Europe
Mifid costs data leaves swaps users in the dark
Dealer charges can’t be compared, critics complain; banks already bracing for review
Industry expects fresh guidance on Mifid swaps transparency
Firms might need time to change their systems if Esma alters May 2017 guidance significantly
VM rules sound death knell for forex swaps in Europe
Market participants claim instrument was a “mythical creature” that never really existed
FCA system failure throws Mifid data into doubt
Esma could be left with an incomplete list of instruments subject to reporting requirements
Reinsurers take on role providing Solvency II capital relief
Firms such as RGA are covering surrender risk, offering to replicate matching adjustment
Upholding values: bondholders demand resolution transparency
Banco Popular case could have wider implications for future bank bail-ins
People news: SocGen promotes Garnier to head sales
Plus: Citi's Chen joins Deutsche; Mizuho hires corporate derivatives head; and more
‘Catching the outliers’ does not always make sense for Basel
The capital impact of Basel III on Nordic banks is disproportionate to the risks they face
Platforms win small on Mifid day one
Some dealers stopped quoting bilaterally on smaller bond trades
Maijoor defends late LEI relief amid industry frustration
Esma chairman says early Mifid relief would have removed incentives to register LEIs
Asian administrators in denial on EU benchmarks regulation
Non-EU benchmarks have until 2020 to comply, but swaps contracts may need to change immediately
Buy-side firms ice repo clearing plans as spreads tighten
Resurgent bilateral market a headwind for services at Eurex and LCH
Trade surveillance shouldn’t deter traders
Monitoring costs are forcing commodity players away from market participation, say consultants
Industry slams ‘unhelpful’ last-minute Mifid LEI relief
Esma’s six-month respite “too little, too late” to avoid no-trade lists on January 3
North-South divide: Basel makes Nordic and Dutch banks bristle
Lobbyists confident EU policymakers can be persuaded to implement softer credit risk rules
EBA steps up bonus cap pressure on Dutch prop traders
Dutch regulator told to “pay attention” to pay rules EC plans to scrap for non-banks
Basel delay does not ensure global FRTB consistency
A European Parliament draft would let supervisors decide response to P&L attribution test fails
LCH and Eurex extend new swap VM treatment
Three US banks used method to cut swaps assets by more than $300bn in third quarter
EU shuts door on foreign electronic access providers
US FCMs could be barred from providing direct electronic access as member states bow to Esma
People: Shell’s Quartermain replaces Muller
Other moves at Morgan Stanley, Gunvor, Macquarie and others
EBF to update European master agreement
Derivatives and repo docs to be amended in light of new regulations, giving users an EU law option post-Brexit
Only 1% of bonds caught in first wave of Mifid transparency
Trax estimates 5% of corporate bonds will be subject to full transparency after four-year phase-in
Unlucky for some: Europe’s war on 13 Dutch prop traders
Liquidity hit feared as FlowTraders, IMC, Optiver and other non-banks face bank-style capital rules
OTF uncertainty adds to Mifid II guesswork
Commodity firms need clarity on new type of venues to adjust to imminent rules