Welcome to our standard Friends weekly e-mail. 

The 156th Brussels 4 Breakfast is on 5th November - see my video news about it

We have revised our approach to focus on the big themes for the next legislative period. We are targeting the interaction of the driving forces of politics and economics as they force the required changes in over-arching financial regulation. Details of these services are here

Interested in Continuing Professional Development (CPD)? Please click here for our CPD services

Banking Union

ECB: Working group on euro risk-free rates issues recommendations to address impact of euro risk-free rates transition on risk management : The report highlights types of risk financial institutions face and issues recommendations in four key areas. Its main focus is on the overall implications for interest rate risk management.  View Article

Felix Hufeld. Source: Bloomberg

Financial Times: German banks supervisor warns of new cycle of deregulation : Germany’s most senior financial regulator has warned of the grave dangers to the “public good” if politicians loosen post-crisis rules to boost growth.  View Article

ISDA: Global Interest Rate Derivatives Markets: Insights into the 2019 BIS Triennial Central Bank Survey : This paper highlights changes in the size and structure of global over-the-counter interest rate derivatives (IRD) markets from 2007 to 2019, using data from the Bank for International Settlements (BIS) Triennial Central Bank Surveys. View Article

EBA publishes Opinion on the regulatory treatment of non-performing exposure securitisations : This Opinion recommends various amendments to the Capital Requirements Regulation (CRR) as well as to the Securitisation Regulation to remove the identified constraints. The Opinion is addressed at the European Commission and contributes to the objectives of the Council of the EU’s “Action plan to tackle non-performing loans in Europe”. View Article

Capital Markets Union

ESMA sees significant room for improvement in national regulators’ supervision of derivatives data : ESMA published the results of a peer review it conducted into supervisory actions of six National Competent Authorities (NCAs) regarding their approaches at enhancing the quality of derivative data reported under the European Market Infrastructure Regulation (EMIR).  View Article

ISDA publishes report summarizing results of benchmark fallbacks consultation on pre-cessation issues : ISDA published a report that summarizes responses to a consultation on pre-cessation issues for LIBOR and certain other interbank offered rates (IBORs). View Article

Environmental, Social, Governance (ESG)

ECB environmental statement 2019 : This environmental statement is a summary of the ECB's focused efforts over the previous year and offers a glimpse into the innovative work of numerous dedicated teams and individuals across the ECB who strive to bring positive change for the future. View Article

Fin Tech Regulation

Bloomberg: BOE’s Ramsden says central bank digital currency worth a thought : Developing some form of synthetic central bank digital currency is “worth looking at,” according to Bank of England Deputy Governor Dave Ramsden.  View Article

Christine Lagarde. Source: 1tv.ge

Economic Policies Impacting EU Finance

Christine Lagarde appointed President of the European Central Bank : The European Council appointed Christine Lagarde to be the President of the European Central Bank for a non-renewable term of 8 years. View Article

 

Brexit

Report and concluding remarks by President Donald Tusk to the European Parliament on European Council meetings : Donald Tusk's last report from the European Council focused on three matters: Turkey’s unilateral military action in North East Syria, Brexit and the debate on enlargement. The European Parliament President David Sassoli attended the Council for the first time in his role as President of the EP. View Article

POLITICO: UK MPs force Boris Johnson to seek a Brexit extension : MPs backed an amendment that compels the government to request a Brexit delay from the EU until all the legislation required to leave has been ratified. View Article

Michel Barnier, Leo Varadkar, Donald Tusk and Jean-Claude Juncker.

Source: The Independent

Financial Times: Brussels believes it is now time to move on with Brexit : EU leaders want to minimise disruption and concentrate on other pressing issues, writes Wolfgang Münchau. View Article

European Council (Art. 50) conclusions : The Special European Council (Art. 50) on 17 October 2019 adopted conclusions on Brexit. Guy Verhofstadt, Parliament's Brexit coordinator, warned that MEPs "will only approve Brexit deal after UK has approved it”. View Article

Financial Times: Boris Johnson’s Brexit deal brings a united Ireland closer : Jonathan Powell warns that Boris' Trumpian “great new deal” will not just take Britain out of the EU, but may also mark the end of the union, leaving a Little Englander government ruling a Little England. View Article

POLITICO: Boris Johnson rejects case for Brexit extension : Boris Johnson told European leaders he still believes there should be no Brexit delay, according to his spokesperson. View Article

Boris Johnson. Source: FT

Financial Times: Boris Johnson wins Brexit deal vote but is thwarted on deadline : Boris Johnson won the backing of MPs for his Brexit deal in a landmark vote in the House of Commons, but a snap election was back on the agenda after MPs derailed his attempt to take Britain out of the EU on October 31. View Article

BBC: Carney: Brexit deal 'positive' for UK economy : The governor of the Bank of England has told the BBC that the new Brexit deal struck by the government is "welcome" and a "net economic positive". View Article

Financial Times: Citi’s European chief signals confidence in London after Brexit : The new head of Citigroup in Europe said he was confident that the City of London would retain its status as the region’s top financial centre regardless of the outcome of Brexit. View Article

BBC: Brexit deal acceptable, says top Barclays banker : Prime Minister Boris Johnson's Brexit deal is "acceptable" and the country should push ahead with it, leading banker Sir Ian Cheshire has said. View Article

Graham Bishop #FBPE retweeted
	Bloomberg Brexit @Brexit
Boris Johnson spoke to Angela Merkel to reiterate his view that Brexit should not be delayed bloom.bg/2Jvmnv1 pic.twitter.com/BY9jMyz8YH
Graham Bishop #FBPE retweeted
	Bloomberg Brexit @Brexit
Boris Johnson looks set to call an election after Parliament blocks his plan to rush his Brexit deal into law bloom.bg/2W4Z6VH
Graham Bishop #FBPE retweeted
	Jennifer Rankin @JenniferMerode
Jean-Claude Juncker: Brexit has been "a waste of time and energy" for his European commission. He will always regret UK decision to leave, adding that his commission can say "we did everything we could" to ensure orderly withdrawal.
	Graham Bishop #FBPE @GrahamBishopcom
STOP THE PRESS - It has been announced that Sir David Liddington MP will be an additional speaker on Brussels for Breakfast on November 5th. As a Friend at GrahamBishop.com, you can apply for a place at the event. Make sure you don't miss it!
Graham Bishop #FBPE retweeted
	Reuters @Reuters
UK parliament after #Brexit deal vote is ruled out on Monday pscp.tv/w/cH2-0TF4a2pE…
Graham Bishop #FBPE retweeted
	Bloomberg Brexit @Brexit
Scottish judges hold off on ruling on a case brought by opponents of a no-deal Brexit bloom.bg/31zMOWu
Graham Bishop #FBPE retweeted
	Lionel Barber @lionelbarber
Jonathan Powell spot on: Obsession over parliamentary manoeuvring has obscured whether Boris Johnson’s Brexit agreement is a good deal or not and what its long-term consequences are ft.com/content/08ae76…
Graham Bishop #FBPE retweeted
	The Guardian @guardian
EU will wait until MPs debate Brexit deal before extension decision theguardian.com/politics/2019/…
Graham Bishop #FBPE retweeted
	Bloomberg Brexit @Brexit
Brexit's impact on Europe or the world economy will be minimal, ex-Bank of England governor Mervyn King says bloom.bg/2MtZ728
Graham Bishop #FBPE retweeted
	Sebastian Payne @SebastianEPayne
The most important thing to happen yesterday: a window into how the Brexit deal could pass Parliament ?? twitter.com/sebastianepayn…