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20 May 2009

This week in "Brussels"

© 2009Jump directly to articles on:-
Financial Services PolicyBankingSecuritiesInsurance
Asset ManagementCompetition issues in financial Services
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Articles from 13 May 2009 - 20 May 2009
Financial Services Policy Back to top 

OECD consults on guidance on a policy framework for financial regulation
The guidance proposes ten key principles for financial regulation including pro-active policymaking for crises prevention, risk-based regulation and international co-ordination in the regulation of internationally active financial firms and groups.  View Article

BIS Wellink – burden sharing essential for stronger supervisory agreements
Generally supporting proposals towards supra-national supervision in Europe, the BIS chair noted that burden-sharing arrangements have to be agreed first before transfering any decision-making powers to the international level.  View Article

Single Market News No 54 – Financial Crisis
The newsletter includes an interview with David Wright on the causes of the financial crisis. “As far as we know, our banks and financial institutions purchased at least one trillion Dollars worth of US sub-prime assets and probably a lot more.  View Article

US Treasury proposal on OTC derivatives
Treasury Secretary Geithner unveiled a plan to improve oversight of derivatives markets. The proposal includes federal oversight for major dealers as well as requiring credit default swaps and other over-the-counter derivatives to be traded on exchanges.  View Article

FSA Japan Sato - Too hasty measures make crises management more difficult
Sato warned that if the policies lean too much toward crisis management, it could cause moral hazard or distort the system in the longer run. Too hasty measures could exacerbate the current situation and make crisis management even more difficult.  View Article

BoJ Shirakawa: New architectures and rules in themselves not sufficient to prevent crisis
"Financial products, institutions, and markets will continue to evolve rapidly", Shirakawa said. "Rules, especially global rules, which require due process before implementation, will inevitably be behind the curve".  View Article

Banking Back to top 

BIS released OTC derivatives market statistics
The total notional amount of OTC derivatives contracts outstanding was 13.4% lower than six months earlier. The decline is the first since collection of the data began in 1998.  View Article

BIS report on issues in the Governance of Central Banks
The financial crisis could well have important implications for central banks, particularly with respect to their role in fostering financial stability, the report says and identifies some of the governance questions that the crisis poses.   View Article

McCreevy calls for solution on impaired assets problem
"Whether Governments decide to create bad banks, good banks, special vehicles or even nationalise them it is imperative that some solution is found to the non performing assets on banks balance sheet", McCreevy underlined.  View Article

ECB Target2 Oversight Assessment Report
The ECB report outlines the overall results of the assessment exercise and highlights the main findings related to the compliance of the TARGET2 design with each of the applicable Core Principles.  View Article

ECB TARGET Annual Report 2008
The ECB published the TARGET Annual Report 2008 which provides background information on TARGET, its performance and the main developments that took place in 2008.  View Article

Securities Back to top 

NAPF backs UK short-selling strategy
The UK National Association of Pension Funds urged the UK’s FSA to steer clear of a blanket ban on short-selling of equities, arguing certain investments strategies “depend on the ability to go short”.  View Article

CESR consults on possible MiFID review
Market developments raised the question of whether parts of MiFID should be considered for review, CESR notes. The paper suggests areas where questions may particularly arise, but also investigates the desirability of a general review of the MiFID.  View Article

LCH.Clearnet to launch CDS clearing offering in December
LCH.Clearnet SA will launch a credit default swap clearing offering in December this year in response to regulator and market demand. The first phase of the launch will cover iTraxx European indices.   View Article

LCH.Clearnet looks to deal with bidding consortium
LCH.Clearnet has confirmed that it received a bid from the consortium last week. However, the clearer has been working on its own plan to buy out its 123 shareholders and convert into a user-owned utility.  View Article

CESR 3rd set of guidelines on MAD Level 3
CESR issued its third set of CESR guidance on the harmonisation of requirements for insiders lists, Suspicious Transactions Reporting. Two more subjects have not been considered as having the same priority level and will be addressed at a later point  View Article

CESR published responses to consultation on CCPs
CESR published the responses to the CESR/ESCB consultation on the draft recommendations for Central Counterparties.  View Article

Insurance Back to top 

CEIOPS feedback statement on Implementing Measures on the System of Governance
The feedback statement presents CEIOPS' view on the comments received and how they have been taken into account in the development of Level 2 advice. CEIOPS has recently started a consultation on the Level 2 implementing measures.  View Article

Asset Management Back to top 

Reforms urged on sterling corporate bond market
IMA has warned appropriate reforms are needed in the UK corporate bond market, to prevent the sector from becoming a “backwater” and in turn presenting both a lack of funding and higher costs for all investors concerned.  View Article

FBE concerned about calculation of a synthetic indicator for KID for UCITS
Responding to the CESR consultation EBF notes that an indicator based on past volatility has a limited validity as such and cannot be used for structured funds. CESR could consider deriving the synthetic indicator instead from value-at-risk models.  View Article

Competition issues in financial Services Back to top 

Commission approves proposed acquisition of HRE by Germany's SoFFin
The Commission concluded that the transaction would not significantly impede effective competition. It is the first time in the current crisis that a bank nationalisation has been notified to the Commission under the EU Merger Regulation.  View Article

© Graham Bishop

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