Friends 'Weekly' Newsletter
26 April 2018
Basel III post-crisis reforms, back-to-back trading, CCP recovery and resolution, Securitisation, MiFID II/MiFIR, CMU, distribution systems of retail investment products, global finance after Brexit, clearinghouses in the US and London and more.
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Articles from 19 April 2018 - 26 April 2018 |
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Banking Union |
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Basel Committee urges full, timely and consistent implementation of Basel III post-crisis reforms
The BCBS issued the fourteenth progress report on adoption of the Basel regulatory framework. The report sets out the adoption status of Basel III standards for each BCBS member jurisdiction as of end-March 2018. |
Financial Times: EU banks rush to ‘have cake and eat it’ with bad loan sales
Southern European banks have taken more than €14bn in extra provisions this year to write down the value of toxic loans they plan to sell, while taking advantage of a new accounting rule to delay the hit to capital. |
Financial Times: Banks aim to secure London jobs with back-to-back trading
London-based investment banks are increasingly hopeful the European Central Bank will allow them to use “back-to-back” securities arrangements to manage the majority of trades in EU operations out of their existing London bases. |
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Capital Markets Union |
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ECB's Coeuré: A cooperative approach to CCP recovery and resolution
Panel intervention by Benoît Cœuré, Member of the Executive Board of the ECB, at the ILF Conference on “Resolution in Europe: the unresolved questions”. |
Bloomberg: ECB seeks new powers to deal with clearing crises outside the EU
The European Central Bank is pushing Brussels policy makers for major new powers over clearinghouses in the US and London post-Brexit, upping the stakes in a battle between global regulators on oversight of the multi-trillion-dollar market. |
Delivery of ESMA’s technical standards on disclosure under the Securitisation Regulation
A letter from ESMA Chair Steve Maijoor to Olivier Guersent, Director-General for Financial Stability, Financial Services and Capital Markets Union, in which he states that ESMA is mandated to submit to the Commission technical standards on securitisation disclosures by 18 January 2019. |
EBA consults on its guidelines interpreting the STS criteria in securitisation
The European Banking Authority launched a public consultation on its draft Guidelines, which will provide a harmonised interpretation of the criteria for the securitisation to be eligible as simple, transparent and standardised (STS). |
ESMA's Maijoor: Resilience, Recovery and Resolution: three essential Rs for CCPs
Chair of ESMA Steve Maijoor said that he welcomes the resolution principles introduced in the proposal for Regulation on CCP Recovery and Resolution, and in particular the condition that any resolution tool based on public financial support to a CCP in resolution should be used as a last resort. |
ESMA updates bonds transparency calculations for MiFID II/MiFIR
The European Securities and Markets Authority updated its MiFID II/ MiFIR transitional transparency calculations for bonds. |
Financial Times: Why the EU capital markets union matters for ECB policy
The EU needs deeper capital markets to help replace emergency ECB funding for businesses, warns Huw van Steenis, member of the World Economic Forum’s disruptive innovation in financial services group. |
ICMA CBIC issues position paper on EU covered bond legislation
The Covered Bond Investor Council (CBIC) has issued a position paper on the recently released European Commission’s legislative proposal on covered bonds. |
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Asset Management |
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European Commission: Study on the distribution systems of retail investment products
A study carried out by Deloitte Luxembourg for the European Commission shows the difficulties that consumers in the EU face when trying to buy the most suitable investment fund, life insurance or private pension. |
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Brexit & UK |
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FCA's Bailey: Brexit: what does it mean for financial markets to be open?
Andrew Bailey, Chief Executive of the FCA, spoke about Brexit, where things stand from a financial services perspective, and focused on what it means to have open markets, and how lawmakers can preserve them for the benefit of all. |
Speech by Vice-President Valdis Dombrovskis at City Week in London
The European Commission Vice-President gave a snapshot of the EC's work to break down barriers and further integrate the EU single market for capital, and how Brussels can manage the fact that the UK has decided to withdraw from it. |
The Guardian: EU officials dismiss City minister's notion of UK sweetheart deal
A claim from the UK’s City minister that the EU is softening its opposition to giving the country’s financial services sector a special Brexit deal has been dismissed in Brussels. |
Deutsche Bundesbank's Dombret: How will Brexit change the map of global finance?
Dr Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank, argues that "Brexit may very well prove to be a tipping point" that "might set in motion fundamental changes which impact on where banks do business and how international supervision works." |
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Graham's tweets |
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Tag Cloud |
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© Graham Bishop
Banking Union