SIFMA Updates Model Documents for Libor’s End

By Sarah Wynn January 14, 2021, The Bond Buyer The Securities Industry and Financial Markets Association updated its model disclosure documents to help dealers through complex financings as the London Inter-bank Offered Rate (Libor) is set to phase out...

Repo Market Concerned About ‘Collateral Scarcity’

By Oliver Wade January 14, 2021, Global Investor Group European repo market participants are becoming more concerned about “collateral scarcity” rather than excess liquidity or dealer capacity in 2021. The comment came in the International Capital Market Association’s...

Nascent Green Repo Market Promises New Market ‘Ecosystem’

By Ben St. Clair January 14, 2021, Risk For environmentally conscious investors, there is now a new way to be green. At the beginning of November, Eurex launched a general collateral basket comprising only green bonds, and there are...

Jerome Powell Says the Fed’s Work on Stablecoin Risks Is a ‘Very High Priority’

By MK Manoylov January 14, 2021, The Block Federal Reserve chairman Jerome Powell described the central bank’s work on stablecoins as a “very high priority” during a webinar on Thursday.  “Clearly there’s a need for, and we’ve been very focused as...

EU Warns Banks Against Dodging Post-Brexit Trading Rules

By Philip Stafford and Nikou Asgari January 13, 2021, Financial Times Europe’s markets regulator has warned EU banks and fund managers not to bypass new post-Brexit rules on cross-border dealing after it found “some questionable practices” used by...

London Must Be ‘Clear Eyed’ About Prospects for EU Access

By Huw Jones January 14, 2021, Reuters The City of London may remain largely cut off from the European Union’s financial markets, industry officials warned on Thursday, saying a future co-operation agreement won’t automatically unlock access.Britain’s new post-Brexit trade...

EU to Drill Into “Dog’s Dinner” of Share Trading Data

By Huw Jones January 14, 2021, Reuters The European Union will complete a fresh study of share trading data before drawing conclusions from a comprehensive review of market rules, an EU official said on Thursday, as exchanges demand more...

Trading Heads Call for Reform of Double Volume Caps

By Luke Clancy January 13, 2021, Risk Leading investment firms in the UK and Europe are calling for a revamp of the European Union’s regime for trading on unlit venues, after the UK financial regulator relaxed rules on dark...

Libor Transition 2021: No Time to Die Off

By Alice Tchernookova January 13, 2021, Practice Insight from IFLR We are barely two weeks in to January, yet a new Covid-19 variant has already found its way across various countries and a third national lockdown has begun to...

Talks on Financial Services Post-Brexit Framework Will Start This Week, Says No. 10

By Bérengère Sim January 12, 2021, Financial News Talks between the Treasury and the European Commission will start this week on the framework for regulatory cooperation for financial services, the Prime Minister’s spokesperson said. In a 12 January call...

Libor Proving Hard to Kill in $200 Trillion Derivatives Market

By Alex Harris and William ShawJanuary 11, 2021, Bloomberg It’s one of the most confounding questions facing regulators in the fight to phase out the London interbank offered rate. How do you wean everyone from asset managers and traders...

MSRB Told to Stay in Its Lane and Focus on Its Rulebook

By Sarah Wynn January 12, 2021, The Bond Buyer Municipal market participants want the Municipal Securities Rulemaking Board to focus more on its role as a regulator and refrain from engaging in initiatives not clearly within its authority, while...

Global Banks Warn of Market Chaos if Court Were to Abolish Libor

By William Shaw and Joel Rosenblatt January 12, 2021, Bloomberg Some of the world’s biggest banks are urging a U.S. judge not to immediately terminate Libor after a group of borrowers filed suit claiming the benchmark was the work...

Agencies May Issue Information Request on AI Adoption, Fed Official Says

By Hannah Lang January 12, 2021, American Banker The Federal Reserve and other banking regulators are considering a formal request for public feedback about the adoption of artificial intelligence in the financial services sector, Fed Gov. Lael Brainard said...

Reflecting on Attempts at MiFID II Reform

By Hugo Bromley January 4, 2021, Practice Insight from IFLR The art of regulation is the management of private interests. Any regulator will be faced with a thousand interested parties, all seeking some rule change or other. A repeal...

