Friends 'Weekly' Newsletter

16 June 2016

FICOD, ECB, EBA, specialised lending exposures, card payment transparency, PCS, Securitisation, central clearing, BBA, Brexit, LSE reports, Mark Boleat, Wolfgang Schäuble, Citigroup, S&P, insolvency framework and more.

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  Articles from 09 June 2016 - 16 June 2016

  Banking
 
 
European Commission: Public consultation on the evaluation of the financial conglomerate directive
The European Commission is launching a public consultation to gather evidence on whether existing EU rules relating to the supplementary supervision of entities in a financial conglomerate are fit for purpose and working as intended.
ECB's Constancio: Euro zone banks 'very far' from switching to cash:
Euro zone banks are benefiting from the European Central Bank's sub-zero interest rates and they are "really far" from converting their deposits to cash, ECB Vice President Vitor Constancio said.
Reuters: Euro banks repay most ECB loans to make room for cheaper ones
Euro zone banks will repay most, but not all, of the multi-year loans they have taken from the European Central Bank to make room for cheaper cash becoming available later this month, the ECB said.
EBA publishes final draft technical standards on specialised lending exposures
The purpose of these RTS is to harmonise the assignment of risk weights to specialised lending exposures for institutions that apply the so called ‘supervisory slotting criteria' approach.
Antitrust: Commission welcomes entry into force of new rules to boost card payment transparency
The European Commission welcomes the entry into force of new rules to make the costs of payments with debit or credit cards more transparent to retailers and consumers and allow them to make efficient choices. All elements of the Interchange Fee Regulation are now fully applicable.
 
  Securities
 
 
PCS appears at the European Parliament hearing on securitisation
PCS, together with the EBA, Santander, LBBW and an academic presented to and answered questions from Members of the European Parliament at a hearing.
ESMA's Executive Director Verena Ross speaks at European Parliament’s Public Hearing on Securitisation
The speech covers the role of securitisation in financing the real economy; ESMA’s work on securitisation; and how to make information on securitisations available to investors.
European Commission: Adoption of a delegated regulation on central clearing for interest rate derivatives
The Commission adopted a delegated regulation that makes it mandatory for certain over-the-counter interest rate derivative contracts to be cleared through central counterparties.
 
  Financial Services Policy
 
 
BBA members vote in favour of trade association merger
Members of the BBA have voted for the organisation to consolidate with three other bodies to form a new trade association for the finance sector.
 
  Political
 
 
Financial Times: Economists’ rare unity highlights peril of Brexit
The profession may disagree on the detail of leaving the EU but the consensus is striking, writes Chris Giles.
Mark Boleat: Britain must not turn its back on its friends and allies by leaving the EU Single Market
While the decision on whether to remain in the EU and its integrated Single Market is the sovereign choice of the British people, it is important for voters to listen to the opinions of allies and partners from around the world, writes the City of London's Boleat.
SPIEGEL Interview with Wolfgang Schäuble: 'Britain Is a Leading Nation'
German Finance Minister Wolfgang Schäuble warns of the dangers of Brexit, talks about the EU's crisis of confidence and considers the English fear of the penalty kick.
The Guardian: Citigroup warns staff of Brexit jobs risk
US bank, which employs 9,000 people in the UK, says a leave vote would force it to move its London and Belfast hubs.
The Telegraph: Brexit might trigger run on Britain's record financial debts, S&P warns
Britain is the world’s most vulnerable state on a key measure of short-term debt and credit markets might suddenly seize up if voters opt for Brexit, Standard & Poor’s has warned.
 
  Economic
 
 
Dijsselbloem concerned about flexible application of Stability and Growth Pact rules
ECOFIN Chair Jeroen Dijsselbloem worries that the way in which the EU Commission applies Stability and Growth Pact rules may not be entirely objective, he told Economic and Monetary Affairs Committee MEPs. Asked about the UK's EU-referendum, he said "I want the UK to become an active member again"
IRSG response to the Commission's consultation on an effective insolvency framework within the EU
Insolvency proceedings were identified by the International Regulatory Strategy Group in its response to the CMU Action Plan as one of the longer-term challenges of CMU.
 

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