监管Regulations

√美国将不降低原油保证金

√欧盟认可新加坡金融基准

√美国为Libor向SOFR过渡设定阶段目标

美国将不降低原油保证金

美国商品期货交易委员会(CFTC)在WTI原油5月合约创下历史新低后,排除了下调初始保证金的要求,以应对流动性担忧。CFTC预计也不会大幅提高初始保证金,因为此次交易低点仅适用于单月合约,没有看到6月合约和7月合约的波动水平。CFTC主席Tarbert认为,该合约的历史低点反映了市场的波动性,是仓储、供应、产能和需求大幅下降带来的错位。此外,Tarbert表示,CFTC此前已经准备了一段时间,以确保交易系统能够处理负的原油期货价格,由于现货现金价格已经接近于零,并在数周内出现负值,因此5月合约低点在预期之中。

欧盟认可新加坡金融基准

欧盟称,在与新加坡金融管理局(MAS)达成谅解备忘录(MoU)后,欧盟企业可以继续使用新加坡银行间同业拆借利率(Sibor)和新元掉期报价利率(Sor)。对此,欧洲证券和市场管理局(ESMA)表示,该谅解备忘录使得欧盟企业可以使用新加坡金融基准,这也是欧盟第三国基准制度完成的重要一步。根据该谅解备忘录,ESMA和MAS将在新加坡监管的金融基准下共享信息和监管行为。此前,欧盟委员会通过了等效决定,承认新加坡的金融基准监管框架与欧盟的制度等同。MAS称,这一等同决定肯定了新加坡金融基准监管框架的稳健性。

美国为Libor向SOFR过渡设定阶段目标

美国另类参考利率委员会(ARRC)近日列出了年内将实现的阶段目标,以便能够顺利过渡到担保隔夜融资利率(SOFR),即ARRC的美元Libor的替代方案。ARRC承诺,通过建立征求建议书(request for proposal,RFP)程序,来为ARRC建议的前瞻性SOFR选择管理人,以支持SOFR的使用和流动性。如果SOFR衍生品市场的流动性得到充分发展,SOFR汇率将于2021年上半年公布。ARRC还计划建立并鼓励使用稳健的合约回撤机制,这也将涉及到征求建议书(RFP)程序,以选择一个管理人公布ARRC建议的点差调整和点差调整后的利率。ARRC主席Tom Wipf称,2021年年底仍然是抛弃Libor的最后期限,新的阶段目标和下一步即将出台的最佳做法指南是确保向SOFR过渡的关键一步。

US rules out lowering crude oil margins

The Commodity Futures Trading Commission (CFTC) has ruled out lowering initial margin requirements in response to liquidity concerns after the West Texas Intermediate (WTI) May-front-month contract expired at a historic low. The US derivatives regulator does not expect a significant increase in initial margins because the low only applied to a single contract in a single month, didn't seeing the level of volatility in the June contract and the July contract. The CFTC chairman Tarbert thought the contract’s historic low reflected market volatility,which is a tremendous amount of dislocation with respect to storage, supply, capacity and dramatically decreased demand. In addition, Tarbert said the CFTC has been preparing for some time to make sure that trading systems can handle negative crude oil futures prices, and the contract lows were expected as spot physical cash prices had been approaching zero and going negative for some weeks.

EU approves Singapore's financial benchmarks

EU firms can continue to use the Singapore interbank offered rate (Sibor) and the Singapore dollar swap offer rate (Sor) after the Memorandum of Understanding (MoU) reached with the Monetary Authority of Singapore (MAS). The Memorandum of Understanding (MoU) completes the process that enables EU-based firms to use Singapore’s financial benchmarks, the European Securities and Markets Authority (ESMA) said,and the finalization of the MoU with MAS is an important step towards the completion of the EU’s third country regime for benchmarks. Under the MoU, ESMA and MAS will share information and supervisory activities on Singapore-regulated financial benchmarks.The signing comes after the European Commission passed an equivalence decision that recognises Singapore’s regulatory framework on financial benchmarks as equivalent to the EU’s regime. MAS said the equivalence decision affirms the robustness of Singapore’s regulatory framework on financial benchmarks.

US sets milestones for Libor-SOFR transition

The Alternative Reference Rates Committee (ARRC) in the US has detailed various goals and milestones for the remainder of this year to enable a smooth migration to the Secured Overnight Financing Rate (SOFR), ARRC’s alternative to US dollar Libor. The ARRC pledge to support the use and liquidity of SOFR by establishing a request for proposal (RFP) process to select an administrator of an ARRC-recommended forward-looking term SOFR rate. The rate would be published in the first half of 2021 if liquidity in SOFR derivatives markets has developed sufficiently. ARRC also plans to create and encourage the use of robust contractual fallbacks. This would involve an RFP process to select an administrator to publish the ARRC’s recommended spread adjustments and spread-adjusted rates. ARRC chair Tom Wipf said: “The end of 2021 remains the deadline for ditching Libor, and the new milestones and the upcoming best practices are a critical step to ensure that a transition to SOFR is streamlined and seamless.”