FCA confirms post-Brexit cooperation deals with EU regulators
UK watchdog says agreements remain “relevant and appropriate”.
ESMA
ESMA relaxes MiFID II call recording rules in wake of COVID-19
The EU regulatory body recognises limitations created by the virus.
ESMA postpones CSDR settlement discipline regime
EU regulator gives market six more months to prepare.
ESMA issues final report on SFTR, tackles non-EU LEIs
European regulator posts final notice before SFTR’s April live date
FCA should overhaul EMIR supervision, says ESMA review
FCA ranks bottom among six major EU competent authorities for EMIR data supervision.
Reality Clash looks to make cash splash with cryptocurrency trading
While the fintech industry is no stranger to initial coin offerings (ICO) as a method of sourcing capital for start-ups, a firm is offering a novel way to make money via cryptocurrency trading.
Analysis: MiFID II – the new transparency regime
Having been a fixture on the regulatory agenda for years, the go-live date for MiFID II is now rapidly approaching. On 3 January 2018, the second iteration of Europe’s Market in Financial Instruments Directive and Regulation will bring in sweeping changes to the financial markets on topics such as product governance and suitability, transaction reporting, commodities position limits and transparency.
CME Group granted EU clearing house recognition by ESMA
European Securities and Markets Authority (ESMA), a pan-European financial regulatory body, has finally approved CME Group’s application to offer central counterparty (CCP) services in the EU. The temporary approval was granted last autumn, but it is only now that ESMA has added CME to its list of recognised CCPs for Europe on a permanent basis. […]
European Commission asks for ESMA rethink on MiFID II
MiFID II is delayed yet again as the European Commission (EC) asks the European Securities and Markets Authority (ESMA) for a “rethink”. ESMA has received a letter from EC concerning certain parts of the regulation draft. EC wants a rewrite of three technical standards that govern trading on commodities, exemptions for companies providing support market […]
Regulations raise new questions about industry standards
Financial market regulations across the globe are increasingly focusing on risk management. This includes ensuring it is clear who firms are trading with and for, and confirming that firms can identify the instruments being traded. As a result, the field of reference data is increasingly held under the regulatory microscope and that lens extends to the standards used to identify financial instruments, writes Chris Pickles.
ESMA trade reporting standards “could decide” future of markets
The European Securities and Markets Association is consulting financial institutions on which messaging protocol and data formats would be best for trade reporting under MiFIR. As the timeframe for reporting comes ever closer to real-time, the consequences could be serious.
ESMA: ‘crowdfunding would benefit from regulation’
The European Securities and Markets Authority says that crowdfunding platforms are incentivised to operate in a way that they fall outside existing regulations, which is holding back their growth and increasing risks for investors.
Ready for the ‘summer of 39’ aftermath?
This summer, regulatory pressure on financial services firms has ratcheted up to unprecedented levels. Many may have breathed a sigh of relief as Dodd-Frank rule-making slowed … but the respite was only fleeting. Since July, the industry has been bombarded with 39 new consultation papers in the EU and UK alone
EMIR trade reporting deadline takes effect – but where are the standards?
New European rules that require banks, brokers and clients to report their daily market positions and collateral values to trade repositories came into effect yesterday. But European regulator ESMA made no clarification about models, leaving the question of how to report up to the market. That could cause problems, market participants have warned.
Know thine algo: how to define it, prove it, tame it. Part 1
Regulators across the globe appear divided on the question of whether tighter control of algorithmic trading is necessary: the Australians are pretty laid back about it, the Germans are ahead of the game, while political debate rages in the US …
MiFID II headache intensifies as ESMA deadline draws near
MiFID II could cause serious problems for banks, brokers and other market participants in the run up to the January 2017 implementation, according to executives attending a meeting chaired by the European Securities Markets Authority in Paris earlier this week.
ESMA defiant over OTC trade reporting guidance
The European Securities and Markets Authority has disputed claims that it should be doing more to help financial institutions connect with trade repositories, following industry complaints that the regulator has not allowed enough time, has issued key specifications at the last minute, and is now scaling back its involvement with the job unfinished.
ESMA begins consultation on MiFID II technical standards
The European Securities and Markets Authority has launched a consultation on the implementation of MiFID II, the long-awaited legislation from the European Commission which was recently approved by the European Parliament. The consultation seeks to translate the principles agreed in the draft text into more technical standards which will be directly implemented across the 28 member countries of the EU.
Trade reporting uncertainty raises “multiple problems”
Nearly three months after the European Commission’s 12 February deadline for trade reporting, market participants are still not ready to report their derivative trades and serious problems remain with understanding the rules.
Transparency: the new wonder drug?
While transparency may be seen as a new wonder drug that will cure all the industry’s ills, it does not come without side effects, so it was refreshing to see ESMA promoting a collaborative approach with the industry in defining the details of how MiFID II and MiFIR are implemented.
ESMA looks for guidance on CSD technical standards
European securities regulator ESMA has published a discussion paper asking for public feedback on the technical standards that should be used for CSDs, including registration, settlement discipline, confirmation rules, acceptance or rejection of terms, as well as access to CSDs by other CSDs and market participants.
Final countdown to EMIR underway
A week before the final reporting deadline for the European Commission’s EMIR regulation, tech firms are making a last push to get OTC trade reporting up and running.
The battle for benchmarks: divisions in the ranks?
With lots of different regulatory benchmark efforts now underway, the industry could be forgiven for not taking a common stance. With IOSCO issuing final principles, ESMA and the EBA are simultaneously consulting on a European set of principles. Meanwhile the UK is moving ahead with its own reforms.
ESMA kicks off latest OTC derivatives clearing consultation with discussion paper
European securities regulator ESMA has started the latest round of consultation on OTC derivatives clearing with the release of a discussion paper on regulatory technical standards for the European Market Infrastructure regulation, the new pan-European rulebook.
ESMA guidelines could reshape European market making
New guidelines published earlier this month by European regulator ESMA could have a major impact on market making across Europe, according to Matthew Coupe, director of regulation and market structure at NICE Actimize.
March deadline for code to tackle fixing of interbank lending rates
European regulators have until March to impose a code of conduct on banks contributing to the creation of the Euribor interbank lending rate benchmark. The deadline is included in recommendations published by the European Securities and Markets Authority and the European Banking Authority following their joint work on benchmark rate-setting processes in the wake of the Barclays Libor scandal and other rate-fixing revelations.
