(a) of the questionnaire gives the end-user the opportunity to constantly inform that he or she is choosing to enter erasable mandatory swaps on an unclear basis by choosing the end-user exception. An end-user may also make such a permanent announcement outside the March 2013 Protocol or outside the March 2013 Protocol on a trade-related basis. End-users should carefully review the March 2013 protocol and ensure that they understand it. In particular, if they do not have ISDA framework agreements (or equivalent documentation) to settle future trade, they should choose to enter into the ISDA 2013 DF Framework Agreement or to enter into an ISDA Framework Agreement (or equivalent documentation) with any relevant CFTC swap entity. .