UK Offers Unlimited Dark Trading on Lost EU Stocks

By Will Hadfield and Luke Clancy January 8, 2021, Risk UK regulators are allowing banks and trading venues to carry out almost unlimited dark trading in the shares of companies with primary listings in the European Union, as conversations...

Brexit Allows UK to Reform MiFID to Boost Advice Sector

By Michael Klimes January 11, 2021, Money Marketing Brexit could pave the way for more tailored regulation for advisers, PIMFA suggests.The trade body is lobbying the government, which is in early discussions with the EU about the future relationship...

The Lonely Londoners: Doubts Plague UK Quest for Equivalence

By Samuel Wilkes January 12, 2021, Risk Four years, six months and nine days after the UK voted to leave the European Union, the country finally, practically speaking, left the single market. A transition period that had treated the departing...

City of London’s Plight Laid Bare as Brexit Deal Hopes Fade

By Silla Brush, Harry Wilson, and Viren Vaghela January 11, 2021, Bloomberg Just over a week in, the City of London is coming to a hardening realization about its post-Brexit future: a financial services accord with the European Union...

BOE Bolsters Post-Brexit Oversight of Big Banks Trading in UK

By Silla Brush January 11, 2021, Bloomberg The London operations of global banks are getting more scrutiny from the Bank of England as they move hundreds of billions of euros of business out of Britain after Brexit. The BOE...

Traders Scramble to Make Sense of New Brexit Rules: ‘What’s the Absolute Minimum We Can Get Away With?’

By William Canny and Lucy McNulty January 11, 2021, Financial News For Britain, Brexit meant Brexit, but many in the City aren’t sure what Brexit means when it comes to doing their jobs. There doesn’t seem to be much consensus — depending on...

Traders Confess Their ‘Questionable’ Brexit Workarounds

By William Canny and Lucy McNulty January 11, 2021, Financial News Caught flat-footed by Brexit, traders and bankers in the City offered some shocking examples of workarounds to get deals over the line. Because the UK government’s 11th-hour Brexit deal with the European...

Business as Usual for EU Banks in ‘Open’ London, Says Bank of England

By Huw Jones January 11, 2021, Reuters European Union banks’ branches in London should see no major change in how they are supervised following Britain’s formal departure from the bloc last month, the Bank of England’s supervisory arm said...

Sunak Says Brexit Will ‘Reinforce’ City as World Leading Financial Center

By George Parker, Philip Stafford, Chris Giles, and Jim Brunsden January 11, 2021, Financial Times Chancellor Rishi Sunak on Monday told MPs Brexit will help “reinforce the UK’s position as a globally pre-eminent financial center”, in spite of a...

Record All Your Work Calls at Home, UK Watchdog Tells Bankers

By Huw Jones January 8, 2021, Reuters Bankers must record all communications while working from home, Britain’s Financial Conduct Authority said on Friday, ending the leeway it introduced last year when the first pandemic lockdown began. “At the start...

City of London Stumbles Through First Week of Brexit

By Daniel Thomas, Stephen Morris, and Owen Walker January 8, 2021, Financial Times When veteran City dealmaker Rich Ricci returned to work on Monday, the consequences of a Brexit deal that largely excluded financial services were immediately felt across...

City of London to Bring Back Swiss Stock Trading Following EU Exit

By Philip Stafford January 8, 2021, Financial Times The UK will bring trading in Swiss shares back to London in the coming weeks, marking the first significant split from EU policy on financial services since the end of the...

Brexit Could Bring ‘Win-Win’ on Trade Reporting – Kaizen

By Wendy Lisney January 8, 2021, Global Investor Group The end of the Brexit transition period could offer a “win-win” opportunity to simplify trade reporting, according to Kaizen Reporting. “There’s potentially a win-win situation here, but it depends on...

Europe Steps Up Monitoring of US CCPs

By Wendy Lisney January 8, 2021, Global Investor Group Europe is strengthening compliance monitoring of US central counterparties (CCPs) operating in the European Union under a new agreement with US derivatives regulator the Commodity Futures Trading Commission (CFTC). The...

Brookings Institution: Loose Ends in the US Treasury Market

By Dan Barnes January 7, 2021, The Desk A paper published by Nellie Liang, the Miriam K. Carliner senior fellow in Economic Studies at the think tank Brookings Institution and Pat Parkinson, a special advisor at lobby group the...