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G20 reforms, hedging and covered bonds
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Journal Article
G20 reforms, hedging and covered bonds
2012
Overview
This article considers the G20 reforms requiring clearing of standardized over-the-counter (OTC) derivatives and the effect of the reforms on covered bonds. Covered bonds routinely use OTC derivatives for hedging purposes. It refers to the text of the proposed European Union Regulation on OTC derivative transactions, central counterparties and trade repositories as an example of detailed legislation. The only other jurisdiction as advanced in its implementation of the reforms is the USA. Any hedging directly by European banks using a standardized derivative will be caught by the requirement to clear. Hedging by European banks using a non-standardized derivative will instead be caught by the requirement to exchange collateral. Covered bonds issued by a non-bank special purpose vehicle may be exempt, within certain parameters.
Publisher
Oxford Publishing Limited (England)
