Financial Markets

News & Analysis as of

FSB reports on shadow banking

FSB has published a suite of papers on shadow banking. The papers comprise: - a progress report on actions taken to implement FSB’s two-pronged strategy to address financial stability concerns associated with shadow...more

FSB publishes global securities financing standards and processes

FSB has published its report on standards and processes for global securities financing data collection and aggregation. FSB highlighted the importance of securities financing transactions in supporting price discovery and...more

Council adopts shadow banking reform

The Council has adopted the Regulation on transparency of securities financing transactions (SFTR) designed to improve the transparency of securities financing transactions (SFTs) in the shadow banking sector. SFTR is aimed...more

Commission makes CCP equivalence decisions

The Commission has adopted equivalence decisions for the regulatory regimes for CCPs in Canada, Switzerland, South Africa, Mexico and South Korea. CCPs from these jurisdictions wishing to obtain EU recognition can now apply...more

ESMA Publishes MiFID II Delay Analysis

As discussed in last week’s Corporate & Financial Weekly Digest, on November 18, the European Securities and Markets Authority (ESMA) published a note relating to delays in the “go-live date” of certain Markets in Financial...more

ESMA updates EMIR data reporting TS

ESMA has updated its TS on the data reporting requirements under the European Market Infrastructure Regulation (EMIR). Since it created the original standards ESMA has issued a set of Q&As on elements of the reporting...more

ESMA consults on CRA methodologies

ESMA has issued a discussion paper on the validation and review of Credit Rating Agencies’ (CRAs) methodologies. The consultation seeks stakeholder views on how CRAs should demonstrate rating methodologies’ “discriminatory...more

ESMA updates MiFID protocol

ESMA has updated its protocol on the operation of its database for publishing market transparency calculations under the MiFID Implementing Regulation....more

ESMA writes to Commission on MiFID 2 delays

ESMA has written to the Commission setting out areas of MiFID 2 that it thinks will in practice be challenging or impossible to have in place by the current “go-live” date. It has noted several requirements that will involve...more

BoE publishes RFR meeting minutes

BoE has published the minutes from the 13 October meeting of its working group on Sterling Risk-Free Reference Rates (RFRs). The group...more

Bridging the Week - November 2015 #4

Deputy US Attorney General and SEC Enforcement Head Warn Corporate Individual Wrongdoers to Beware - Deputy US Attorney General Sally Quillian Yates provided further insight into the Department of Justice’s new emphasis...more

SFO issues EURIBOR manipulation proceedings

SFO has issued the first criminal proceedings for market manipulation relating to EURIBOR. Six Deutsche Bank and four Barclays employees have been charged with conspiracy to defraud, and...more

Basel Committee reports on the trading book

The Basel Committee has published the results of its interim impact analysis of its fundamental review of the trading book. It assesses the capital impact of proposed revisions to the market framework previously consulted on....more

“Recidivist” Custody Rule Violators Settle SEC Charges

The SEC announced that an investment advisory firm, two owners, and a former chief compliance officer have agreed to settle charges that the firm again violated the custody rule after being reprimanded for violations only a...more

CFTC Report Indicates CFTC Botched Swap Dealer De Minimis Exemption

CFTC staff issued a preliminary report regarding the swap dealer de minimis exception. Under CFTC rules, market participants who exceed $8 billion in gross notional swap dealing activity over a twelve-month period are...more

Council releases CMU conclusions

The Council has released its conclusions on the Commission’s action plan for building a capital markets union (CMU) (see FReD 2 October). It stresses the importance of preserving momentum and calls for swift adoption of the...more

Council publishes first Securitisation Regulation compromise

The Council has published the first compromise proposal on the proposed Securitisation Regulation announced as part of the CMU action plan (see FReD 2 October)....more

The Evolving Landscape for Finance in Greater China

Hong Kong has long served as a financial center for Asia. Now, as demand for capital in mainland China increases, and Chinese restrictions are easing, the region is poised for greater cross-border activity in the financial...more

ESMA consults on indirect clearing

ESMA is consulting on amending regulatory technical standards (RTS) on indirect clearing arrangements for OTC derivatives under the European Market Infrastructure Regulation (EMIR) and on draft RTS for exchange-traded...more

ODRG reports on cross-border implementation

ESMA has published the OTC Derivatives Regulators Group (ODRG) report updating G20 on further progress in identifying and resolving OTC derivatives cross-border implementation issues....more

ESMA updates MAD Q&A

ESMA has updated its Q&A document on the EU Market Abuse Directive (MAD), (which will remain in force until the Market Abuse Regulation applies from July 2016). ...more

ESMA speaks on MiFID 2

Stephen Maijoor has spoken to EP’s Economic and Monetary Affairs Committee (ECON) on ESMA’s ongoing work on the revised Markets in Financial Instruments Directive (MiFID 2). He focused on three critical parts of the RTS it...more

BoE responds to SONIA reform consultation

BoE has published the revised arrangements for its new sterling money market data collection. This reflects feedback received on BoE’s consultation (see FReD 7 August). Respondents expressed broad support for BoE’s plans to...more

Home Office publishes draft Investigatory Powers Bill

The Home Office has published a draft of the Investigatory Powers Bill, including provisions giving FCA powers to acquire communications data. Communications data is described as being the context but not the content of a...more

Blog: ILS Provisions Added To The Bank Of England & Financial Services Bill, As It Makes Its Way Through The House Of Lords

The UK government has proposed amendments to the Bank of England and Financial Services Bill (the Bill), which if enacted, would pave the way for Insurance Linked Securities (ILS) and collateralised reinsurance business...more

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