Level 3 assets
Hard-to-value assets abound at Nordic banks
Level 3 assets make up 25% of Norwegian firms’ fair value portfolios
Commerz tags €5bn of CLOs as hard-to-value
Buyers’ strike makes mark-to-market pricing impossible for structured credit
Natixis defers €120 million of trade profits in H1
French bank builds valuation reserve by 41% year-on-year
Big EU banks’ Level 3 assets up 25% in 2018
Hard-to-value assets rise €35 billion year-on-year
Barclays, HSBC, StanChart saw Level 3 assets rise 10% in 2018
Transition to IFRS 9 may be behind the increase
Level 3 assets at eurozone G-Sibs swell to €82bn in 2018
IFRS 9 likely contributor to first increase in Level 3 inventories since 2014
Citi, Goldman, State Street add $685m of complex assets
Private equity, asset-backed security and loan holdings drive increase in Level 3 instruments
Goldman, Wells Fargo grew hard-to-value assets in 2018
In contrast, the other six US G-Sibs slashed $4.4 billion of Level 3 assets on aggregate
Global banks shrink systemic footprint
The big banks trimmed total leverage exposure by €2.9 trillion (4%) in 2017
Swap books swell at big US banks despite lower risk profile
Total OTC derivatives notional among the eight banks is $222 trillion – a 2% increase on the quarter
Big European and US banks cut $280bn of complex assets
G-Sib methodologies incentivise shift to simpler assets
New risk data signals lower EU G-Sib scores
Aggregate 20% drop in Level 3 assets and 7% decrease in intra-financial system liabilities reported in 2017
Totem poll: users of Markit service call for change
Libor-like consensus methodology creates bad incentives, clients fear
FCA's Annex IV reporting system back up and running
Regulator will be lenient on latecomers as glitches resolved
Basel 2.5 prompts flurry of asset sales and risk transfer deals
The profits of imbalance
Level 3 committees respond to Commission
Daily news headlines
Cebs and Ceiops release 10 principles for supervisory colleges
Daily news headlines
CESR charts course for supervisory convergence on EU securities
Daily news headlines
Level 3 committees issue medium-term work programme
Daily news headlines
CESR publishes first Mifid Level 3 recommendations
CESR is out with the first in a series of Level 3 recommendations for the implementation of Mifid.