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 

With the global economy in the throes of a new crisis and with bad bank loans expected to pile up,  previous crises could still serve as a good guide as to how bad the damage will be even though this crisis is somewhat unique. 

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

Germany’s supreme court dealt a body blow to the EU by asserting the supremacy of the member states and by challenging the mandate of the European Central Bank and Court of Justice, potentially unpicking the bloc’s legal order

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

The FSB has once again waded into the controversial debate over who pays when a clearing house goes under and in a consultation paper is looking at a range of options including the use of equity

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. 

Although there are common themes among approaches, Asia-Pacific regulators have been pursuing their own measures for how banks should provision for bad loans under IFRS 9, raising fears of further fragmentation. By Victor Smart 

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 

The FCA has warned firms about the risks of financial misconduct, with bankers and brokers working out of the office on sensitive capital-raising deals

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.