Cuid 5 de The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 [Rialacháin 2013 (Díorthaigh Thar an gCuntar, Contrapháirtithe Lárnacha agus Stórtha Trádála) a bhaineann leis an Acht um Sheirbhísí Airgeadais agus Margaí 2000].
Part 5 of The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013.
I gcodarsnacht le ‘Margaí caipitil’, i ‘gCistiú Mórdhíola’, áirítear sna díorthaigh na conarthaí díorthach uile le contrapháirtithe airgeadais (gan a bheith teoranta do HFT).
In contrast to ‘Capital markets’, in ‘Wholesale Funding’, derivatives include all derivatives contracts with financial counterparties (not limited to HFT).
Tá People’s Bank of China freagrach as údarú agus maoirsiú CPLanna a sholáthraíonn imréiteach lárnach idirbheart díorthach thar an gcuntar ar mhargadh idirbhainc na Síne.
The People’s Bank of China is responsible for authorising and supervising CCPs providing central clearing of OTC derivatives transactions on the Chinese interbank markets.
Áirítear le margaí idirbhainc na ndíorthach thar an gcuntar díorthaigh ráta úis, díorthaigh ráta malairte, díorthaigh bannaí, díorthaigh chreidmheasa agus díorthaigh tráchtearraí.
The OTC derivatives interbank markets include interest rate derivatives, exchange rate derivatives, bond derivatives, credit derivatives and commodity derivatives.
Chun cobhsaíocht agus sláine na margaí airgeadais san Aontas a fheabhsú, ba cheart modheolaíocht a shonrú chun teorainneacha suímh maidir le díorthaigh tráchtearraí a ríomh ar bhealach comhchuibhithe.
In order to improve the stability and integrity of financial markets in the Union, a methodology should be specified for calculating position limits to commodity derivatives in a harmonised manner.
Níor cheart bacainní a chur ar fhorbairt díorthach nua tráchtearraí talmhaíochta de bharr teorainneacha suímh agus níor cheart cosc a chur ar chodanna beagleachtacha de mhargaí díorthach tráchtearraí talmhaíochta oibriú go leormhaith.
Position limits should not create barriers to the development of new agricultural commodity derivatives and should not prevent less liquid sections of the agricultural commodity derivative markets from working adequately.
Soláthróidh stór trádála rochtain don Údarás Eorpach um Urrúis agus Margaí (ESMA) ar na sonraí idirbhirt uile maidir le díorthaigh chun inniúlachtaí a fheidhmiú i gcomhréir lena fhreagrachtaí agus lena shainorduithe.
A trade repository shall provide the European Securities and Markets Authority (ESMA) with access to all transaction data on derivatives to exercise competences in accordance with its responsibilities and mandates.
Cé gurb ann do dhíorthaigh a bhaineann le pointí trádála fíorúla (“VTPanna”) eile, meastar go coitianta gurb é TTF san Ísiltír an seachfhreastalaí praghsála “caighdeánach” ar mhargaí gáis na hEorpa.
While derivatives relating to other virtual trading point (‘VTPs’) exist, the TTF in the Netherlands is commonly seen as the ‘standard’ pricing proxy on European gas markets.
An lá dár gcionn, níor cheart d’oibreoirí margaidh rialáilte glacadh le haon orduithe atá os cionn na teorann dinimiciúla tairisceana agus níor cheart do rannpháirtithe sa mhargadh díorthach TTF orduithe den sórt sin a thíolacadh.
The following day, market operators should not accept any orders above the dynamic bidding limit and TTF derivatives market participants should not submit such orders.
Ba cheart d’oibreoirí margaidh rialáilte agus do rannpháirtithe i margadh dhíorthaigh TTF faireachán a dhéanamh ar shuíomh gréasáin ACER ar cheart an praghas tagartha laethúil a fhoilsiú air.
Market operators and TTF derivatives market participants should monitor the website of ACER where the daily reference price should be published.
Ina theannta sin, d’fhéadfadh sé go mbeadh caillteanais shuntasacha airgeadais ann do rannpháirtithe sa mhargadh i margaí na ndíorthach mar thoradh ar idirghabhálacha praghsanna trí MCM.
