【监管/Regulations】
√世界交易所联合会称2021年上半年期货、期权交易量创下纪录
√国际证监会组织对信用敏感利率发出最新警告
√监管机构建议对新利率的监管进行调整
世界交易所联合会称2021年上半年期货、期权交易量创下纪录
世界交易所联合会（WFE）发布数据显示，因为对期权的需求全面增加，2021年上半年的期货和期权交易达到了创纪录的水平。上半年，全球交易所的上市衍生品交易增长了36%，达到292亿份合约，创下今年前六个月的历史记录。期权交易比去年同期增加了56%，期货交易增加了20%。美洲的交易量增长了29%，亚太地区增长了58%，欧洲、中东和非洲的交易量基本持平。全球商品期权和期货分别增长了27%和19%，这主要是因为亚洲的期权交易量激增了140%，期货交易量增长了43%。
国际证监会组织对信用敏感利率发出最新警告
国际证监会组织（IOSCO）就基准管理人从Libor转向无风险利率的信用敏感替代品发布最新警告。IOSCO发布的关于信用敏感利率的声明称，基准管理人将需要证明持续遵守IOSCO关于金融基准的原则。特别是信用敏感利率供应商将需要注意基础市场的规模和数据充分性。IOSCO的声明指出，信用敏感利率所依据的低/适度的交易量与参照这些利率的市场中越来越高的交易量之间的不相称问题（所谓的倒金字塔问题）引起了对市场完整性、行为风险和金融稳定风险的关注。
监管机构建议对新利率的监管进行调整
全球中央对手方协会（CCP12）、欧洲清算所协会（EACH）对国际掉期和衍生品协会（ISDA）关于计划将衍生品交易义务（DTO）扩大到替代基准和无风险利率的咨询文件做出了回应。在广泛支持咨询文件的同时，两个监管机构都呼吁对合约的实施日期进行国际协调。具体来说，建议ESMA增加日本的无风险利率掉期来取代日元Libor，因为该市场的流动性很高；鉴于美国要求Libor转换为担保隔夜融资利率（SOFR）的期限较长（到2023年），因此在适用美国利率时要谨慎。
Futures, options trading hits record in first half 2021
The World Federation of Exchanges (WFE) has said that futures and options trading hit record levels in the first half of 2021, driven by increased demand for options across the board. Listed derivatives trading on global exchanges rose 36% to 29.2 billion contracts in the first half of this year, an all-time record for the first six months of the year. Options trading was 56% higher than the same period last year while futures trading increased by a fifth. Trading in the Americas rose 29% while Asia Pacific rose 58% and volumes for Europe, Middle East and Africa (EMEA) were flat. Global commodities options and futures were up 27% and 19% respectively, due to a 140% spike in Asian options and a 43% rise in Asian futures.
IOSCO latest to warn about credit sensitive rates
IOSCO has become the latest regulator to warn administrators about credit sensitive alternatives to the risk-free rates backed by global regulators in the shift from Libor. IOSCO issued a statement on credit sensitive rates saying that benchmark administrators will need to demonstrate ongoing compliance with its principles on financial benchmarks. In particular, the regulatory trade body said credit sensitive rates providers will need to be aware of the size and data sufficiency relative to the underlying market. “The disproportionality between the low/modest volume of transactions underlying credit sensitive rates and the increasingly higher volumes of activity in markets referencing them – the so-called inverted pyramid problem – raises concerns about the market integrity, conduct risks and financial stability risks,” the IOSCO statement said.
Trade bodies suggest tweaks to regulation of new rates
The Global Association of Central Counterparties (CCP12), the European Association of Clearing Houses (EACH) filed responses to consultation papers of the International Swaps and Derivatives Association (ISDA) on the planned expansion of the derivatives trading obligation (DTO) to alternative benchmarks and risk-free rates. While broadly supportive, both clearing bodies called for international coordination on the implementation dates for contracts. Specifically, CCP12 recommended that ESMA add Japanese RFR swaps to replace JPY Libor given the liquidity seen in that market. The trade body also called for caution in the application of US rates given the longer timeline of 2023 for the mandatory switch to the SOFR in the US.
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