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19 March 2020

Standard Weekly Newsletter

EBA, ECB, ESMA, Brussels' measures to cushion economic impact of coronavirus crisis, BIS' Wuermeling statement on the European financial market after Brexit, Graham Bishop's reflections on the Great Financial Panic, EU's draft text for a future relations agreement with the UK.


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Articles from 12 March 2020 - 19 March 2020

General Policy

ESMA recommends action by financial market participants for COVID-19 impact : The European Securities and Markets Authority (ESMA), together with National Competent Authorities (NCAs), is closely monitoring the situation in view of the continuing impact of the COVID-19 outbreak on financial markets in the European Union. View Article

Banking Union

Financial Times: Europe’s banks face a test of resilience : More than a decade on from the financial crisis, Europe’s banks are facing a major test of their resilience. Growing fears about the coronavirus pandemic and an oil price war prompted a widespread market sell-off. Companies have spent a decade gorging on cheap debt in an ultra-low interest rate environment. A wave of defaults is now likely, and rising loan impairments will hit banks’ already anaemic earnings. View Article
EBA statement on actions to mitigate the impact of COVID-19 on the EU banking sector : The EBA, along with national competent authorities (CAs) and the ECB is coordinating a joint effort to alleviate the immediate operational burden for banks at this challenging juncture.  View Article
Joachim Wuermeling - Bloomberg
BIS: Statement: Joachim Wuermeling: The European financial market after Brexit : Prof Joachim Wuermeling, Member of the Executive Board of the Deutsche Bundesbank, addressed banking and supervisory developments related to the coronavirus and three developments that could restrict supervisory capabilities: Brexit, bigtech and a lenient approach to implementing Basel III. View Article
ECB announces easing of conditions for targeted longer-term refinancing operations (TLTRO III) : The Governing Council of the ECB decided to modify some of the key parameters of TLTRO III to support the continued access of firms and households to bank credit in the face of disruptions and temporary funding shortages associated with the coronavirus outbreak.  View Article
ECB announces measures to support bank liquidity conditions and money market activity : The Governing Council of the European Central Bank (ECB) has today decided on additional longer-term refinancing operations (LTROs) to provide immediate liquidity support to banks and to safeguard money market conditions.  View Article
ECB Banking Supervision provides temporary capital and operational relief in reaction to coronavirus : The European Central Bank announced a number of measures to ensure that its directly supervised banks can continue to fulfil their role in funding the real economy as the economic effects of the coronavirus (COVID-19) become apparent. View Article
Financial Times: Banks lobby regulators to relax post-crisis rules : The global banking industry is demanding regulators relax or delay a raft of post-crisis rules on everything from capital and liquidity to accounting and climate change, which they argue are hampering their ability to respond to the coronavirus crisis.  View Article

Financial Institutions

IASB decides on new effective date for IFRS 17 of 1 January 2023 : The IASB has completed its discussions on the amendments to IFRS 17 Insurance Contracts that were proposed for public consultation in June 2019. It has decided that the effective date of the Standard will be deferred to annual reporting periods beginning on or after 1 January 2023.  View Article

Capital Markets Union

ESMA requires net short position holders to report positions of 0.1% and above : ESMA issued a decision temporarily requiring the holders of net short positions in shares traded on EU regulated market to notify the relevant NCA if the position reaches or exceeds 0.1% of the issued share capital after the entry into force of the decision. View Article

Financial Market Structure

EFAMA reply to ESMA CP on review report of MiFIR transparency regime for equity, ETFs and other related instruments : European Fund and Asset Management Association replies to ESMA’s consultation paper on MiFID II/ MiFIR review report on the transparency regime for equity and equity-like instruments, the DVC and the trading obligations for shares. View Article
ISDA - EMIR Refit: FCs Reporting on behalf of both itself and NFC- clients: Operational considerations : This document captures some of these operational considerations and potential steps FCs and NFCs may need to take (as identified by the ISDA Data and Reporting EMEA Working Group) in order to adhere to this EMIR Refit requirement. View Article

Environmental, Social, Governance (ESG)

