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ECON Committee public hearing on CRAs
Stepping up supervision of credit rating agencies could help to eliminate their conflicts of interest, but obliging companies to "rotate" their use of them could actually reduce competition among agencies, argued experts at this public hearing.
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EMIR: Political agreement on ESMA powers reached at ECOFIN
At the ECOFIN Council meeting, EU finance ministers reached a political agreement on ESMA powers paving the way for the final adoption of EMIR in February.
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ESMA launches a consultation on short selling and CDS
ESMA published for consultation the draft technical standards, inviting comments by 13 February, 2012.
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ESMA publishes a speech by Verena Ross on CRAs
Ms Ross stressed that ESMA might find itself in the uncomfortable position of pursuing possible conflicting objectives such as ensuring the stability and the competition of the securities markets at the same time.
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Letter to Commissioner Barnier, ECON chair Bowles and ECOFIN chairman Corydon, regarding European Supervisory Authorities (ESAs)
AFME, AIMA, EACH, EBF, FOA, ICMA and ISDA wrote in the context of the leading role played by the addressees in the adoption of financial services legislation in each of the three main EU institutions.
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IOSCO published follow-on analysis to the report on trading of OTC derivatives
The report describes the different types of trading platforms currently available for the execution of OTC derivatives transactions in IOSCO member jurisdictions. Where possible, it also notes the differences relating to participant, product and geographic coverage.
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VoxEU: The fallacy of moving the OTC market to central counterparties
This article argues that current proposals for centralised counterparties are misguided. Instead of reducing risk in the notorious over-the-counter derivatives markets, they may simply shift it around. It calls for tax on the derivative liabilities of large banks to tackle the problem at its source.
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Speech by the Financial Secretary to the Treasury, Mark Hoban MP, to the London Stock Exchange; MiFID
Mr Hoban talked about the European regulatory reform, MiFID and domestic regulation.
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FT: Barnier provides hope for DB-NYSE
Deutsche Börse and NYSE Euronext have been given some hope of mustering support to save their merger after Europe's leading financial regulator moved to reserve his right to oppose a recommendation to block the tie-up of the German and US exchange operators.
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Bloomberg: NYSE Euronext and Deutsche Börse said to lack support to overturn EU veto
NYSE Euronext and Deutsche Börse AG are unlikely to garner enough support from European Union commissioners to overturn a looming veto over their plan to create the world's largest exchange.
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FN: Clearing industry embraces stress tests
Europe's clearing houses have published what is thought to be the first set of guidelines for stress-testing the sector, in a bid to ensure that these increasingly critical pieces of market infrastructure are able to withstand large-scale shocks to the financial system.
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IMF Working Paper: 'Pricing of Sovereign Credit Risk: Evidence from Advanced Economies during the Financial Crisis'
The study investigates the pricing of sovereign credit risk over the period 2008-2010 for selected advanced economies by examining two widely-used indicators: sovereign credit default swap (CDS) and relative asset swap (RAS) spreads.
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IMF investigation into the impact and accuracy of sovereign ratings
The study finds that credit rating agencies' opinions have an impact on the cost of funding of sovereign issuers, and consequently ratings are a concern for financial stability.
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