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22 June 2017

Friends 'Weekly' Newsletter


Supervisory banking, NPLs, Basel III Leverage Ratio, BRRD, European CCPs after Brexit, MiFIR, PEPP, Commission's reflection paper on Deepening EMU, launch of the Article 50 negotiations, Brexit bill and more.

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Economic Brexit & UK About this email

  Articles from 15 June 2017 - 22 June 2017

  Banking
 
 
ECB's Nouy statement at the Economic and Monetary Affairs Committee hearing
Danièle Nouy, Chair of the Supervisory Board of the ECB, addressed the supervisory implications of Brexit, NPLs, as well as some crucial issues in the risk reduction package which is currently under discussion in the Council and in the Parliament.
BIS working paper: The leverage ratio, risk-taking and bank stability
This paper addresses the trade-off between additional loss-absorbing capacity and potentially higher bank risk-taking associated with the introduction of the Basel III Leverage Ratio.
European Parliament: Precautionary recapitalisations under the Bank Recovery and Resolution Directive: conditionality and case practice
This briefing focuses on the possibility provided by the BRRD to recapitalize a bank outside resolution. It explains the legal framework, in particular the conditionality attached to such precautionary recapitalisations, and reviews the few cases where the use of this instrument was discussed.
 
  Securities
 
 
ECB: European CCPs after Brexit
Benoît Cœuré, Member of the Executive Board of the ECB, said that the UK’s decision to leave the EU is prompting a significant rethink of the European approach to the supervision of systemically important global CCPs.
Reuters: Carney warns EU against splitting euro clearing market
Splitting Europe's market for clearing euro-denominated derivatives would bump up costs for users and do little to improve financial stability, Bank of England Governor Mark Carney said.
ESMA consults on draft standards for trading obligation for derivatives under MiFIR
ESMA published a consultation paper regarding its draft technical standards specifying the trading obligation for derivatives under the Markets in Financial Instruments Regulation.
City A.M.: Financial watchdog sets deadline for compliance with new EU securities rules, despite huge predicted costs
FCA set a deadline for firms to submit applications authorising them under new European Union securities rules.
 
  Asset Management
 
 
Insurance Europe: Insight briefing: PEPP must be a true long-term pension product
Insurance Europe has published an insight briefing that outlines its views on the expected Commission proposal for a Pan-European Personal Pension Product (PEPP).
 
  Economic
 
 
LSE: What the Commission missed in its reflection paper on Deepening the Economic and Monetary Union
Enrico Marelli and Marcello Signorelli present an analysis of the Commission’s proposals and respond to some of the paper’s key weaknesses in laying out a path for future reforms.
 
  Brexit & UK
 
 
Joint statement by the Department for Exiting the European Union and the European Commission
Michel Barnier, the European Commission's Chief Negotiator, and David Davis, Secretary of State for Exiting the European Union, agreed to launch Article 50 negotiations on Monday, 19 June.
Bruegel: Brexit and the future of the Irish border
The UK's confirmation that it will leave the EU's single market and customs union implies that customs checks with Northern Ireland will be needed. However, there is little desire for hard controls from any of the parties involved. This is especially true for PM May's potential partner, the DUP.
Financial Times: Brexit number crunch: the final bill the EU could accept
A fraught €100bn reckoning has begun as Brexit negotiators clash for the first time on Britain’s exit bill. In Brussels, the spreadsheets are primed.
 

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