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11 May 2017

Friends 'Weekly' Newsletter


Commission proposed derivatives rules' reform, Washington warning against euro-clearing relocation, recovery and resolution planning, benchmarking of internal approaches and more.

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  Articles from 04 May 2017 - 11 May 2017

  Banking
 
 
EBA launches public consultation on RTS on the eligibility criteria for granting simplified obligations for recovery and resolution planning
The European Banking Authority launched a public consultation on its draft Regulatory Technical Standards further specifying the eligibility criteria to determine whether institutions should be subject to simplified obligations when drafting their recovery and resolution plans.
EBA issues amended technical standards on benchmarking of internal approaches
These amendments aim at ensuring a better quality of the submitted data and ultimately will assist the EBA and competent authorities in their 2018 assessment of internal approaches for credit and market risk.
 
  Securities
 
 
BIS: OTC derivatives statistics at end-December 2016
The increase in OTC derivatives positions that took place in the first half of 2016 reversed in the second.
FSB publishes Global Shadow Banking Monitoring Report 2016
The report presents the results of the FSB’s sixth annual monitoring exercise to assess global trends and risks in the shadow banking system, reflecting data up to the end of 2015.
 
  Asset Management
 
 
Investment & Pensions Europe: Further three-year delay on derivatives clearing for pension funds
European pension funds have received a further three-year exemption from derivatives clearing rules in a move the European Commission claims will save them “up to €1.6bn”.
 
  Financial Services Policy
 
 
Joint public statement FSMA-ESMA regarding Euribor
ESMA and the Financial Services and Markets Authority of Belgium have issued a joint statement regarding the Euribor benchmark.
 
  Friends Services
 
 
130th Brussels 4 Breakfast Notes: The Brexit talks - temperature rising, clearing end-game!
The EU27 leaders agreed their red lines for the upcoming Brexit negotiations while PM May announced a snap election and called for a strong mandate to secure a good deal. But the election won't change talks one bit, the EU warned, and Brussels is closing in on London euro-clearing business.
CCP Location in EU: Endgame now in sight
The location of Central Counterparties (CCPs) seems to have become a totemic issue for the City of London in the Brexit negotiations. Indeed, the White Paper in February devoted one of its 77 pages to financial services – a sector that provides 11% of the UK’s GDP.
European Commission proposal on CCPs
Commission VP Dombrovskis laid out some principles on CCP supervision today and there is not much need to read between any lines!
 
  Brexit & UK
 
 
Reuters: Banks planning to move 9,000 jobs from Britain because of Brexit
The largest global banks in London plan to move about 9,000 jobs to the continent in the next two years, public statements and information from sources shows, as the exodus of finance jobs starts to take shape.
Guy Verhofstadt: We can deliver a Brexit deal that works for all
Talks about a future partnership can only start when we know how this one ends, writes the Parliament top Brexit negotiator in the Financial Times.
EY: Financial services firms starting to enact Brexit contingency plans, but those voicing intentions to move remain in the minority
More than a quarter of the 222 UK financial services firms monitored by the EY Brexit Tracker have announced that they are moving some staff or part of their operations out of the UK, or that they are reviewing their domicile as a result of Brexit.
Financial Times: Washington warns against EU location policy
Washington has weighed into a dispute over the fate of one of London’s most lucrative financial businesses, warning that any EU move to require euro-denominated trading to take place within the bloc would break with international norms and could lead to US countermeasures.
TheCityUK: The legal impact of Brexit on the UK-based financial services sector
The report suggests that while the UK-based financial services sector as a whole aims to keep as many activities as possible in the UK, the key for business is to maintain an uninterrupted service to clients throughout the Brexit process.
TheCityUK: A forced re-location of euro clearing is in no one’s interests
TheCityUK responded to new EU Commission proposals on derivatives rules, which include references to possible location requirements for central counterparties (CCPs) involved in euro clearing.
Commission proposes simpler and more efficient derivatives rules
The reforms provide simpler and more proportionate rules for over-the-counter derivatives to reduce costs and regulatory burdens for market participants without compromising financial stability.
 

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