AFME counters ‘inaccurate’ claims that OTC and SI are muddying equity market transparency

EU policy-makers are potentially being misled with “incorrect data” to favour entrenching the dominance of exchanges, the Association for Financial Markets in Europe (AFME) said in a report released on June 1.

Jessica Camus

EU’s green taxonomy struggles on the details

The sprawling EU sustainability taxonomy is fiendishly complex, politically contentious and monumental in its practical scope. It suffers from yawning data gaps, and some feel its credibility is being sabotaged by the very states that backed it at the outset. 

Arun Srivastava

Delayed CRR II poses risks of capital penalties for underprepared firms

The EU’s updated Capital Requirements Regulation is going live at the end of June, imposing stricter standards on banks and asset managers. Experts warn financial services firms of tough penalties for non-compliance. 

Liz Truss

UK allowed to apply for CPTPP membership

A Pacific trade pact has given the UK the green light to apply to become one of its members marking a significant pivot for the country following Brexit though there are doubts over whether it will do much for financial services.

David Strachan

UK interest rates swaps business haemorrhaging to US and EU

The City of London’s highly lucrative over-the-counter (OTC) derivatives market has come under assault from the US and EU with trillions of pounds of trading activity migrating out of the UK into those two jurisdictions in just March alone, according to a report by Deloitte and IHS Markit.

Blazing sun

ACPR finds French bank exposure to climate change to be moderate

French financial institutions will only be moderately exposed to climate change by 2050 said the Autorité de contrôle prudentiel et de résolution (ACPR), the Bank of France’s prudential regulation unit, in what it billed as the world’s first pilot climate stress test.

Lars Overby

Eurozone held in check by ‘paradox of strengthening’

Predictions that euro-area Covid NPL numbers would eclipse 2007-9 global financial crisis levels look premature, but the final figure and the correct policy response are still unclear.   

Nuclear and gas left out of first delegated act of EU green taxonomy

The decision on whether to include natural gas and nuclear as sustainable or transitionary in the EU green taxonomy has been delayed as the European Commission published its delegated act on April 21. 

Alex Frankl

Will climate stress tests boost financial services resilience?

As governments and regulators ‘race to the top’ with steeper climate targets and stronger policy actions, questions remain about the resilience of the financial sector to climate change and whether it is doing enough to support the transition to a low-carbon economy. The upcoming climate stress tests may provide some, if not all, of the answers. 

FCA consults on new prudential regime for investment funds

The Financial Conduct Authority (FCA) is consulting on changes to the UK Investment Firm Prudential Regime (IFPR) for investment firms subject to the Markets in Financial Instruments Directive (MiFID) II and aims to create a single, proportionate regime that reflects firms’ size and business.