The European Commission insists it is not looking to punish US clearing houses over its proposals for third-country clearers operating in the EU. However, such is the nature of some of the proposals that it would in practice make it challenging for third-country CCPs to conduct business in the EU
Europe’s bank resolution regime finds devil in detail
The EU is establishing non-preferred debt instruments as a new layer of protection for taxpayers in the event of a bank getting into trouble. However, there are still numerous questions about the new instrument, such as how exactly it ranks with other loss absorbing capital instruments
Share trading jam thin edge of Swiss EU wedge
The EU and Switzerland are trying to reshape their relationship by rolling a raft of different agreements into a comprehensive institutional framework. But the negotiations are proving to be challenging with Swiss financial services potentially getting caught in the crossfire
Lawsuit and national differences cast doubt over BRRD
Making the Bank Recovery and Resolution Directive work has collided with political priorities at national level and a huge lawsuit over the resolution of a Spanish bank. David Wigan reports.
European Commission softens approach over ESA power grab
In the face of a push back from industry and national competent authorities, the European Commission has substantially scaled back its proposals to give more power to the three European Supervisory Authorities
Deep divisions continue to swirl around ISIN debate
Industry disputes, regulatory decrees and the inherent complexities of derivatives has seen efforts to agree International Securities Identification Numbers become fraught and difficult
Firms face documentation struggle despite new variation margin deadline
Moving back the deadline by six months to comply with variation margin rules for uncleared derivatives was greeted with a sigh of relief by market participants. Even so, they still face an uphill struggle to get their documentation in order on time.
MiFID commodity regulations break new ground
Firms that trade in commodities are still struggling to identify what companies and contracts will be covered by the Markets in Financial Instruments Directive.
Levin’s exit casts pall over US commodities regulation
The Senate Permanent Subcommittee on Investigations sought to kick-start regulation of bank holdings of physical commodities, but momentum may be lost with the senator’s retirement.
Resolution rules bring new round of valuation challenges
As banks digest derivative valuation adjustments for funding, counterparties and fair value, a new set of rules on the horizon will require firms to make prudent valuations of the entire business.
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