Moreover, price interventions through the MCM can result in considerable financial losses for market participants in the derivatives markets.
I bhfianaise mhéid an mhargaidh gáis san Aontas, d’fhéadfadh caillteanais den sórt sin difear a dhéanamh ní hamháin do mhargaí na ndíorthach speisialaithe, ach d’fhéadfadh éifeachtaí iarmhartacha suntasacha a bheith acu ar mhargaí airgeadais eile. .
Given the size of the market for gas in the Union, such losses may not only affect the specialised derivatives markets, but may have significant knock-on effects on other financial markets.
Tá ról lárnach ag contrapháirtithe lárnacha (CPLanna) imréitigh maidir le feidhmiú ordúil margaí dhíorthaigh TTF a áirithiú trí riosca contrapháirtí a mhaolú.
CCPs play a key role in assuring the orderly functioning of markets for TTF derivatives by mitigating counterparty risk.
Thairis sin, tá ról lárnach ag CPLanna maidir le feidhmiú ordúil margaí dhíorthaigh TTF a áirithiú trí riosca contrapháirtí a mhaolú.
Moreover, CCPs play a key role in assuring the orderly functioning of markets for TTF derivatives by mitigating counterparty risk.
D’fhoilsigh an tÚdarás Eorpach um Urrúis agus Margaí (ESMA) a thuarascáil deiridh maidir le lamháltais astaíochtaí agus díorthaigh ghaolmhara an 28 Márta 2022.
The European Securities and Markets Authority (ESMA) published its final report on emission allowances and associated derivatives on 28 March 2022.
Leis an oibleagáid sin, dhéanfaí an tuairisciú a dhéanann ESMA a chuíchóiriú agus cheadófaí comparáidí tras-mhargaidh, go háirithe mar gheall ar naisc láidre idir CTA AE agus margaí díorthach tráchtearraí.
This obligation would lead to streamlining of the reporting done by ESMA and allow for cross-market comparisons, in particular due to strong linkages between the EU ETS and commodity derivative markets.
Acht Cónaidhme um Bonneagar Margaí Airgeadais agus Iompar Margaidh i dTrádáil Urrús agus Díorthach an 19 Meitheamh 2015
Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading of 19 June 2015
Ós rud é go gcinntear téarmaí an mhalartaithe ar thionscnamh na hionstraime díorthaí, d’fhéadfadh na téarmaí sin teacht chun bheith fabhrach nó neamhfhabhrach de réir mar a athraíonn praghsanna i margaí airgeadais.
Because the terms of the exchange are determined on inception of the derivative instrument, as prices in financial markets change those terms may become either favourable or unfavourable.
Déantar roinnt díobh a chaighdeánú ina bhfoirm agus a thrádáil ar mhargaí eagraithe mórán mar a dhéantar i gcás roinnt ionstraimí airgeadais díorthacha.
Some are standardised in form and traded on organised markets in much the same fashion as some derivative financial instruments.
Léirítear é sin freisin sna cineálacha ionstraimí airgeadais díorthacha le haghaidh mhargaidh táirgí amhola agus ola scagtha na timpeallachta ina n-oibríonn Eintiteas C, amhail:
This is also reflected in the types of derivative financial instruments for the crude oil and refined oil products markets of the environment in which Entity C operates, such as:
Acht Cónaidhme um Bonneagar Margaí Airgeadais agus Iompar Margaidh i dTrádáil Urrús agus Díorthach an 19 Meitheamh 2015
Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading of 19 June 2015
Ní féidir ach eintiteas atá údaraithe mar mhargadh rialáilte a cheapadh mar ardán ceantála ar eintiteas é a mbíonn margadh tánaisteach i lamháltais nó i ndíorthaigh lamháltas á eagrú ag a oibreoir.
Only an entity authorised as a regulated market whose operator organises a secondary market in allowances or allowances derivatives may be appointed as auction platform.
Ba cheart a shuí sa mheasúnú sin freisin a mhéid a bhí margaí nuaghinte do dhíorthaigh fuinnimh in ann forbairt san Aontas.
