Three consultation papers looking at how third country central counterparties (TC-CCPs) should be regulated have been launched by the European Securities and Market Authority (ESMA) with feedback requested by July 29.
Financial Markets
London loses crown as top financial centre amid Brexit worries says Duff & Phelps
The City of London has lost its position as the world’s top financial centre to New York said Duff & Phelps in a report, while confidence in Hong Kong continues to grow.
Consequences of MiFID still unfolding ahead of pending review
Market participants and trade associations are drawing up ‘wish lists’ ahead of the European Commission’s review of MiFID II and MiFIR
Financial transaction tax bill presented to US lawmakers
A bill designed to levy a tax on financial transactions has been presented to lawmakers by Democrat Senator Bernie Sanders and is supported by Democrat congresswoman Barbara Lee.
US financial infrastructure given clean bill of health by CPMI-IOSCO
The US has fully implemented the principles for financial market infrastructures (PFMI) relating to payment systems (PSs), central security depositories (CSDs) and securities settlement systems (SSSs) said the global bodies, which oversees these standards.
Judge dismisses market manipulation case against CBOE Global Markets
A federal judge gave CBOE Global Markets a reprieve from an investor class action lawsuit by dismissing it on the basis that the plaintiffs failed to convincingly prove that the exchange was collaborating in the manipulation of some of its indices.
Facebook holding talks with CFTC over digital currency
The social media group Facebook is holding talks with the US Commodity Futures Trading Commission (CFTC) over its plans to launch a new digital currency to spearhead its move into payments.
Consultation launched on Eonia changes and switchover
The working group on euro risk free-rates launched a consultation on the methodology changes to the euro overnight index average (Eonia) starting October 2019 and its planned discontinuation at the end of 2021.
Fed urges firms to focus on transitioning towards alternative rates
In a pre-recorded video to the Alternative Reference Rates Committee (ARRC), Randal Quarles, the vice chairman of supervision at the US Federal Reserve Board reiterated the need for firms to keep up preparations for the end of the London Interbank offered rate (Libor).
Shift to alternative rates slowed by accounting issues
The regulatory driven shift away from Ibors to alternative near risk free rates is happening surprisingly quickly, but could be even faster if various accounting and operational issues are addressed more swiftly
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