Six EU securities regulators coordinate the lifting of their short selling bans, but have left open the possibility of reimposing them should extreme volatility reignite again
Financial Markets
Industry wins one-year reprieve on initial margin rules
Around 1000 smaller financial firms have been granted another year by global standard-setters to comply with margin requirements for non-centrally cleared derivatives due to the Covid-19 fallout.
SFC takes action to ensure continued integrity of Hong Kong’s markets
Following extreme bouts of market volatility, the Hong Kong Securities and Futures Commission (SFC) said it is pursuing a flexible approach so that markets continue to function properly, while safeguarding market integrity and investor protection.
Covid-19 gives US dollar Libor new lease of life
The impact of the Covid-19 pandemic on the economy and banks has breathed new life into Libor with the US Federal Reserve being forced to use the rate for its emergency funding programme
Fairweather market-makers push liquidity risk to buy side
Bouts of liquidity shortages in key capital markets, such as in US Treasuries, has seen some in the industry call for a rethink of rules governing markets and their participants
New York state steps forward with solutions to legal issues around Libor transition
A proposal by the New York state legislature to diffuse the legal uncertainty and adverse economic impacts on the move to alternative interest rates has been released by the Alternative Reference Rates Committee (ARRC).
ESMA delays tick-size regime for SIs
National competent authorities should not prioritise enforcing tick-size rules related to trading by systematic internalisers (SIs), the European Securities and Markets Authority (ESMA) said in a statement.
Libor reforms are an opportunity for banks to become more client centric
Regulatory demands to phase Libor out of the global financial system has been one of the toughest challenges for banks, yet this could present a silver lining for those willing to take the task head-on
PBoC readying new laws to launch digital currency
The People’s Bank of China (PBoC) is a step closer to launching a central bank digital currency (CBDC) having completed, with the help of private companies, many of the technical functions to support it.
Extreme volatility brings liquidity issues back to the forefront
The markets mostly functioned well during the recent extreme market volatility, but liquidity was highlighted as an issue suggesting that a number of rules may need to be revisited
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