That assessment should also establish to what extent nascent markets for energy derivatives have been able to develop in the Union.
Forbraíodh an UPI mar uirlis aitheantais le haghaidh táirgí díorthach thar an gcuntar, agus é mar aidhm trédhearcacht agus comhiomlánú sonraí a mhéadú ar fud na margaí domhanda díorthach thar an gcuntar.
The UPI has been developed as an identification tool for OTC derivative products, with the intention to bring increased transparency and aggregation of data across the global OTC derivative markets.
Le Rialachán Tarmligthe (AE) 2022/2311, leathnaíodh go sealadach comhthiomsú na comhthaobhachta incháilithe atá ar fáil do chomhaltaí imréitigh neamhairgeadais atá gníomhach ar mhargaí rialaithe gáis agus leictreachais.
Delegated Regulation (EU) 2022/2311 has temporarily expanded the pool of eligible collateral available to non-financial clearing members active on gas and derivatives regulated markets.
Ba cheart faisnéis ón taobh istigh i ndáil le díorthach tráchtearra a shainmhíniú mar fhaisnéis a chomhlíonann an sainmhíniú ginearálta ar fhaisnéis ón taobh istigh i ndáil le margaí airgeadais agus a cheanglaítear a phoibliú i gcomhréir le forálacha dlíthiúla nó rialála ag leibhéal an Aontais nó ag an leibhéal náisiúnta araon, rialacha margaidh, conarthaí nó custam ar an díorthach tráchtearraí iomchuí nó spotmhargadh.
Inside information in relation to a derivative of a commodity should be defined as information which both meets the general definition of inside information in relation to financial markets and which is required to be made public in accordance with legal or regulatory provisions at the Union or national level, market rules, contracts or customs on the relevant commodity derivative or spot market.
Tá an margadh le haghaidh imréiteach lárnach díorthach thar an gcuntar fíor-chomhchruinnithe, go háirithe an margadh le haghaidh imréiteach díorthach ráta úis arna sloinneadh in euro, a ndéanann CPL amháin atá bunaithe sa Ríocht Aontaithe níos mó ná 90 % acu a imréiteach (“CPL na Ríochta Aontaithe”).
The market for central clearing of OTC derivatives is highly concentrated, in particular the market for central clearing of euro-denominated OTC interest rate derivatives, of which more than 90 % are cleared in one single CCP established in the United Kingdom (‘UK CCP’).
Leis an modheolaíocht chun na teorainneacha a ríomh, ba cheart údaráis inniúla a bheith in ann cothromaíocht a bhaint amach idir na cuspóirí maidir le teorainneacha a shocrú ag leibhéal atá íseal go leor chun cosc a chur ar dhaoine a shealbhaíonn suíomhanna sna díorthaigh tráchtearraí sin mí-úsáid a bhaint as an margadh nó saobhadh a dhéanamh ar an margadh agus na cuspóirí maidir le tacú le socruithe ordúla praghsála agus socraíochta, díorthaigh tráchtearraí nua a fhorbairt agus díorthaigh tráchtearraí a chumasú chun leanúint de thacú le feidhmiú gníomhaíochtaí tráchtála i margadh na dtráchtearraí foluiteacha.
The methodology for calculating the limits should allow competent authorities to balance the objectives of setting limits at a level sufficiently low to prevent persons holding positions in those commodity derivatives from abusing or distorting the market against the objectives of supporting orderly pricing and settlement arrangements, developing new commodity derivatives and enabling commodity derivatives to continue to support the functioning of commercial activities in the underlying commodity market.
Sa mhodheolaíocht mhalartach chun meastachán a dhéanamh ar ollmhéideanna JTD na risíochtaí dá dtagraítear in Airteagal 325w(7) de Rialachán (AE) Uimh. 575/2013, beidh an difríocht idir margadhluach ionstraime díorthaí dá dtagraítear sa mhír sin, óna n-eascraíonn an risíocht don institiúid tráth an mheastacháin ar ollmhéid JTD, agus margadhluach na hionstraime díorthaí sin, arna ríomh, agus ag glacadh leis freisin, go bhfuil an oibleagáideoir ar mainneachtain ag an am sin.
