Europe
Doubts grow over US FRTB implementation
Fragmented roll-out would price European banks “out of the market”
EC angers Mifid zealots on equities trading loophole
Systematic internaliser networks will be addressed within the existing rules, says Dombrovskis
Full up already? Industry divided over smart beta capacity
Research Affiliates argues trading costs will wipe out returns; critics say assumptions overblown
Non-banks disappointed by Europe’s CRR escape hatch
Proposed alternative prudential regime still doesn’t reflect the true risks of non-banks, say critics
Brexit preparations block Mifid third-country guidance
EU authorities see keeping rules vague as a way to maximise leverage in negotiations with UK
The long arm of European law: Mifid alarms the world
Non-European firms may have to undertake compliance projects without knowing the final rules
TLAC-driven CDS index change tipped for September
UK and Swiss bank Holdco CDSs likely inclusions in next iTraxx index roll, say strategists
Mifid trading rules cast a shadow over position limits
Contracts caught will depend on trading obligation rules that are still unclear
‘Significant exposure’, Swiss rates and SIs
The week on Risk.net, March 3–9, 2017
EBA call for simpler IFRS 9 phase-in applauded
Lawmakers aim to fast-track IFRS 9 rules in the revised Capital Requirements Regulation, but are also urged to clarify them
FCA: ‘wait and see’ if Mifid swaps rules are ready in January
Trading obligation consultation due by May, as industry urges clarity rather than speed
Systematic internaliser loophole ties Mifid in knots
Banks warn attempts to limit connections between SIs could undermine best execution
Dollar deposit mystery highlights non-US bank funding risks
Liquidity resilience is uncertain as offshore deposit financing replaces prime money funds
Brexit and financial regulation: a delicate negotiation
The UK needs access, the EU needs regulatory data, but a mutually beneficial deal could be elusive
Emir review delayed until June 7
Postponement increases risk of entangling the review with Brexit euro clearing debate
Swinburne hits out at ‘politicised’ EU equivalence process
Politics could further frustrate equivalence decisions in the future, particularly after Brexit, warns MEP
Hazy guidance causes chaos on first day of VM regime
"We don’t know what the rules are," says one senior banker
Vague VM relief criteria creates trading uncertainty
Banks face lack of clarity on extent of margin rule forbearance
Start-up looks to break swaps clearing bottleneck
Sernova promises everything an FCM can do – apart from taking risk
Deal or no deal? US divided on EU insurance agreement
Benefits of mutual recognition may encourage Trump administration to keep Obama’s last act
EC rebuffs euro clearing relocation policy in Emir review
UK pushes back against French demands to shift CCP business post-Brexit
Esma to referee AMF-FCA dispute over inducements
EU authority set to clarify whether buy side needs to pay for macro research in Mifid II
EC: regulators could adapt rules to protect bond liquidity
Official recognises regulatory hit to corporate bond and repo markets, but rejects Mifid delay
Regulators relent ahead of VM big bang
Firms with 'significant exposures' must stick to March 1 deadline, however