NO 239 – JANUARY 2013
2012 WFE market highlights

WFE Focus January 2013

European Commission adopts technical standards for regulation on OTC derivatives, CCP and trade repositories

The European Commission has adopted nine regulatory and technical standards to complement the obligations defined under the regulation on OTC derivatives, CCPs and trade repositories, the European Markets Infrastructure Regulation (EMIR). They were developed by the European Supervisory Authorities and have been endorsed by the European Commission without modification. The adoption of these technical standards finalizes requirements for the mandatory clearing and reporting of transactions, in line with the EU’s G20 commitment.

Hong Kong Exchanges publishes proposals on board diversity

The Stock Exchange of Hong Kong published its consultation conclusions on Board Diversity. The new measures are intended to promote board diversity at the listed issuers. The Exchange proposes to amend the Corporate Governance Code in its listing rules. The proposed amendments include a Code Provision stipulating that the issuer should have a policy concerning diversity in the board, and should disclose the policy or a summary of the policy in its corporate governance report along with any measurable objectives for implementing the policy, and progress on achieving those objectives.

Singapore Exchange implements new global regulatory, risk management and capital standards

In January 2013, the Singapore Exchange implemented the latest international regulatory and risk management standards set by IOSCO and the Committee on Payment and Settlement Systems (CPSS). This has been achieved after an extensive review and sharpening of SGX’s risk management and operational processes, and the addition of new rules and procedures to enhance the safety and efficiency of its subsidiaries. The CPSS and IOSCO standards, contained in the Principles for Financial Market Infrastructures, establish the global regulatory standards for clearing, payment and settlement.