The alternative methodology to estimate the gross JTD amounts of the exposures referred to in Article 325w(7) of Regulation (EU) No 575/2013 shall consist in calculating the difference between the market value of a derivative instrument as referred to in that paragraph, from which the exposure arises for the institution at the time of the estimation of the gross JTD amount, and the market value of that derivative instrument, calculated under the assumption that the obligor is in default at that time.
I gcás ina léiríonn an fhaisnéis arna bailiú ag an Údarás Eorpach um Urrúis agus Margaí (ESMA) i gcomhréir le hAirteagal 16(3) go bhfuil gá le cur chun feidhme níos comhleanúnaí den sásra chun a áirithiú go ndéanfar an iomarca luaineachta praghsanna a bhainistiú ar bhealach níos éifeachtúla ar fud an Aontais, féadfaidh an Coimisiún gníomhartha cur chun feidhme a ghlacadh lena sonrófar na prionsabail aonfhoirmeacha maidir le cur chun feidhme an tsásra bainistithe luaineachta ionlae, agus sainiúlachtaí gach díorthaigh tráchtearraí a bhaineann le fuinneamh, próifíl leachtachta an mhargaidh do dhíorthach den sórt sin agus a phróifíl luaineachta á gcur san áireamh.
Where the information collected by the European Securities and Market Authority (ESMA) in accordance with Article 16(3) show that further consistency of implementation of the mechanism is needed to ensure more efficient management of excessive price volatility across the Union, the Commission may adopt implementing acts specifying the uniform principles for the implementation of the intra-day volatility management mechanism, taking into account the specificities of each energy-related commodity derivative, the liquidity profile of the market for such derivative and its volatility profile.
Bunaítear leis an Rialachán seo sásra ceartúcháin margaidh (“MCM”) sealadach le haghaidh orduithe a chuirtear chun díorthaigh TTF a thrádáil, agus díorthaigh atá nasctha le pointí trádála fíorúla (“VTPanna”) eile i gcomhréir le hAirteagal 9, chun babhtaí eile de phraghsanna gáis as cuimse ard san Aontas Eorpach a theorannú, ar babhtaí iad nach léiríonn praghsanna an mhargaidh dhomhanda.
This Regulation establishes a temporary market correction mechanism (‘MCM’) for orders placed for trading TTF derivatives and derivatives linked to other virtual trading points (‘VTPs’) in accordance with Article 9, to limit episodes of excessively high gas prices in the Union which do not reflect world market prices.
Le Rialachán (AE) 2022/2578 ón gComhairle lena mbunaítear sásra ceartúcháin margaidh chun saoránaigh an Aontais agus an geilleagar a chosaint ar phraghsanna arda as cuimse (“Rialachán MCM”), bunaítear sásra ceartúcháin margaidh (“MCM”) sealadach le haghaidh orduithe a dhéantar chun trádáil a dhéanamh i ndíorthaigh na Saoráide Aistrithe Teidil (TTF) agus i ndíorthaigh a bhaineann le pointí trádála fíorúla (“VTPanna”) eile a mbíonn aibíochtaí acu idir mí roimh ré agus bliain roimh ré.
Council Regulation (EU) 2022/2578 establishing a market correction mechanism to protect Union citizens and the economy against excessively high prices (the ‘MCM Regulation’) sets up a temporary market correction mechanism (‘MCM’) for orders placed for trading Title Transfer Facility (TTF) derivatives and derivatives linked to other virtual trading points (‘VTPs’) with maturities between month-ahead and year-ahead.
Ar an dara dul síos, dá mbeadh an sásra ceartúcháin margaidh le gníomhachtú do dhíorthaigh de chuid VTPanna áirithe agus do na díorthaigh sin amháin, d’fhéadfadh an trádáil aistriú go díorthaigh atá nasctha le VTPanna eile, rud a bhféadfadh saobhadh ar mhargaí fuinnimh nó airgeadais an Aontais a bheith mar thoradh air, mar shampla trí arbatráiste ag rannpháirtithe sa mhargadh idir díorthaigh cheartaithe agus díorthaigh neamhcheartaithe, chun aimhleasa tomhaltóirí.
