Financial MarketsRSS

GASB consults on guidance for shifting from Ibors to alternative benchmarks

The Governmental Accounting Standards Board (GASB) has published proposed accounting and financial reporting guidance to assist US state and local governments with the transition away from interbank offered rates (Ibors) to alternative reference rates.

Reasons for abnormal spikes in US repo rates puzzle analysts

Recent spikes in US repo market rates, sometimes as high as 10%, have been blamed on factors ranging from the Fed shrinking its balance sheet, technical glitches, regulatory reforms through to mishandling by the New York branch of the Federal Reserve. 

Fed’s Quarles calls for more certainty in cross-border regulation

The decade since the 2007-9 global financial crisis has demonstrated that expectations matter when it comes to regulating cross border finance, said Randal Quarles, vice chair of the US Federal Reserve Board and chair of the Financial Stability Board (FSB). 

EBA consults on synthetic securitisations

The European Banking Authority (EBA) is consulting on the criteria around labeling synthetic securitisations within the simple, transparent and standardised (STS) securitisation framework. 

EU-UK clearing concerns resurface around potential hard Brexit

The financial services industry is worried that contingency measures agreed between the EU and UK in the event the later leaves the union on October 31 without a withdrawal agreement, do not go far enough. 

Senator Warren expresses concern over credit ratings to SEC

US senator Elizabeth Warren  said she is concerned about the way credit ratings are assigned, particularly for securitisations, and has written a letter urging Securities and Exchange Commission (SEC) chairman Jay Clayton to investigate.

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Data charges split European traders

EU regulators are attempting to reform the way market data is priced amid industry complaints of excessive charging for data feeds by trading venues, but the regulatory process for addressing this is proving to be painfully slow 

SEC commissioner calls for reassessment of best execution

Best execution and the order protection rule, which broker-dealers have to comply with, should be reassessed, said Elad Roisman, a commissioner at the US Securities and Exchange Commission (SEC). 

BIS worries about booming CLO market masking risks

The state of the securitisation market shares some characteristics with the conditions that prevailed in the run-up to the 2007-9 global financial crisis (GFC), the Bank for International Settlements (BIS) warned. 

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Norges Bank paper warns of faults with Libor replacements

A working paper from the Norwegian central bank points to some important flaws related to the alternative interest rate benchmarks being primed to replace the discredited Libor.