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12 March 2015

Friends 'Weekly' Newsletter


CCPs stress testing, ESMA, responses to consultation on MiFID II/MIFIR, ECOFIN, EU capital markets, ELTIFs, Piketty, ECB and more.

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  Articles from 05 March 2015 - 12 March 2015

  Banking
 
 
European Parliament: MEPs put an end to opaque card payment fees
The fees that banks charge retailers to process shoppers’ payments will be capped, under uniform EU-wide rules, further to a vote in Parliament on March 10.
 
  Securities
 
 
CPMI-IOSCO begin review of stress testing by CCPs
CPMI and IOSCO believe that a review of CCP stress testing is timely in order to identify how the relevant PFMI standards are being implemented and whether additional guidance in this area is needed.
ESMA published responses received to consultation on MiFID II/MiFIR
Responses from ISLA, AFG, SIFMA, EBF, EACT, EVCA and FESE.
Banking Technology: ESMA trade reporting standards could decide future of markets
ESMA is consulting financial institutions on which messaging protocol and data formats would be best for trade reporting under MiFIR. As the timeframe for reporting comes ever closer to real-time, the consequences could be serious.
 
  Political
 
 
ECOFIN agrees negotiating stance on European fund for strategic investments
This will allow the presidency, on behalf of the Council, to start negotiations with the European Parliament as soon as the EP has agreed its own negotiating stance. The aim is for an overall agreement to be reached by June, to enable new investments to begin as early as mid-2015.
 
  Financial
 
 
Reuters: EU capital markets plan falls short on investor protection - FCA
The European Union's plans to boost market-based financing for its flagging economy risks harming consumers unless there is more emphasis on investor protection, the FCA said.
European Parliament: MEPs vote to channel funds towards long term European investment
ELTIFs are designed to benefit the real economy and society by channelling non-bank funds into long-term projects to deliver infrastructure, intellectual property or research results.
ECB/Yves Mersch: The Future of Banking – a Central Banker’s view
"We need a balanced approach – supporting the healthy forces of creative destruction, while at the same time protecting consumers and the essential functions of banks in servicing the economy."
 
  Economic
 
 
Der Spiegel: Thomas Piketty on the euro zone: 'We have created a monster'
In an interview, celebrated French economist Thomas Piketty spoke about Alexis Tsipras' election victory in Greece, Europe's inability to fix its financial woes and what EU leaders can learn from the United States.
ECB starts public sector purchase programme
This programme adds the purchase of sovereign bonds to the ECB's existing private sector asset purchase programmes to address the risks of a too prolonged period of low inflation. The links below contain further information on the programme.
 
  Budgetary
 
 
ECOFIN: France gets two more years to correct its government deficit
France must bring its government deficit below 3% of GDP, the EU's reference value for deficits.
 
  Think Tanks/EP groups
 
 
Bruegel: ECB quantitative easing - the detailed manual
The European quantitative easing programme, the Public Sector Purchase Programme, will last at least until September 2016. Purchases will be composed of sovereign bonds and securities from European institutions and national agencies.
 

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