Second, if the market correction mechanism was to be activated for some VTPs’ derivatives only, trading may shift to derivatives linked to other VTPs which could lead to distortions on Union energy or financial markets, for instance through arbitrage by market participants between corrected and non-corrected derivatives, to the detriment of consumers.
Más rud é go bhfuil rannpháirtí margaidh, nó tríú páirtí atá ag gníomhú thar a cheann, córas tuairiscithe trádála, margadh eagraithe, córas meaitseála trádála, nó duine eile a shocraíonn idirbhearta go gairmiúil tar éis a chuid oibleagáidí tuairiscithe a chomhlíonadh i ndáil le húdarás inniúil i gcomhréir le Treoir 2004/39/CE ó Pharlaimint na hEorpa agus ón gComhairle an 21 Aibreán 2004 maidir le margaí in ionstraimí airgeadais [8] nó i gcomhréir le reachtaíocht infheidhme de chuid an Aontais maidir le hidirbhearta díorthacha, contrapháirtithe lárnacha agus taisclanna trádála, ba cheart go measfaí go bhfuil a oibleagáid tuairiscithe comhlíonta freisin faoin Rialachán seo, ach sin go feadh an méid go bhfuil an fhaisnéis go léir is gá a thabhairt faoin Rialachán seo tuairiscithe, agus go feadh an méid sin amháin.
Where a market participant or a third party acting on its behalf, a trade reporting system, an organised market, a trade-matching system, or other person professionally arranging transactions has fulfilled its reporting obligations to a competent authority in accordance with Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments [8] or applicable Union legislation on derivative transactions, central counterparties and trade repositories, its reporting obligation should be considered fulfilled also under this Regulation, but only to the extent that all the information required under this Regulation has been reported.
(8) Is iomchuí sa chomhthéacs seo, agus saintréithe margaí na ndíorthach mar aon le feidhmiú na gcontrapháirtithe lárnacha á gcur san áireamh, coibhéis éifeachtach na gcóras eachtrach rialála a fhíorú i gcomhlíonadh spriocanna agus caighdeán an G20 chun an trédhearcacht i margaí na ndíorthach a fheabhsú, an riosca sistéamach a mhaolú agus cosaint a chur ar fáil ar dhrochúsáid margaidh.
(8) It is appropriate and necessary in this context, taking account of the characteristics of derivative markets and the functioning of CCPs, to verify the effective equivalence of foreign regulatory systems in meeting G20 goals and standards in order to improve transparency in derivatives markets, mitigate systemic risk and protect against market abuse.
Cinnfidh institiúid an bhfuil comhthaobhacht neamhleachtach nó nach bhfuil nó ar féidir díorthaigh thar an gcuntar a athsholáthar go héasca i gcomhthéacs na ndálaí struis sa mhargadh, rud a chiallaíonn go bhfuil easpa margaí atá gníomhach go leanúnach ann i gcás ina bhfaigheadh contrapháirtí, laistigh de dhá lá nó níos lú ná sin, praghsanna iolracha reatha nach ndéanfadh an margadh a bhogadh ná praghas a léiriú lena ndéanfaí lascaine margaidh (i gcás comhthaobhachta) nó préimh (i gcás díorthach thar an gcuntar) a léiriú.
An institution shall determine whether collateral is illiquid or whether OTC derivatives cannot be easily replaced in the context of stressed market conditions, characterised by the absence of continuously active markets where a counterparty would, within two days or fewer, obtain multiple price quotations that would not move the market or represent a price reflecting a market discount (in the case of collateral) or premium (in the case of an OTC derivative).
Ba cheart a shoiléiriú sa Rialachán seo freisin gur féidir dul i mbun cúblála margaidh nó iarracht a dhéanamh dul i mbun cúblála margaidh in ionstraim airgeadais trí ionstraimí airgeadais gaolmhara ar nós ionstraimí díorthacha a thrádáiltear in ionad eile trádála nó thar an gcuntar a úsáid.
