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EP approves revised Markets in Financial Instruments Directive
The European Parliament approved new rules on the trading of financial instruments that aim to curb speculative trading and offer better protection to investors. Regulators must now put the MiFID II rules into practice.
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EP votes on CSD regulation
The European Parliament has adopted in plenary session a Regulation on securities settlement and central securities depositories.
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ESAs consult on draft technical standards under EMIR
The European Supervisory Authorities launched a joint consultation on draft Regulatory Technical Standards outlining the framework of the European Market Infrastructure Regulation (EMIR).
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Risk.net: EMIR reporting launch was satisfactory
Thousands of companies were stuck in queues when EMIR took effect, some TRs were overwhelmed, and over half of the one-sided trade reports filed so far cannot be matched up with the second side of the transaction. For ESMA official Petrenko, however, EMIR's start was satisfactory.
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BoE/ECB: The impaired EU securitisation market - causes, roadblocks and how to deal with them
This joint paper, written for the G20/IMF spring meetings, states that the shrinking market is a concern because securitisation, if appropriately structured and regulated, can complement other long-term wholesale funding sources for the real economy. (Includes comment by AFME.)
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Reuters: EU law to 'revolutionise' securities settlement
The ECB's new platform for settling trillions of euros of stock and bond trades will trigger a shake-up in the business, the head of one of Europe's biggest settlement houses said. He expects only three or four big settlement houses offering cross-border services will be left standing.
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Risk.net: Small corporates not reporting derivatives trades says Bafin
Many non-financial corporates in Europe are still not ready to report their derivatives trades, according to Stefan Pankoke, deputy director of over-the-counter derivatives markets at Bafin.
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Bafin: Action plan to reduce references to external ratings
Together with the Federal Ministry of Finance and the Deutsche Bundesbank, BaFin has published a German action plan to reduce over-reliance on external ratings in legal provisions, laws and regulations.
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IFR: ICE to clear European sovereign CDS
The IntercontinentalExchange will begin clearing Western European sovereign credit default swaps at the end of April, after receiving a green light from regulators.
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Bloomberg: Global financial regulators revised derivative rules
In a victory for banks, global financial regulators revised rules governing how much money must be set aside to cover losses by swaps traders, backing away from guidelines that firms warned would destabilise the $693 trillion derivatives market.
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FSB Chair's letter to G20 ministers and governors on financial reforms
Mark Carney highlighted three areas where the support of G20 ministers and governors will be essential in the coming months: ending too-big-to-fail; transforming shadow banking to resilient market-based financing; and making derivatives markets safer.
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