Financial MarketsRSS

Spanish parliament passes FTT on share trading

On October 7, the upper house of the Spanish parliament passed a bill authorising a financial transaction tax (FTT) that will take effect in January 2021, and is designed to raise funds to support the Covid-19 hit economy. 

FSB publishes Libor transition road map

The Financial Stability Board (FSB) is upping the ante on firms to move away from the London interbank offered rates (Libor) by the end of 2021 by publishing a transition roadmap.

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MiFID II: how firms can ensure compliance for year three

MiFID II is a demanding piece of legislation and it is therefore crucial that financial firms monitor regulatory guidance and invest in technology to remain compliant.

Algorithms help FX market, but also present challenges, says BIS

Advances in algorithmic trading may have helped price discovery, but have also introduced new risks to the market

ISDA publishes fallbacks amid concerns over Libor cessation readiness

On October 23, the International Swaps and Derivatives Association (ISDA) launched its interbank offered rate (Ibor) fallbacks supplement and Ibor fallbacks protocol amid concern that some market participants are still lagging in their preparations to transition to alternative interest rate benchmarks. 

Certain entities exempted from swaps clearing requirement by CTFC

Final rules exempting swaps entered into by certain entities from The Commodity Futures Trading Commission’s swap clearing requirement under the Commodity Exchange Act (CEA) have been passed by the CFTC. 

European Commission HQ

Success of CMU hinges on a workable consolidated tape

Establishing a consolidated tape is an essential component for making the capital markets union work, according to a senior European Commission official who reiterated that it is a top priority for EU policy maker

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

Gavel

Transition to new interest rate benchmarks remains challenging despite DOJ ruling

An important set of protocols to help the transition away from the tarnished Ibors to alternative interest rate benchmarks have been given the green light by the US Department of Justice, but the industry still faces an uphill task in being ready on time 

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.