This Regulation should also clarify that engaging in market manipulation or attempting to engage in market manipulation in a financial instrument may take the form of using related financial instruments such as derivative instruments that are traded on another trading venue or OTC.
Maidir le GCUInna agus CIManna a bhfuil sé mar chuspóir acu torthaí a thairiscint atá i gcomhréir le rátaí an mhargaidh airgid, nó luach na hinfheistíochta a chaomhnú, agus a fhéachann leis na cuspóirí sin a ghnóthú trí infheistiú i sócmhainní gearrthéarmacha amhail ionstraimí margaidh airgid nó taiscí, nó trí chomhaontuithe athcheannaigh droim ar ais nó conarthaí díorthacha áirithe a dhéanamh agus gurb é an t-aon chuspóir amháin atá acu rioscaí a bhaineann le hinfheistíochtaí eile de chuid an chiste a fhálú, ba cheart comhlíonadh na rialacha nua maidir le CMAnna a bheith sainordaitheach ina leith.
For UCITS and AIFs that have the objective of offering returns in line with money market rates, or of preserving the value of the investment, and that seek to achieve those objectives by investing in short-term assets such as money market instruments or deposits, or entering into reverse repurchase agreements or certain derivative contracts with the sole purpose of hedging risks inherent to other investments of the fund, compliance with the new rules on MMFs should be mandatory.
Chun aon bhearnaí nó forluí a sheachaint agus chun comhsheasmhacht idir Rialachán (AE) Uimh. 648/2012 agus an Rialachán seo a áirithiú, tá feidhm ag na ceanglais a leagtar amach sa Rialachán seo a mhéid a bhaineann le rochtain neamh-idirdhealaitheach idir CPlanna agus ionaid trádála maidir le díorthaigh a thrádáiltear ar mhargaí rialáilte nó ar mhargadh tríú tír a mheastar a bheith coibhéiseach le margadh rialáilte i gcomhréir le Treoir 2014/65/AE agus leis na hionstraimí airgeadais neamhdhíorthach uile.
In order to avoid any gaps or overlaps and to ensure consistency between Regulation (EU) No 648/2012 and this Regulation, the requirements set out in this Regulation on non-discriminatory access between CCPs and trading venues apply to derivatives traded on regulated markets or on a third-country market considered as equivalent to a regulated market in accordance with Directive 2014/65/EU and all non-derivative financial instruments.
go dtabharfaidh na bearta a liostaítear i mír 1 aghaidh ar bhaol dochair d’fheidhmiú ordúil agus do shláine na margaí airgeadais, lena n-áirítear na margaí díorthach tráchtearraí i gcomhréir leis na cuspóirí a liostaítear in Airteagal 57(1) de Threoir 2014/65/AE agus lena n-áirítear maidir le socruithe seachadta le haghaidh tráchtearraí fisiceacha, nó do chobhsaíocht chuid den chóras airgeadais nó an chórais airgeadais ina iomláine san Aontas;
the measures listed in paragraph 1 address a threat to the orderly functioning and integrity of financial markets, including commodity derivative markets in accordance with the objectives listed in Article 57(1) of Directive 2014/65/EU and including in relation to delivery arrangements for physical commodities, or to the stability of the whole or part of the financial system in the Union;
a thabharfaidh an beart aghaidh shuntasach ar an mbaol d’fheidhmiú ordúil agus do shláine na margaí airgeadais, lena n-áirítear na margaí díorthach tráchtearraí i gcomhréir leis na cuspóirí a liostaítear in Airteagal 57(1) de Threoir 2014/65/AE agus lena n-áirítear maidir leis na socruithe seachadta le haghaidh tráchtearraí fisiceacha, nó do chobhsaíocht chuid den chóras airgeadais nó an chórais airgeadais ina iomláine san Aontas, nó feabhas suntasach a dhéanamh ar chumas na n-údarás inniúil faireachán a dhéanamh ar an mbaol sin, mar a dhéanfar é a thomhas i gcomhréir leis na critéir agus na tosca dá bhforáiltear sna gníomhartha tarmligthe dá dtagraítear i mír 10(a) den Airteagal seo;