European Commission: New Circular Economy Action Plan : The Commission adopted a new Circular Economy Action Plan - one of the main building blocks of the European Green Deal. The new Action Plan aims to make the economy fit for a green future, strengthen competitiveness while protecting the environment and give new rights to consumers. View Article

Friends' Standard Services

51st Brussels for Brunch webinar - March 2020 : Video of the 51st Brussels 4 Brunch. View Article
Reflections on the Great Financial Panic – are there parallels we can learn from? : Graham Bishop's sobering analysis of the latest financial developments and how the situation is likely to evolve. View Article

Economic Policies Impacting EU Finance

COVID-19: Commission sets out European coordinated response to counter the economic impact of the Coronavirus : The Commission presented an immediate response to mitigate the socio-economic impact of the COVID-19 outbreak, centred on a European coordinated response. View Article
Christine Lagarde - La Tribune
ECB announces €750 billion Pandemic Emergency Purchase Programme (PEPP) : The Governing Council decided to launch a new temporary asset purchase programme of private and public sector securities of €750 billion to counter the serious risks for the euro area posed by the outbreak and escalating diffusion of the coronavirus, COVID-19, among other important measures. View Article
UNCTAD: The coronavirus shock: a story of another global crisis foretold and what policymakers should be doing about it : The so-called “Covid-19” shock will trigger a recession in some countries and a deceleration of global annual growth to below 2.5%. The resulting hit to global income will be around the trillion-dollar mark; the bigger question is could it be worse? View Article



Boris Johnson - POLITICO


Financial Times: Brexit transition deadline in doubt as talks called off : The next round of Brexit negotiations has been cancelled as expectation grows in Brussels and London that the standstill transition period will be extended beyond its December 2020 deadline owing to coronavirus disruption. View Article
POLITICO: EU wants zero-tariff Brexit deal, but will fine anticompetitive behavior : Brussels is willing to establish a zero-tariff area for goods with the UK but it will impose fines on unfair competitive behavior, according to a draft text for a future relations agreement with the UK. View Article
Financial Times: Economic cost of Brexit laid bare in OBR forecasts : The economic cost of Brexit was laid bare on Wednesday by Britain’s official budget watchdog, which warned that leaving the EU would hit growth, exports and the public finances at a time of rising uncertainty. View Article
City AM: EU rejects UK’s call for quick agreement on financial services equivalence : The EU’s head of financial regulation has rejected the UK’s calls for the City’s future access to the bloc’s markets to be settled by the end of June, warning that Brussels’ decision will be based on the extent Britain wants to deviate from EU rules.  View Article
Graham Bishop retweeted
Bloomberg Bloomberg
Boris Johnson dismissed calls to postpone Brexit, even as the coronavirus crisis delays trade talks and gradually monopolizes government time and resources
Graham Bishop retweeted
Bloomberg Brexit Bloomberg Brexit
The ECB launches an emergency bond-buying program worth 750 billion euros in the latest attempt to calm coronavirus-hit markets
Graham Bishop retweeted
<a href=FT Brussels" src="" /> FT Brussels
Brexit transition deadline in doubt as talks called off
Graham Bishop retweeted
Bloomberg Bloomberg
Italy’s Prime Minister Giuseppe Conte called on European Union nations to issue “coronavirus bonds” to fund their response
Graham Bishop Graham Bishop
Looking at the market reactions to the weekend central bank moves, one can only be deeply disturbed... I've analysed the latest data from markets & looked into other #financialpanic crisis to see if there are parallels we can learn from #coronavirusimpact
Graham Bishop Graham Bishop
Read Graham Bishop's sobering analysis of the latest financial developments linked to coronavirus pandemic and how the situation is likely to evolve (Free article) #coronavirusimpact #financialpanic
Graham Bishop retweeted
City A.M. City A.M.
EU rejects UK’s call for quick agreement on financial services equivalence
Graham Bishop retweeted
<a href=FT Brussels" src="" /> FT Brussels
EU launches pandemic fiscal firefight
Graham Bishop retweeted
Steve Peers Steve Peers
Now online (apparently leaked) - full text of the EU proposal for the draft future relationship treaty with the UK:…
Graham Bishop retweeted
Bloomberg Bloomberg
BREAKING: EU ready to trigger crisis clause allowing fiscal stimulus

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