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Articles from 6 February 2020 - 13 February 2020
Luis de Guindos - Finanzas.com
General Policy
ECB's De Guindos: The euro area financial sector: opportunities and challenges : Speech by Luis de Guindos, Vice-President of the ECB, in which he shares policy considerations on the opportunities and challenges facing euro area financial institutions in the current environment. View Article
Bruegel: From climate change to cyber attacks: Incipient financial-stability risks for the euro area : The ECB’s November 2019 Financial Stability Review highlighted the risks to growth in an environment of global uncertainty. On the whole, the ECB report is comprehensive and covers the main risks to euro-area financial stability. Researchers highlight issues that deserve more attention. View Article
Banking Union
EBA puts forward concrete proposals to improve the current DGSD legal framework : The EBA published its third and final Opinion addressed to the European Commission on the implementation of the Deposit Guarantee Schemes Directive (DGSD) in the EU. The Opinion focuses on deposit guarantee schemes (DGSs) funding and uses of DGS funds and proposes a number of changes to the EU legal framework, aimed at strengthening depositor protection, enhancing financial stability and reinforcing financial resilience of DGSs. View Article
Financial Times: EU regulator call for clearer rules on rescuing banks : Europe needs clearer rules on how to deal with failing lenders to prevent the “perceived inequality” triggered by cases such as the €3.6bn rescue of Germany’s Nord LB, according to the head of the EU agency created to wind down banks. View Article
Capital Markets Union
Sabine Mauderer: Brexit - a push for market integration : Keynote speech by Dr Sabine Mauderer, Member of the Executive Board of the Deutsche Bundesbank, in which she refers to Brexit as a catalyst for the EU capital market, saying that strengthening the EU's market infrastructures will help Europe become a powerhouse in the global financial system. View Article
ECMI's Lannoo: How to continue CMU : Karel Lannoo, General Manager of ECMI, writes that CMU’s project future depends on a clear plan to achieve more European market finance. Whether this will emerge or not, it remains to be seen. But time is running out, warns Lannoo. View Article
EIOPA: Discussion open on the ongoing changes to the new benchmark rates, the IBOR transitions : Following the EU Benchmark Regulation, this discussion paper addresses for the first time the subject of the ongoing changes to the new benchmark rates (or IBOR transitions). View Article
ESMA issues opinions on position limits under MiFID II : ESMA published seven opinions on position limits regarding commodity derivatives under the Markets in Financial Instruments Directive and Regulation (MiFID II/MIFIR). View Article
ESMA updates on progress on compliance with the MiFIR pre-trade transparency requirements in commodity derivatives : ESMA published a statement to provide an update on the implementation of the supervisory briefing on pre-trade transparency in commodity derivatives. View Article
ESMA publishes the final report on MiFIR alignments following the introduction of EMIR Refit : The recent changes introduced to EMIR via Refit modify the scope of counterparties subject to the clearing obligation – exemption for small financial counterparties and modified determination of non-financial counterparties. View Article
ECB: Results of the December 2019 survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets : Credit terms offered to counterparties were broadly unchanged between September and November 2019 in both the securities financing market and the OTC derivatives market. Price terms eased, whereas non-price terms tightened. An improvement in liquidity conditions, competitive pressure and greater availability of balance sheet capacity were the main drivers underlying the easing of price terms. View Article
EFAMA and EFSA: Reasonable market data costs benefits the real economy : Despite some attempts to solve the problems, market data costs have continued to increase, according to EFAMA and EFSA. The European investment management industry body and the forum of European Securities Associations give some recommendations to reduce the burden this reality imposes on firms. View Article
EIOPA identifies supervisory technology, pensions and cyber underwriting as new supervisory convergence priorities : The EIOPA has published its Supervisory Convergence Plan for 2020 which sets out priorities and activities for the coming year, building on previous years’ work while incorporating new priorities to reflect new trends and emerging risks. View Article
EIOPA: Roundtable discussion: Mortgage life and other credit protection insurance sold through banks : The European Insurance and Occupational Pensions Authority is launching an EU-wide thematic review looking into consumer protection issues with mortgage life and other credit protection insurance sold through banks. View Article
EIOPA: Guidelines on outsourcing to cloud service providers now available for national supervisory authorities : The Guidelines shall provide guidance to market participants on how the outsourcing provisions set forth in the Directive 2009/138/EC, in the Commission's Delegated Regulation 2015/35 and in EIOPA's Guidelines on System of Governance need to be applied in the case of outsourcing to cloud service providers. View Article
Environmental, Social, Governance (ESG)
ESMA sets out its strategy on sustainable finance : The strategy sets out how ESMA will place sustainability at the core of its activities by embedding Environmental, Social, and Governance (ESG) factors in its work. View Article
ECGI: The global sustainability footprint of sovereign wealth funds : Over the last 15 years and especially since the global financial crisis, investors around the world have been increasingly paying attention to the investment policies of sovereign wealth funds (SWFs). This paper examines the relationship between SWFs’ investments and the ESG practice at the ownership stake level. View Article
EurActiv: ‘There is overlap’ between EU’s green trillions, says EIB energy chief : The EIB decided to scrub its loan books of fossil fuels in 2019 but the lender’s head of energy policy, Andrew McDowell, insists that there is more to the change of direction than ditching coal and gas. View Article
EurActiv: This is how Europe is opening the floodgates to ‘green’ money : The European Commission launched on Wednesday (6 February) a consultation with member states, the European Parliament and other stakeholders to review the EU’s fiscal rules, the Stability and Growth Pact. View Article