significantly addresses the threat to the orderly functioning and integrity of financial markets, including commodity derivative markets in accordance with the objectives listed in Article 57(1) of Directive 2014/65/EU and including in relation to delivery arrangements for physical commodities, or to the stability of the whole or part of the financial system in the Union or significantly improve the ability of competent authorities to monitor the threat as measured in accordance with the criteria and factors provided for in the delegated act referred to in paragraph 10(a) of this Article;
bagairt a bheith ann d’fheidhmiú ordúil agus do shláine na margaí airgeadais, lena n-áirítear na margaí díorthach tráchtearraí i gcomhréir leis na cuspóirí a liostaítear in Airteagal 57(1) de Threoir 2014/65/AE agus lena n-áirítear i ndáil leis na socruithe maidir le socruithe seachadta le haghaidh tráchtearraí fisiceacha nó le cobhsaíocht chóras airgeadais an Aontais dá dtagraítear i mír 2(a), nó cobhsaíocht cuid de, dá dtagraítear i mír 2(a) agus á chur i gcuntas a mhéid a úsáidfear na suímh chun suímh i dtráchtearraí fisiceacha nó i gconarthaí tráchtearraí a fhálú agus a mhéid a leagtar síos na praghsanna sna bunmhargaí faoi threoir phraghsanna díorthach tráchtearraí;
the existence of a threat to the orderly functioning and integrity of financial markets, including commodity derivative markets in accordance with the objectives listed in Article 57(1) of Directive 2014/65/EU and including in relation to delivery arrangements for physical commodities, or to the stability of the whole or part of the financial system in the Union as referred to in paragraph 2(a) taking account of the degree to which positions are used to hedge positions in physical commodities or commodity contracts and the degree to which prices in underlying markets are set by reference to the prices of commodity derivatives;
Is iomchuí sa chomhthéacs seo, agus saintréithe margaí na ndíorthach mar aon le feidhmiú na gcontrapháirtithe lárnacha á gcur san áireamh, coibhéis éifeachtach na gcóras eachtrach rialála a fhíorú i gcomhlíonadh spriocanna agus caighdeán an G20 chun an trédhearcacht i margaí na ndíorthach a fheabhsú, an riosca sistéamach a mhaolú agus cosaint a chur ar fáil ar dhrochúsáid margaidh.
It is appropriate and necessary in this context, taking account of the characteristics of derivative markets and the functioning of CCPs, to verify the effective equivalence of foreign regulatory systems in meeting G20 goals and standards in order to improve transparency in derivatives markets, mitigate systemic risk and protect against market abuse.
D'fhéadfaí an ceanglas sin, a thabharfaí isteach ar leibhéal 5 % i gcomhréir leis an rogha a d'fhág CBMB ag dlínse an fachtóir cistiúcháin chobhsaí cheangailtigh ar dhliteanais chomhlána díorthach a ísliú, a leasú ina dhiaidh sin, chun forbairtí ar leibhéal CBMB a chur san áireamh agus chun iarmhairtí neamhbheartaithe a d'fhéadfadh a bheith ann a sheachaint, amhail constaic a chur roimh dhea-fheidhmiú mhargaí airgeadais na hEorpa agus roimh sholáthar uirlisí fálaithe priacail d'institiúidí agus d'úsáideoirí deiridh, corparáidí san áireamh, chun a maoiniú a áirithiú mar chuspóir de chuid aontas na margaí caipitil.
That requirement, introduced at a level of 5 % in line with the discretion left to jurisdictions by the BCBS to reduce the required stable funding factor on gross derivative liabilities, could then be amended to take into account developments at the BCBS level and to avoid possible unintended consequences such as hindering the good functioning of the European financial markets and the provision of risk hedging tools to institutions and end-users, including corporates, to ensure their financing as an objective of the capital markets union.
