Yet another attempt is being made to breathe life into the EU’s CMU. This time it is 17 recommendations from a high level forum, most of which have been well received by industry with the baton now passed to the European Commission to act on them
Europe
Exchanges push to limit SIs' role as part of MiFID review
In a Federation of European Securities Exchanges webinar, some speakers called for the activity of systematic internalisers to be reined in further, for undermining transparency and price formation. By Justin Pugsley
Response to Covid-19 pandemic shows European banks can act quickly
The Covid-19 pandemic has shown European banks the “art of the possible” as they responded in record time to the fast evolving crisis, and consultancy McKinsey argues that this mindset is integral to these institutions reinventing themselves within the next three years.
AMF still sees transparency issues in French corporate bond market
In an assessment of bond market transparency over two years after the markets in financial instruments directive (MiFID) II came into force, the French securities regulator, Autorité des Marchés Financiers (AMF), found there are still too many gaps in the needed data to gain a full picture of market activity.
Banks alarmed over the possibility of negative UK interest rates
Commercial banks have waded into the Bank of England policy-makers’ debate over the possibility of imposing negative interest rates, warning that it would crush their earnings and diminish their ability to absorb an expected avalanche of bad loans as a result of the coronavirus crisis.
EMIR REFIT has potential to trigger unintended consequences
Changes resulting from EMIR REFIT could create reporting challenges for some market participants even though they were designed to reduce burdens on certain firms
Firms lash out at ESMA over “regulatory creep”
If ESMA gets its way, third-country financial firms doing business in the EU will have to provide vast amounts of extra information in what many see as a Brexit-related political move
Covid-19: European bank trading books pose financial stability risks
Though a decade of global financial reforms has made banks safer, the unusual nature of the Covid-19 pandemic nonetheless exposes European banks to greater than appreciated risks due to the opaque nature of their Level 2 and 3 assets
Luxembourg fund industry faces up to Covid-19 and Brexit challenges
Luxembourg’s large fund management industry is having to adapt to significant new challenges, ranging from the fallout of the Covid-19 pandemic through to Brexit. By Marc-André Bechet, director legal & tax at the Association of the Luxembourg Fund Industry (ALFI).
Bank of England tells UK banks to prepare for a ‘hard Brexit’
Bank governor Andrew Bailey has warned chiefs to get ready for a ‘no deal’ scenario at the end of 2020. By Justin Pugsley
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- EMIR REFIT has potential to trigger unintended consequences
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- Covid–19: exit strategies and their practical implications
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