Global Reporting Initiative: Sustainability reporting at center of EU’s Green Deal : The GRI welcomes the European Green Deal as a global game changer that other economies should follow. With ambitious legislative changes backed by €1 trillion investment over the next decade, the EU is signalling leadership in efforts to advance sustainable development and tackle climate change. View Article
IFAC outlines five factors for high-quality audit, issues call to action for stakeholders in audit ecosystem : The IFAC and the global accountancy profession are committed to continuous improvement and recognize the negative consequences of any audit failure. As audit reviews unfold in various national jurisdictions, IFAC is setting out its recommendations for achieving high-quality audits. View Article
EFRAG: How to improve climate-related reporting : The European Reporting Lab's Project Task Force of Climate-related Reporting has launched a report on how to improve climate-related reporting. View Article
Insurance Europe supports IAIS work on FSB TCFD recommendations on climate-change related disclosures : Insurance Europe has published its response to a consultation by the International Association of Insurance Supervisors (IAIS) on its draft issues paper on the implementation of recommendations by the FSB’s Task Force on Climate-related Financial Disclosures (TCFD). View Article
Insurance Europe: Insurers support Europe’s aim to be world’s first climate-neutral continent by 2050 & are contributing to EC’s Green Deal : Insurance Europe submitted one of its “Ambitions for Europe” papers, which focuses on how to achieve a greener, more sustainable Europe and also this way has contributed to the European Commission’s roadmap on the EU’s Climate Law. View Article
Fin Tech Regulation
EIOPA sets out strategies on cyber underwriting and SupTech : The objective of EIOPA’s Cyber underwriting strategy is to contribute to building a strong, reliable, cyber insurance market. Increased digitalisation and use of big data has led to a growth in the frequency and sophistication of cyber attacks, highlighting the need for a sound cyber insurance market. Appropriate cyber insurance coverage, underwriting practices and sound supervision can make a valuable contribution for people, businesses and economies to manage cyber risk. View Article
BIS: Working paper: On fintech and financial inclusion : This paper first investigates whether the rise of fintech has pushed down the unit cost of financial intermediation. If financial innovation over the last years has improved efficiency in the financial sector, this should manifest itself in lower costs. In a second step, the paper asks whether the potential gains from fintech will have distributional consequences. View Article
Bloomberg: Zombie crypto coins beat Bitcoin during this year’s resurgence : The bursting of the crypto bubble was supposed to be the end for thousands of coins that sprung up in the wake of Bitcoin’s staggering success. But guess what digital tokens are outperforming the original as it surges more than 40% to $10,000 this year -- coins like Einsteinium and Kick that were written off long ago. Those coins, along with dozens more, have more than doubled since December. View Article
Friends' Standard Services
Negotiating with a bloc seven times your size: Clash no 1 – Financial Services : The UK has the same rules as the EU at this instant – but the main Directive about trading securities is about to be examined later this year. The UK will not be at the table when the EU debates reversing a key concession to the UK after the Great Financial Crash. View Article
159th Brussels for Breakfast – The EU-UK trade deal: if - when - what : Organised by the Centre for the Study of Financial Innovation (CSFI), hosted by CISI with fellow speakers David Henig (ECIPE) Sam Lowe (Centre for European Reform). This blog complements the subsequent 50th Brussels 4 Brunch 30-minute CISI webinar that is also available to Friends of GrahamBishop. View Article
159th Brussels for Breakfast – The EU-UK trade deal: if - when - what : Organised by the Centre for the Study of Financial Innovation (CSFI), hosted by CISI with fellow speakers David Henig (ECIPE) Sam Lowe (Centre for European Reform). This blog complements the subsequent 50th Brussels 4 Brunch 30-minute CISI webinar that is also available to Friends of GrahamBishop. View Article
Economic Policies Impacting EU Finance
European Parliament: ECB policy is working, but new challenges need new responses : MEPs asked the ECB to step up its green credentials and address growing financial technology challenges. View Article
ECB's Lagarde: Hearing at the Committee on Economic and Monetary Affairs of the European Parliament : ECB President Christine Lagarde set out the ECB’s outlook for the Euro area characterised by sluggish growth and sought to justify how the ECB’s actions, within that economic environment, were pertinent. She then outlined the main reasons that made a review of the ECB’s monetary strategy necessary. View Article
BIS: Ignazio Visco: The economic outlook, the challenges for the financial system and for regulators : Mr Ignazio Visco, Governor of the Bank of Italy, said that projections suggest that GDP growth will still be very low this year "but will be higher in the next two years.” View Article
ECB seeks feedback on amendments to the Regulation on monetary financial institution balance sheet statistics : The ECB is launching a public consultation on a draft Regulation amending the Regulation on monetary financial institution (MFI) balance sheet statistics. The Regulation has been reviewed with the aim of keeping the ECB’s statistics fit for purpose. View Article
ECB: Economic Bulletin : Incoming information since the last Governing Council meeting in early December is in line with the Governing Council’s baseline scenario of ongoing, but moderate, growth of the euro area economy. In particular, the weakness in the manufacturing sector remains a drag on euro area growth momentum. View Article
EurActiv: A new tax deal for the EU : Cross-border tax evasion is a problem for the EU and there is no reason to exclude EU member states from the tax haven assessment. Therefore, the EU needs a New Tax Deal. Jan Sarnowski and Piotr Arak set out the principles that could guide it. View Article
Currency.com: G20 task force loses confidence in IMF : In an advisory report for the International Monetary Fund (IMF), an expert G20 task force has observed that: “The risk of an unexpected and unplanned reversal of abundant global liquidity hangs over the world economy.” View Article
Annegret Kramp-Karrenbauer - FT
EU27 Politics
Financial Times: Germany and Europe need a revitalised CDU : Annegret Kramp-Karrenbauer’s decision to stand down as leader of Germany’s CDU after just 14 months has reopened a tussle over the party’s future direction, just at the moment when the fraying international order leaves Europe crying out for strong leadership. View Article
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