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08 October 2015

Friends 'Weekly' Newsletter


BCBS, securitisation, CMU, FX benchmark, CCPs, BIS, FSB, AFME, Solvency II, EIOPA, EU reform and more.

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  Articles from 01 October 2015 - 08 October 2015

  Banking
 
 
Report on the regulatory consistency of risk-weighted assets for counterparty credit risk issued by the Basel Committee
The BCBS has published a report on the regulatory consistency of risk-weighted assets (RWAs) for counterparty credit risk. This study is a part of its wider Regulatory Consistency Assessment Programme (RCAP), which is intended to ensure consistent implementation of the Basel III framework.
 
  Securities
 
 
PCS: Commission’s securitisation proposal is out
There is much to commend the Commission’s approach, some items to keep an eye on and some issues which were serious enough to have the potential to derail the chances of market recovery altogether.
AFME welcomes the Commission’s action plan for securitisation
The development of a simple, transparent and standardised securitisation market is a key building block of the European Commission’s Capital Markets Union. AFME is a committed supporter of the CMU project and STS within it.
FSB releases progress report on FX benchmark reforms
The report draws on assessments of market participants’ progress which were undertaken by the main foreign exchange committees as well as by central banks in other large FX centres.
BIS: The impact of CCPs' margin policies on repo markets
This paper quantifies the impact on the cost of funding in repo markets of the initial margins applied by central clearing counterparties.
 
  Insurance
 
 
European Commission: Solvency II (including “Omnibus II”)
As part of the Capital Markets Union Initiative, the European Commission adopted a number of amendments to the Solvency II Delegated Act, concerning infrastructure investments, European Long-Term Investment Funds, the equity transitional measure, and Multilateral Trading Platforms.
 
  Asset Management
 
 
PensionsEurope response to EIOPA consultation on the creation of a standardised Pan-European Personal Pension product
PensionsEurope comments that the organisation of the pension system is a matter of national competence, thus falling under the subsidiarity principle.
 
  Friends Services
 
 
Deepening EMU – Round-up of Key Events – September 2015
The presentation of the Action Plan for building a Capital Markets Union and the State of the Union debate were the main events in the European Parliament. The ECB's efforts as the single supervisor clash with national laws: Draghi called for a common approach in the EU to writing off bank debt.
What is CMU?
What is CMU and what is it intended to achieve?
It’s time for a 29th regime
The 28 member states should set up a new EU-wide regime operating in parallel with national ones as a way of removing obstacles to CMU.
 
  Political
 
 
POLITICO/Hammond: Britain’s four-point package for EU reform
UK's government wants a renegotiation of market regulation, ‘ever-closer union,’ subsidiarity and welfare, writes Foreign Secretary Philip Hammond. The referendum will be "by the end of 2017, and earlier if [they] can."
European Council: Remarks by J. Dijsselbloem following the Eurogroup meeting
Eurogroup's President Dijsselbloem talked about Greece, services reforms, Draft Budgetary Plans and fiscal policy in a low interest rate environment.
 
  Financial
 
 
City A.M./Baldwin: Why the Capital Markets Union will propel business and investment across all of Europe
CMU will help UK institutions extend their offerings, and sell their products to people across the single market – as well as allowing them to provide a wider range of cost-effective funding to SMEs across Europe, according to the Economic Secretary to the Treasury and City Minister Baldwin.
Bruegel: Europe’s Capital Markets Union and the new single market challenge
The diagnosis that EU capital markets are underdeveloped, and that less dominance of banks in the system would be good both for growth and for stability, is important and well-taken in the CMU Action Plan.
 

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