European Commission (EC)
2021 brings big changes to the carbon market landscape
ZE PowerGroup Inc. explores how newly launched emissions trading systems, recently established task forces, upcoming initiatives and the new US President, Joe Biden, and his administration can further the drive towards tackling the climate crisis
EU fund managers confused by new ESG designations
Vague rules leave managers unsure which categories to apply to their funds
ECB grants post-Brexit reprieve on large exposures limit
Exemption for intra-group exposures to UK will be preserved pending a decision on equivalence
Brexit drives swaps trading to US platforms
Lack of equivalence forces dealers to shift euro and sterling swaps out of European and UK venues
French regulator questions need for share trading equivalence
Esma’s reinterpretation ahead of Brexit reduces need for equivalence system, says AMF official
European regulators issue Brexit relief for UK pension funds
Some EU watchdogs are not enforcing mandatory clearing for trades between region’s banks and UK pension schemes
The lonely Londoners: doubts plague UK quest for equivalence
Planned MoU won’t automatically bring equivalence, leaving firms in limbo for unknown duration
UK offers unlimited dark trading on lost EU stocks
FCA gives London dark pools an edge over EU rivals, but will fund managers use it?
Fears EU’s ‘tough legacy’ fix could tie risk managers’ hands
Proposal bans use of replacement rate in new products, which some fear could hamper hedging and novations
EU benchmark drama set for cliffhanger end
Access to key FX rates due to be decided six months before potential cut-off
Mifid transparency battle pits dealers against non-banks
Dealers fight to preserve reporting exemptions, but prop traders want US-style regime
EU changes to Basel III would soften capital blow
“Parallel stacks” approach would reduce capital shortfall by 70%
Parallel lines: EU begins fight over Basel output floor
Leaked plan to exclude buffers from floor would please EU banks, could anger Basel and US
EC looks to GFXC on potential regulation of spot FX
GFXC to meet this week about revising global FX code, which may influence European legislator stance
UK and EU diverge on contractual swap stays
UK scraps pre-resolution stays, while EU regulators could opt for even stricter measures
November 9: the day the Brexodus started?
The UK Treasury’s equivalence verdict is a positive gesture, but could backfire if not reciprocated
Mixed response to Esma’s clearing carve-out for optimisation
Long-awaited proposal must be replicated by US and UK to be effective, participants say
Mifid best execution relief for buy side hangs by a thread
Largest grouping in European Parliament faces uphill battle to suspend RTS 28 reporting
UK and EU regulators diverging on double volume caps
Rule that limits anonymous equities trading to be reviewed in UK, but EC has bigger fish to fry
EU defers legal fix to Brexit swaps trading ban on branches
Efforts to address duplicate Mifir trading obligations stymied by UK-EU negotiations
Europe’s clampdown on fund outsourcing chills market
Esma proposals spark worries AIFMD review could wreck existing delegation models
Escape from Emir? Not so fast, swaps users
Emir Refit, which seemed to promise reporting relief for corporate users, is not a master key
Rent-a-fund managers rebuff ‘misguided’ Esma criticism
Europe regulator warns of conflicts of interest between risk and portfolio managers in AIFMD delegation model
Non-EU corporates thwarted on Emir reporting relief
Esma suggests foreign-headquartered firms can’t benefit from intra-group exemption