Financial Markets

News & Analysis as of

Changes to US Treasury Market Structure and Request for Comments

The dramatically changing market for US Treasury securities raises questions and concerns for the public and regulators alike. For example, as with the equities markets, high-frequency trading has entered the US Treasury...more

The SEC Adopts Cross-Border Security-Based Swap Rules

On February 10, the Securities and Exchange Commission (the “SEC”) adopted rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act to regulate both U.S. and foreign dealers who engage in security-based swap...more

Formal Proposal to Delay Implementation of MiFID II Package to 2018

The European Commission has proposed to delay the application of the Markets in Financial Instruments Directive and Markets in Financial Instruments Regulation by one year. The proposed extension is due to concerns about the...more

Your daily dose of financial news The Brief – 2.12.16

A year after announcing that it would pay roughly $2.6 billion to settle with state and federal regulators over faulty MBS, Morgan Stanley’s taking an additional $600 million hit, putting the figure at $3.2 billion—no chump...more

U.S. Commodity Futures Trading Commission and European Commission Announce Common Approach for Transatlantic CCPs

On February 10, the U.S. Commodity Futures Trading Commission (the “CFTC”) and the European Commission announced a common approach relating to requirements for transatlantic central clearing parties (CCPs). The CFTC and the...more

Your daily dose of financial news The Brief – 2.11.16

Day 1 of Dr. Yellen’s trip to the Hill is done, and the official tone is “cautious,” with Yellen predicting continued economic growth and eventual additional rate hikes but expressing concerns about international threats to...more

Governments Change Their Minds, Too

In a span of two years, India has done a 180-degree turn on virtual currencies. In December 2013, the Reserve Bank of India issued a press release “caution[ing] users of Virtual Currencies against Risks.” The release...more

DOL’s Fiduciary Regulation – One Step Closer to Final

The Department of Labor’s (DOL) controversial fiduciary regulation, which will subject a multitude of new financial market participants to strict fiduciary requirements under the Employee Retirement Income Security Act of...more

Rating Agency Developments

On February 2, DBRS released its critical obligations rating criteria. On February 1, KBRA released its general rating methodology as it pertains to corporate issuers....more

Eleven Banks Reach Settlement with Commonwealth of Virginia on RMBS Claims

On Friday, January 22, 2016, eleven banks, including Merrill Lynch, RBS, and Barclays, agreed to settle claims brought by the Commonwealth of Virginia in a 2014 action alleging misrepresentations as to the nature, quality,...more

Ambac and J.P. Morgan Reach $995M RMBS Settlement

On Monday, January 25, 2016, monoline insurer Ambac Assurance Corporation (“Ambac”) reached a $995 million settlement with J.P. Morgan, resolving two RMBS actions pending before Justice Ramos in the Supreme Court of the State...more

ESMA and South African and Mexican Authorities to Cooperate Under EMIR on CCPs

On 26 January 2016, ESMA announced that had entered into a memorandum of understanding (MoU) with each of the Mexican Comisión Nacional Bancaria y de Valores (CNBV) and the South African Financial Services Board (FSB) under...more

European Supervisory Authorities Request Response from European Commissioner to Inconsistencies in Cross-Selling Legislation

On 26 January 2016, the Chairpersons of the European Supervisory Authorities (ESAs) (i.e. EBA, EIOPA and ESMA) sent a letter to the European Commissioner for the Directorate General Financial Stability, Financial Services and...more

ESMA Opinion Highlights Differences with the European Commission on the Main Indices and Recognized Exchanges Under CRR

On 19 December 2014, the European Securities and Markets Authority (ESMA) submitted to the European Commission draft implementing technical standards (ITS), pursuant to the Capital Requirements Regulation 575/2013, specifying...more

Your daily dose of financial news The Brief – 2.1.16

Despite an annual growth figure (2.4%) that matched 2014, 2015’s anemic Q4 economic figures (a mere .7% growth) is adding yet more fuel to the fire of those concerned about the ability of the US economy to withstand global...more

Changes to the Rules and Regulations of the Luxembourg Stock Exchange

The Luxembourg Stock Exchange (the LuxSE) has implemented changes to its Rules and Regulations (the Rules) to adapt them to new practices and requirements of the market and its operators, as well as to bring the Rules into...more

A Two-Tier Market Emerges in European Leveraged Loans

We have already commented on the strong growth of the covenant-lite market in Europe for leveraged loans. The combination of a supply/demand imbalance in European leveraged loans — too little supply and much investor demand —...more

Basel Committee Issues Revised Framework for Market Risk Capital Requirements

The Basel Committee on Banking Supervision (BCBS) has issued revised standards for minimum capital requirements for market risk. The purpose of the revised market risk framework is to ensure that the standardised and internal...more

Your daily dose of financial news The Brief – 1.19.16

We’ve got a name for the fun that bigwigs in Davos will be discussing at this year’s World Economic Forum: the “crisis economy,” where all of the challenges facing world leaders seems inextricably linked to market performance...more

SEC Announces 2016 Exam Priorities

The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) announced the agency’s priorities for this year on January 11. Commission staff will focus on three broad areas: Retail Investors, Market-Wide Risks, and...more

ESMA consults on MiFIR guidelines

ESMA has issued a consultation on guidelines on transaction reporting, reference data, order record keeping and clock synchronisation under the Markets in Financial Instruments Regulation (MiFIR)....more

SFT Regulation Comes into Force on January 12, 2016

On January 12, the Regulation on Reporting and Transparency of Securities Financing Transactions will come into force (“the SFT Regulation”). Securities financing transactions (“SFTs”) allow market participants to access...more

FINRA Releases 2016 Regulatory and Examination Priorities Letter

On January 5, FINRA released a letter regarding its regulatory and examination priorities for 2016. The letter focuses on the following three broad issues within the securities industry: (i) culture, conflicts of interest and...more

ESMA Publishes Peer Review Report on Compliance with SSR Regarding Market Making Activities

On January 5, the European Securities and Markets Authority (“ESMA”) published a peer review report aimed at assessing how national competent authorities (“NCAs”) apply the exemption for market making activities foreseen in...more

Commission publishes EU MAR exemptions

The Commission has published a Delegated Regulation to supplement EU MAR, covering: - the extension of the exemption from the obligations and prohibitions set out in EU MAR to certain public bodies and central banks of...more

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