Díolmhófar gnólacht infheistíochta ó na ceanglais a leagtar amach sa dara fomhír go dtí an cúigiú fomhír d’Airteagal 16(3) agus in Airteagal 24(2), i gcás ina mbaineann an tseirbhís infheistíochta a sholáthraíonn sé le bannaí nach bhfuil aon díorthach leabaithe eile acu seachas clásal déanta-iomlán nó i gcás ina gcuirtear na hionstraimí airgeadais ar an margadh nó ina ndáiltear iad go heisiach ar chontrapháirtithe incháilithe.”;
An investment firm shall be exempted from the requirements set out in the second to fifth subparagraphs of Article 16(3) and in Article 24(2), where the investment service it provides relates to bonds with no other embedded derivative than a make-whole clause or where the financial instruments are marketed or distributed exclusively to eligible counterparties.’;
Chun rannpháirtithe sa mhargadh a éascú ó thaobh chomhlíonadh na n-oibleagáidí sin de agus chun tacú le gníomhaíocht ag rannpháirtithe sa mhargadh ó thaobh feabhas a chur ar stóinseacht conarthaí díorthach thar an gcuntar lena ndéantar tagairt do thagarmharcanna a d’fhéadfadh a bheith faoi réir athchóirithe, ba cheart Rialachán (AE) Uimh. 648/2012 a leasú tuilleadh chun é a shoiléiriú nach mbeidh conarthaí leagáide faoi réir na gceanglas imréitigh agus corrlaigh má leasaítear na conarthaí sin chun na críche amháin go ndéanfaí an tagarmharc lena ndéantar tagairt dó a athsholáthar i gcomhthéacs an athchóirithe tagarmhairc.
In order to facilitate compliance by market participants with those obligations and to support action by market participants to enhance the robustness of OTC derivative contracts that reference benchmarks potentially subject to reforms, Regulation (EU) No 648/2012 should be further amended to clarify that legacy contracts will not be subject to clearing or margin requirements if those contracts are amended for the sole purpose of replacing the benchmark they reference against the background of a benchmark reform.
Mar thoradh air sin, chun críocha Rialachán (AE) Uimh. 648/2012, conarthaí díorthacha a fhorghníomhaítear ar mhargadh tríú tír a meastar a bheith coibhéiseach le margadh rialáilte, ba cheart iad a aicmiú mar ionstraimí airgeadais seachas díorthaigh thar an gcuntar.
In consequence, for the purposes of Regulation (EU) No 648/2012, derivative contracts executed on a third country market deemed equivalent to a regulated market should be classified as financial instruments other than OTC derivatives.
I gcás nach mbeidh margadhluach an díorthaigh creidmheasa ná a luach cóir ar fáil ar dháta áirithe, glacfaidh na hinstitiúidí an margadhluach nó an luach cóir is déanaí.
Where neither the market value, nor the fair value of the credit derivative are available on a given date, institutions shall take the most recent of the market value or the fair value.
Maidir le suíomhanna fada agus gearra rannpháirtithe sa mhargadh i ndíorthach tráchtearraí ar leith, ba cheart iad a ghlanluacháil in aghaidh a chéile chun méid iarbhír suímh a chinneadh, ar suíomh é a rialaíonn rannpháirtí sa mhargadh tráth ar bith.
Long and short positions of market participants in a given commodity derivative should be netted off against each other to determine the effective size of a position a market participant controls at any point in time.
Cuirfidh na húdaráis inniúla san áireamh an chaoi a mbíonn tionchar ag saintréithe mhargadh an tráchtearra fholuitigh ar fheidhmiú agus ar thrádáil an díorthaigh tráchtearraí agus ar mhéid na suíomhanna a shealbhaíonn rannpháirtithe sa mhargadh, lena n-áirítear ag féachaint dá éasca agus dá thapa atá sé do rannpháirtithe sa mhargadh rochtain a fháil ar an tráchtearra foluiteach.
Competent authorities shall take into account how the characteristics of the underlying commodity market impact on the functioning and trading of the commodity derivative and on the size of the positions held by market participants, including having regard to the ease and speed of access which market participants have to the underlying commodity.