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20 September 2018

This week in "Brussels"

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  Articles from 13 September 2018 - 20 September 2018

  Banking Union
ECB: Insufficient strategic steering may exacerbate banks’ profitability challenges
ECB Banking Supervision has published the findings of the thematic review of banks’ profitability and business models conducted from 2016 to the end of the first quarter of 2018. The review shows that although the economic situation of banks in the euro area has generally improved, profitability and business models remain under pressure.  View Article
EBA: EU banks funding plans indicate increased appetite for client deposits and market-based funding in the coming years
The EBA published two reports on EU banks' funding plans and asset encumbrance respectively. The reports aim to provide important information for EU supervisors to assess the sustainability of banks' main sources of funding.   View Article
Financial Times: Private equity buying banks is not a good mix
One deal does not necessarily signal a trend. But it is to be hoped that Blackstone’s €1bn purchase last week of a 60 per cent stake in Luminor, a Baltic lender — one of the largest private equity banking deals of the past decade — does not mark the start of a series of such acquisitions.  View Article
The Telegraph: Banks still 'too big to fail' ten years on from the crisis, says OECD chief
Banks remain "too big to fail" a decade on from Lehman Brothers' collapse, according to one of the world's main policy makers, sounding a warning days after Gordon Brown said the world is “in danger of sleepwalking" into a crisis.   View Article
BIS: Ed Sibley: The banking crisis - a decade on
Speech by Mr Ed Sibley, Deputy Governor (Prudential Regulation) of the Central Bank of Ireland, in which he speaks about the causes of the crisis, the crisis itself, what has changed as a result and concludes by looking to the future.  View Article
Bloomberg: ECB's Villeroy sees risks from shadow banking, emerging markets
Supervisors need to keep a close eye on shadow banking and emerging market debt a decade on from the fall of Lehman Brothers, Bank of France Governor Francois Villeroy de Galhau said.  View Article
Financial Times: Financial sector remains an impenetrable black box
A decade after the crisis, a bank’s accounts tell you little about its risks, claims Jonathan Ford.  View Article
ECB launches public consultation on Part 2 of the Guide to assessments of licence applications
Part 2 complements the Licensing Guide published in March 2018. This Licensing Guide is intended as a practical tool to support those involved in the process of authorisation and to ensure a smooth and effective procedure and assessment, but it is not legally binding in nature.  View Article
ECB: Private sector working group on euro risk-free rates recommends ESTER as euro risk-free rate
The working group recommends, in particular, replacing the euro overnight index average (EONIA) with the new euro risk-free rate. This is because the EONIA as it stands will no longer meet the criteria of the EU Benchmarks Regulation and will therefore see its use restricted as of 1 January 2020.   View Article
Bank of England: Firms’ preparations for transition from LIBOR to risk-free rates
The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) wrote to CEOs of major banks and insurers supervised in the UK asking for the preparations and actions they are taking to manage transition from LIBOR to alternative interest rate benchmarks.   View Article
BIS: Mario Draghi: The benefits of European supervision
Speech by Mr Mario Draghi, President of the European Central Bank, in which he focuses on the benefits of European supervision and improvements of European supervision to foster banking integration.  View Article
Financial Times: Banks jump on to the fintech bandwagon
The US Senate banking committee hearings on fintech will be the first chance to dig into the Treasury department’s summer report on the sector, which talks approvingly of data sharing among technology companies and big banks to create efficiency, scale and lower consumer prices.  View Article
  Capital Markets Union
IOSCO issues policy measures to protect investors of OTC leveraged products
Simultaneously, the Board issued a public statement on the risks of binary options and the response of regulators for mitigating the risks and harm to retail investors transacting in these products.  View Article
BIS: Payment, clearing and settlement operators meet on global cyber-resilience
Key global and regional payment, clearing and settlement operators met at a roundtable in Paris to discuss cyber-security and the resilience of financial market infrastructures (FMIs) and the wider market ecosystem.   View Article
ISDA: Ten years on
ISDA Chief Executive Officer Scott O'Malia takes stock of the reforms made 10 years on from the collapse of Lehman Brothers, and what is still needed.  View Article
ESMA publishes the responses to its Consultation on proposed amendments to the MiFID II tick size regime
ESMA published the responses received to the Consultation Paper on Amendment to the MiFID II tick size regime - Commission Delegated Regulation 2017/588 (RTS 11).  View Article
AFME: Technology and Innovation in Europe’s Capital Markets
The report examines the key trends which are expected to impact the industry over the next five years, providing a vision for the future and identifying the implications for the industry and for future policymaking.  View Article
BIS: Markets Committee analyses changes in fast-paced electronic markets
Trading in foreign exchange and other fast-paced electronic markets is increasingly spread across a range of platforms, with non-bank intermediaries, most notably principal trading firms, gaining a stronger foothold. In addition, access to data and data-centric technologies increasingly defines competitive and market structure changes, a Markets Committee report shows.   View Article
  Clients Union
ACCA, Carnegie Council and CFA Institute join forces to shine a light on ethics
To celebrate this year’s Global Ethics Day, the organisations will be exploring how businesses are preparing for an ethical future in the face of threats and challenges presented by globalisation, technology and human psychology.  View Article
Commercial Risk Europe: IFRS 17 to enable greater comparison of insurers’ underwriting performance, says Best
The new International Financial Reporting Standard (IFRS 17) could provide better insight into underwriting performance, according to AM Best. This will provide greater granularity and enable comparisons to be drawn between insurers, said the ratings agency.  View Article
  Asset Management
Milestone for workplace pensions regulation as TPR launches new approach
An increasing number of workplace pension schemes will come under greater scrutiny from The Pensions Regulator from next month as part of a significant shift in its approach to protect savers.  View Article
  Corporate Governance/Accounting
EC’s and Member States’ actions in the last years of the 2007-2013 programmes tackled low absorption but had insufficient focus on results
The ECA examined whether the Commission’s and Member States’ actions were effective in absorbing funding from the ERDF, ESF and CF during the 2007-2013 programme period making comparisons with the 2000-2006 and 2014-2020 programme periods.  View Article
  Anti-Money Laundering
Financial Times: Global standard for cryptocurrency anti-money laundering to be agreed
The global anti-money laundering task force has said it is closer to establishing a worldwide set of standards to apply to virtual currencies.  View Article
Financial Times: Why EU banks have become a money launderer’s dream
The censure of Credit Suisse by Switzerland’s financial regulator over a string of anti-money laundering failings is a stark reminder of a growing international problem — and European banks’ shortcomings in dealing with it.  View Article
  Market Structure
ESMA finds high level of diversity in national markets for structured retail products
ESMA carried out a study of the EU market in structured retail products, from an investor protection perspective.  View Article
  Grahams Articles, Comments & Speeches
Churchill – a `founding father’ of the European Union – would vote to Remain
I have no doubt that Churchill would have voted to Remain In the European Union (...) he was one of its `founding fathers’ and its values represent the fulfilment of his life’s work.  View Article
Annual inflation down to 2.0% in the euro area
The euro area annual inflation rate was 2.0% in August 2018, down from 2.1% in July 2018. A year earlier, the rate was 1.5%. European Union annual inflation was 2.1% in August 2018, down from 2.2% in July. A year earlier, the rate was 1.7%.   View Article
Euro area international trade in goods surplus €17.6 bn
The euro area recorded a €17.6 bn surplus in trade in goods with the rest of the world in July 2018, compared with +€21.6 bn in July 2017.  View Article

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