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22 September 2016

This week in "Brussels"

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  Articles from 15 September 2016 - 22 September 2016

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.   View Article
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.  View Article
Reuters: German savings banks expect 500 mln euro hit from negative ECB rates
Germany's state-owned savings banks and landesbanks expect overall costs of at least 500 million euros per year due to negative European Central Bank interest rates.  View Article
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.  View Article
EPC: Getting ready to make the first SEPA Instant Credit Transfers possible in November 2017
An interview with Hays Littlejohn, EBA Clearing's CEO that focuses on the new European Payments Council (EPC) scheme, EBA Clearing’s solution, the success factors of SCT Inst, and what it might change for Clearing and Settlement Mechanisms (CSMs) providers in the coming years.   View Article
The EPC welcomes the creation of the European Cards Stakeholders Group
The European Cards Stakeholders Group (ECSG), is happy to announce the creation of this new multi-stakeholder association dedicated to the promotion of card harmonisation in the Single Euro Payments Area.   View Article
Bank of England: A new RTGS service for the United Kingdom: safeguarding stability, enabling innovation
RTGS is a payment system that provides the platform for sterling central bank reserves (the electronic counterpart to banknotes), and the ultimate risk-free means of final payment. Because of its importance, it must anticipate the demands that could be placed on RTGS in the medium term.  View Article
ECB: Banks adapting to the new normal: Striking a balance between prudence and pragmatism
In his speech, Mr. Yves Mersch considered how the economic environment has made it more difficult for banks in some countries to lend and he took a look at the financial regulation and the changes that are still being implemented.  View Article
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.  View Article
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.  View Article
ESMA adds ICE Clear Europe Ltd to list of authorised CCPs under EMIR
The updated list of authorised CCPs and the public register of cleared derivative classes is available on ESMA’s website.  View Article
Bloomberg: Brexit backer says bank freedom starts by embracing EU rules
The UK should ensure that MiFID II enters into force as intended in January 2018 to avoid complicating the government’s talks on secession from the bloc, said Jacob Rees-Mogg, a Conservative lawmaker in Parliament’s Treasury Committee.  View Article
ACCA welcomes the Parliament's adoption of the report on access to finance for SME's in a Capital Markets Union
The global accountancy body commends MEP Othmar Karas’ report “Access to finance for SMEs and increasing the diversity of sme funding in a CMU”. ACCA fully shares the view that the diversity of SMEs should be mirrored by more diversity of choices of funding and a tailor–made regulatory approach.  View Article
ALFI supports MEPs’ calls for postponement of PRIIPs regulation
Members of the European Parliament adopted a resolution calling for changes to the legislation covering PRIIPs. It is now expected that the European Commission will submit a new version of the RTS, because the resolution means that the draft RTS will not enter into force in their current form.  View Article
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.  View Article
Bank of England: Solvency II: Changes to internal models used by UK insurance firms
This supervisory statement sets out the PRA’s expectations in respect of firms applying for approval for a major change to their approved internal models or an extension of scope to an approved internal model.   View Article
Commercial Risk Europe: Insurance market running into danger over reserves, warns JLT Re
JLT Re has warned that the (re)insurance market is in danger from reserve adequacy and believes the industry risks releasing reserves despite accident year experience suggesting redundancies are running dry.  View Article
  Asset Management
Financial Times: Asset managers told to hold more capital
Regulators around the world have turned their attention to the spare cash asset managers held on their balance sheets, strengthening capital requirement rules in an attempt to reduce risks.  View Article
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.  View Article
Hedgeweek: More banks join Sentinel as initiative prepares for MiFID II
As Project Sentinel completes the first round of assessments of potential technology partners, the initiative has seen an increase in consortium numbers from the original four to seven banks to eight to 10 in the current phase.   View Article
Autorité des Marchés Financiers: Cross-border distribution of funds in Europe
While the large number of European passports in asset management shows that this measure is a success, the AMF‘s study highlights that impediments remain to the distribution of investment funds, and also suggests ways of developing the cross-border offer in Europe and boosting investor confidence.  View Article
PensionsEurope calls for EIOPA to respect the modernised rules for pension funds
In its position paper, PensionsEurope rejects EIOPA’s proposal for the mandatory use of the ‘common framework balance sheet’ as a risk management and transparency tool and the call for regulatory responses by the national competent authorities based on it.   View Article
  Corporate Governance/Accounting
Deloitte, FEE: Comment letters to IFRS Foundation on the review of its constitution
Deloitte and FEE have published their comment letters on the proposed amendments to the IFRS Foundation Constitution that are the result of the Trustees 2015 review of structure and effectiveness of the IFRS Foundation.  View Article
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.   View Article
  Grahams Articles, Comments & Speeches
“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.  View Article

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