Traduction de «rehypothecation » (Anglais → Français) :

the principal amount, currency, type, quality and value of collateral, the method used to provide collateral, where it is available for rehypothecation, if it has been rehypothecated, any substitution of the collateral, the repurchase rate or lending fee, counterparty, haircut, value date, maturity date and first callable date.

This will help to determine the assets that are available for rehypothecation or have been rehypothecated, and will facilitate automatic procedures to compile such information.

the principal amount, currency, type, quality and value of the individual assets being used as collateral, the method used to provide collateral, where it is available for rehypothecation reuse, if it has been rehypothecated reused, any substitution of the collateral, the repurchase rate or lending fee, counterparty, haircut, value date, maturity date and first callable date, and market segment.

28. Takes note of the importance of the repo and securities lending market; invites the Commission to adopt measures, by the beginning of 2013, to increase transparency, particularly for clients, which could include a collateral identifier and collateral re-use to be reported to regulators on an aggregated basis, as well as allowing regulators to impose recommended minimum haircuts or margin levels for the collateralised financing markets, but without standardising them; acknowledges in this context the importance of clearly determining the ownership of securities and ensuring its protection; nevertheless invites the Commission to engage in a comprehensive debate on margins in addition to the sectoral approaches that have already been em ...[+++]barked on, as well as studying and considering the imposition of limits of rehypothecation of collateral; Stresses the need to review bankruptcy law in relation to both the repo and security lending market and securitisations, with the aim of harmonisation and of addressing issues of seniority relevant to the resolution of regulated financial institutions; calls on the Commission to consider various approaches to restricting bankruptcy privileges, including proposals to limit bankruptcy privileges to centrally cleared transactions or to collateral meeting harmonised and predefined eligibility criteria;

28. Takes note of the importance of the repo and securities lending market; invites the Commission to adopt measures, by the beginning of 2013, to increase transparency, particularly for clients, which could include a collateral identifier and collateral re-use to be reported to regulators on an aggregated basis, as well as allowing regulators to impose recommended minimum haircuts or margin levels for the collateralised financing markets, but without standardising them; acknowledges in this context the importance of clearly determining the ownership of securities and ensuring its protection; nevertheless invites the Commission to engage in a comprehensive debate on margins in addition to the sectoral approaches that have already been em ...[+++]barked on, as well as studying and considering the imposition of limits of rehypothecation of collateral; Stresses the need to review bankruptcy law in relation to both the repo and security lending market and securitisations, with the aim of harmonisation and of addressing issues of seniority relevant to the resolution of regulated financial institutions; calls on the Commission to consider various approaches to restricting bankruptcy privileges, including proposals to limit bankruptcy privileges to centrally cleared transactions or to collateral meeting harmonised and predefined eligibility criteria;

Issues being addressed include: the procyclical nature of margin requirements used in securities financing transactions; and the risks related to the rehypothecation and re-use of clients’ assets. The FSB will present a report on these issues at the end of this year.