Frankfurt Stock Exchange

Failure to enact solutions is holding CMU back

A panel of industry experts at an AFME conference called on EU authorities to focus on balance and investor outcomes as part of their regulatory review partly meant to infuse momentum into the Capital Markets Union

ESMA recognises three UK clearing houses as equivalent under EMIR

Three UK-based clearing houses have been recognised as eligible to provide their services in the EU, after the end of the transition period following the withdrawal of the UK from the EU on December 31, 2020, the European Securities and Markets Authority (ESMA) said in a statement.

Heather Adams

Banks can’t rest on laurels over operational resilience

With a second wave of Covid-19 sweeping through the UK, the operational resilience of banks and their suppliers is once again under the spotlight with many of their staff having to once again work remotely

Francis Maude

Growing EU-UK financial services rivalry driving divergence

The EU is making revisions to its regulatory framework suggesting that it wants to deregulate to take on the UK in financial services, a move which could see the two jurisdictions quickly diverge on their rulebooks.

European banks face slow recovery from Covid-19 pandemic

The profitability of big European banks is likely to remain under pressure in the third quarter as banks continue to notch up expected credit loss provisions due to the negative economic impact of the Covid-19 pandemic, according to Fitch Ratings

Capital requirements will eventually be influenced by climate stress tests

Prudential capital requirements for European banks will eventually be influenced by climate change stress tests said Fitch Ratings in a report as supervisors increasingly see the phenomenon as a looming threat

Nick Barnard

FCA likely to go after participants involved in cum-ex trading strategies

The UK’s Financial Conduct Authority is likely to pursue parties who were involved in cum-ex trading, a process for reclaiming tax rebates across the EU, as it sees the activity as an abusive trading strategy

Chri Burn

UK regulators must remain bold post pandemic

UK regulators acted decisively when the Covid-19 pandemic struck, but once it passes they must retain the initiative in the face of changed markets and a different environment

Fair value rule change could resurrect bank-sovereign ‘doom loop’, warns Fitch Ratings

EU banks could increase their carry trades in response to new rules insulating them from reporting fair value in response to movements in their sovereign bond holdings, according to a report from Fitch Ratings, with the risk that it could reinforce the sovereign-bank nexus that contributed to the last European sovereign debt crisis.

EBA and ESMA consult on suitability requirements for senior bank management

A consultation on revised joint guidelines concerning the assessment of the suitability of members of the senior management of banks was launched on July 31 by the European Banking Authority (EBA) and the European Supervisory Market Authority (ESMA).