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Articles from 26 September 2019 - 3 October 2019
Banking Union
ECB publishes the Euro money market study 2018 : This is the first study of euro money market based on actual transactions by largest euro area banks. The study shows increased activity in the secured and foreign exchange swaps segments and that some money market rates moved below deposit facility rate, especially in secured segment. View Article
EBF: Benchmarks regulation: Statement of the European Credit Sector Associations : Statement of the European Credit Sector Associations (ECSAs) Benchmarks regulation: The banking sector welcomes the recent statements by the European Commission and ESMA on the upcoming migration to the reformed EURIBOR methodology and the migration from EONIA to €STR. View Article
IASB amends IFRS Standards in response to the IBOR reform : The IASB has amended some of its requirements for hedge accounting. The amendments are designed to support the provision of useful financial information by companies during the period of uncertainty arising from the phasing out of interest-rate benchmarks such as interbank offered rates (IBORs). View Article
Financial Times: ECB launches new lending benchmark based on overnight deals : Global authorities’ efforts to move capital markets on to a sounder base took a step forward after European authorities launched a new benchmark based on overnight deals. View Article
Financial Institutions
ESMA analyses the use of derivatives by UCITS equity funds : ESMA conducted a study on the use of derivatives by UCITS equity funds in collaboration with researchers from the Technical University of Munich (TUM). View Article
Capital Markets Union
Markets4Europe campaign presents recommendations for building a truly integrated capital markets union in the EU : Markets4Europe, a campaign advocating more effective use of market finance in Europe, presented its main recommendations that are designed to encourage the creation of a more integrated Capital Markets Union in the EU. View Article
IOSCO publishes updates to peer reviews of regulation of MMFs and securitisation : The reports describe progress by IOSCO members in FSB jurisdictions in adopting legislation, regulation and other policies covering MMF and securitisation, which are G20 priority reform areas. View Article
ESMA prepares for new responsibilities in 2020 : ESMA published its 2020 Work Programme, setting out its priorities and areas of focus for the next 12 months in support of its mission to enhance investor protection and promote stable and orderly financial markets. View Article
Environmental, Social, Governance (ESG)
BIS launches green bond fund for central banks : The BIS has launched an open-ended fund for central bank investments in green bonds. Responding to a growing demand for climate-friendly investments among official institutions, the BIS's green bond fund initiative helps central banks to incorporate environmental sustainability objectives in the management of their reserves. View Article
FRC strengthens Going Concern audit standard : The FRC has issued a revised going concern standard in response to recent enforcement cases and well-publicised corporate failures where the auditor’s report failed to highlight concerns about the prospects of entities which collapsed shortly after. View Article
Friends' Basic Services
Brussels for Breakfast (155): A round-table discussion with Graham Bishop, Jacques Lafitte (Avisa) and Anna Isaac (Wall Street) : To be held on Tuesday, 8th October, 2019, 8.30-10.00am At the Chartered Institute for Securities & Investments 20 Fenchurch Street (the Walkie-Talkie), London EC3M 3BY. View Article
Economic Policies Impacting EU Finance
Financial Times: ECB’s German board member quits over loose monetary policy : Germany’s representative on the European Central Bank’s executive board has quit in a move that highlights the widening split within the institution’s top ranks over its recent decision to loosen monetary policy. View Article
Financial Times: German scepticism of the ECB reveals a eurozone paradox : Germany’s dissent feeds concerns that Europe’s monetary union, rocked to its foundations in the sovereign debt and banking sector crises of 2010-12, is still not solid enough, warns Tony Barber. View Article
European Parliament: The ECB’s Unfinished Business: Challenges ahead for EMU Monetary and Fiscal Policy Architecture : Authors argue that monetary policy stimulus alone may not resolve the situation of having the euro area stuck in a slowing growth environment, and ask whether the next President may want to pass the ball more strongly to national governments. View Article
Financial Times: Draghi backs calls for fiscal union to bolster eurozone : European Central Bank president Mario Draghi has thrown his weight behind French president Emmanuel Macron’s call for fiscal transfers between eurozone member states to bolster the long-term future of the single currency. View Article
Brexit
The Guardian: Michel Barnier: Boris Johnson’s behaviour has ‘limited the chance’ of a Brexit deal : Michel Barnier has told the British government that he fears Boris Johnson’s polarising behaviour has effectively blown any chance of finding a majority for a Brexit deal in the Commons. View Article
EurActiv: EU’s Juncker says Britain will be responsible if no Brexit deal : Commission President Juncker has said he and the European Union’s chief Brexit negotiator Michel Barnier were doing all they could to get a Brexit deal, and if they failed it would be Britain’s responsibility. View Article
The Guardian: Brexit: dismay in Brussels as Boris Johnson finally reveals plan : Boris Johnson appears to be fighting a losing battle to avoid Britain staying in the European Union beyond 31 October after Michel Barnier privately gave a scathing analysis of the prime minister’s new plan for the Irish border, describing it as a trap. View Article
The Guardian: Brexit uncertainty pushes UK to brink of recession : Brexit uncertainty has pushed the UK economy to the brink of a recession, according to a Guardian analysis of economic news over the past month. View Article
The Guardian:Tories hold 12-point lead over Labour in latest poll : The Conservatives head into their annual conference in Manchester with a 12-point lead over Labour, according to the latest Opinium poll for the Observer. View Article
Financial Times: Brexit prompts ESM to switch out of English bond law : The eurozone’s bailout fund has said it will stop issuing bonds governed by English law, in the latest sign that Brexit is chipping away at the UK’s status as a key jurisdiction for international financing. View Article
Deloitte: UK endorsement of IFRSs post EU-exit : At the meeting of the International Forum of Accounting Standard Setters (IFASS) currently held in London, participants received a presentation by representatives of the UK Department for Business, Energy & Industrial Strategy (BEIS) on 'UK audit reforms; and UK endorsement of IFRSs post EU-exit'. View Article
City AM: City minister John Glen warns against turning away from EU rules post-Brexit : City minister John Glen has warned that the UK must think carefully about its regulation options post-Brexit, arguing that EU rules had been the “hallmark of our credibility”. View Article
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