European Securities and Markets Authority (Esma)
Hedge funds levered up in 2018
Relative value funds have highest adjusted leverage, at 7,155%
Liquidity risks acute for popular retail funds – Esma
Eight per cent of real estate fund NAV may be withdrawn over a one-day period
European CCPs home to 241 non-bank clearing members
Majority of non-financial counterparties are energy and power firms
Mifid’s free data mirage vexes markets
Users struggle to access post-trade data despite European regulator’s push for transparency
Germany scrambles to shut the door on Mifid open access
Finance ministry will face fine timing to reverse clearing rule during its EU presidency
EU derivatives markets highly concentrated
CCPs hold 41% of interest rate derivatives notional exposures
Clearing experts fear tough EC stance on Emir 2.2
Industry disappointed final Esma advice did little to dial back on burdensome equivalence rules
People moves: CRO Landy takes helm at Brevan, SocGen names new Asia chief, Murray out at Bridgewater, and more
Latest job changes across the industry
Why Europe’s markets might need Mifid III
Lawmakers leaning towards small-scale review, others call for fuller rewrite
EU to grant last-minute margin reprieve for equity options
European Commission to publish changes to Emir technical standards within days
Robo-raters help banks vet vendors for cyber risk
Specialists tout service for monitoring third parties amid tougher rules on outsourcing risk
Frandt or foe? FCMs hit back at Esma buy-side clearing salvo
Esma pushes dealers to publish standardised fee schedules amid clearing capacity fears
Keeping watch: EBA stress-testing head plans overhaul
Top-down approach, dynamic balance sheet and multiple shock scenarios all possible for 2022
Fund fears linger over guidelines set to avert fire sales
Final Esma framework allays some European asset managers’ concerns
US clearing houses need not take collateral damage from Brexit
There are signs the US and EU will pull back from the brink in dispute over CCPs
EC official: supervisors must manage Brexit trading disruption
Trading obligations won’t change, but Mifid-style forbearance possible in event of disruption
On CCP oversight, US and EU may be closer than they appear
Competing proposals on foreign CCP oversight have more in common than recent rhetoric implies
EU seeks to offer reassurance on Brexit clearing exemption
Commission can act quickly to stave off no-deal market disruption, insists official
Watchdogs ask EC to delay repo haircut floors. Will it?
EBA says hedge funds will skirt the rules, but Basel and FSB want haircut minimums in place
EU alternative funds hold €17bn of CLOs
Over 50% of AIF exposures concentrated in top 20 funds
FCA chief calls for EU to extend Brexit clearing exemption
Bailey also urges EU to grant equivalence determinations for UK trading venues
Over €1trn of EU insurer assets subject to climate risks
Housing exposures make up bulk of those vulnerable to climate change
Currency risk drives EU equity fund derivatives use
Just 27.6% of Ucits equity funds traded derivatives in Esma sample
EU high-yield funds at risk of liquidity shock – Esma
High-yield bond funds have just 13% of NAV in high-quality liquid assets on average