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
Financial Markets
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
Covid-19 fallout increases urgency to address Libor transition legal issues
Fallout from the Covid-19 pandemic is heaping pressure on market participants to resolve the legal issues bedevilling the transition from Libor to alternative risk-free rates. By Johnny Shearman, professional support lawyer at Signature Litigation LLP, and Justina Stewart, barrister at Outer Temple Chambers.
Should digital coins and tokens be regulated as securities?
The growth in digital coins and tokens has posed considerable challenges for regulators trying to protect investors from harm, but perhaps the question of how to regulate cryptocurrencies is based on a false premise. By Todd McDonald, co-founder of R3.
Covid-19 disrupts shift to risk free rates and regulators' deadline
The US Federal Reserve dropping SOFR in favour of Libor for a major funding programme has sparked mixed views as to whether this signals problems for the replacement risk free rates or if it is a minor hiccup.
Covid-19 worsening existing financial vulnerabilities - IMF
The Covid-19 pandemic is exposing and exacerbating financial vulnerabilities built up over a decade of low interest rates and volatility, warn two IMF officials, who also urge scrutiny of non-banks. By Justin Pugsley.
Securities regulators lift short selling ban, but could reimpose it
Six EU securities regulators coordinate the lifting of their short selling bans, but have left open the possibility of reimposing them should extreme volatility reignite again
Industry wins one-year reprieve on initial margin rules
Around 1000 smaller financial firms have been granted another year by global standard-setters to comply with margin requirements for non-centrally cleared derivatives due to the Covid-19 fallout.
SFC takes action to ensure continued integrity of Hong Kong’s markets
Following extreme bouts of market volatility, the Hong Kong Securities and Futures Commission (SFC) said it is pursuing a flexible approach so that markets continue to function properly, while safeguarding market integrity and investor protection.
Covid-19 gives US dollar Libor new lease of life
The impact of the Covid-19 pandemic on the economy and banks has breathed new life into Libor with the US Federal Reserve being forced to use the rate for its emergency funding programme
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