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22 September 2016

Friends 'Weekly' Newsletter


BIS Quarterly Review, capital requirements, payments security, trading obligation for derivatives, Solvency II, Clearing, Brexit, OECD and more.

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  Articles from 15 September 2016 - 22 September 2016

  Banking
 
 
September 2016 BIS Quarterly Review: Markets pass Brexit test
Markets recovered quickly from the shock of the Brexit vote. Central banks have exerted a calming influence and have eased further in recent months as dissonant markets raised questions about the outlook and the pricing of underlying risks.
Reuters: Basel III should not raise banks' capital requirements significantly
New Basel III banking rules are not expected to raise banks' capital requirements significantly, the European Central Bank's banking supervisor Daniele Nouy said.
BIS: Central banks are reviewing wholesale payments security
The CPMI, the global standard setter for payment, clearing and settlement services, has established a task force to look into the security of wholesale payments that involve banks, financial market infrastructures and other financial institutions.
 
  Securities
 
 
ESMA consults on trading obligation for derivatives
The trading obligation will move over-the-counter trading in liquid derivatives onto organised venues thus increasing market transparency and integrity alike.
New ISDA White Paper urges greater standardization and efficiency in derivatives market infrastructures
ISDA has identified a number of opportunities for greater standardization and automation of derivatives trade processes, in order to achieve improved efficiency, reduced complexity and lower costs for market participants.
 
  Insurance
 
 
Commercial Risk Europe: Solvency II under review as UK government and insurers plan for Brexit
This week saw further rumblings over Brexit, including the prospect of the UK ditching Solvency II and Lloyd's moving some business to continental Europe.
 
  Asset Management
 
 
EFAMA: Investment fund assets worldwide see 4% increase in Q2 2016
The European Fund and Asset Management Association has published its latest International Statistical Release, which describes the developments in the worldwide investment fund industry during the second quarter of 2016.
 
  Friends Services
 
 
“Clearing”: Will CCPs move to the Eurozone?
Whatever else it does, Brexit must surely force regulators to take a firm grip on the political hot potato that Central Counter-Parties clearing vast volumes of derivative transactions within the EU have become.
 
  Political
 
 
New Joint Forum Unites Leave and Remain
The Financial Services Negotiation Forum (FSNForum) will launch on 19 October with a press briefing announcing its new Board and reporting on progress with various initiatives and the first meeting of its Honorary Advisory Council. Graham Bishop is a member of the Forum's Executive Committee.
Financial Times: ‘Significant’ Brexit risk for 5,500 UK groups using EU passporting - FCA
More than 8,000 financial services companies based in the EU or the European Economic Area also rely on single-market passports to do business in Britain, according to figures published by the UK financial regulator.
Financial Times: Loss of passporting rights ‘manageable’ for the City – Moody’s
Britain’s biggest banks and financial services can withstand the loss of their much cherished passporting rights should the UK leave the EU’s single market, Moody’s has said.
The Guardian: Hard Brexit will cost City of London its hub status, warns Bundesbank boss
Passporting rights to operate across EU will be lost if UK does not at least stay within the European Economic Area, says Jens Weidmann.
Bloomberg: Hammond said to be ready to ditch EU Single-Market on Brexit
Chancellor of the Exchequer Philip Hammond is ready to accept that Britain may have to give up membership of the European Union’s single market to achieve the immigration restrictions that voters have demanded, according to two officials familiar with his thinking.
Remarks by European Council President Donald Tusk after the Bratislava summit
Tusk highlighted that Bratislava is the first summit during which leaders discussed the common EU future of 27 States, without the UK. EU27 leaders debated about the root causes of the current political situation in Europe.
 
  Economic
 
 
OECD warns weak trade and financial distortions damage global growth prospects
The global economy is projected to grow at a slower pace this year than in 2015, with only a modest uptick expected in 2017. In the United Kingdom, growth is slowing following the 23 June referendum to leave the European Union.
 

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