Europe
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
Statoil braces for increased oil volatility
Changing market dynamics increase importance of trading, says Norwegian oil firm
Banks fear fresh burden from new EU branch supervision plan
EBA insists enhanced supervision of largest branches will not bring additional requirements
EC to miss Mifir equivalence deadline
Draft timetable would leave some jurisdictions inaccessible to European Union firms from January 2018
European Parliament vote on carbon market reforms seen as bullish
Energy traders welcome reforms seen as shoring up ailing EU carbon market
Why EU banks still refuse to die
A year on since BRRD came into force, the debate on taxpayer bailouts is far from resolved
Japan holds firm on VM deadline as Fed tracks progress
JFSA says no “strong reason” for delay; Bafin and Fed monitor developments
Mifid malfunction: Brexit breaks data foundations
Removing the UK from EU markets could derail new European trading and transparency rules