Latest articles from Justin Pugsley

ESMA proposes streamlining certain MiFID reporting requirements

Certain ‘burdensome’ reporting requirements contained in the markets in financial instruments directive (MiFID) 2 look set to be streamlined under proposals from the European Securities and Markets Authority (ESMA) – a move welcomed by the industry.

New identifier launched to track cryptocurrencies

A new ISO standard identifier has been launched by the DTI (Digital Token Identifier) Foundation that enables the tracking of the top 100 cryptocurrencies by market capitalisation. 

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Some stablecoins could be labelled as systemically important

Global standard-setters are taking their first steps towards herding stablecoins into the regulatory ambit as their importance continues to grow worldwide, raising concerns about financial stability. 

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FCA warns firms over ‘work from home’ risks

Financial firms with staff working from home in regulated functions need to ensure this does not lead to damage to clients, market integrity, reduced competition or foster criminal activity, the Financial Conduct Authority said in a guidance notice on October 11.

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Transformed Bafin two-thirds of way through its reforms

Following the bruising Wirecard scandal, around two-thirds of the 40 measures to reform Germany’s Federal Financial Supervisory Authority (BaFin) have been carried out with the remainder close to implementation. Around 100 employees have worked on the project for seven months.

ticker tape

European Commission rejects idea of delayed consolidated tape

The EU needs a near real-time consolidated tape (CT) according to senior European Commission officials in rejection of having one with a 15 minute delay as proposed by a trade association representing exchanges.

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Concerns linger over US dollar Libor transition

A recent survey found that most financial institutions should have negligible US dollar London interbank offered rate (Libor) exposures by the end of this year. Nevertheless, pockets of concern remain despite continued warnings from regulators. 

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FCA takes ‘use it or lose it’ approach to regulatory permissions

Under proposed new powers, the UK’s Financial Conduct Authority could quickly revoke or alter certain regulated firms’ permissions, potentially making it harder to launch new products. 

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Bad insolvency regimes keep Europe’s zombie firms alive

Propping up zombie firms beyond the point of viability is often blamed on the banks that continue to support them. However, inefficient resolution regimes might be the real cause. 

Coinbase shelves stablecoin Lend product after pressure from SEC

Following warnings from the US Securities and Exchange Commission (SEC), the cryptocurrency exchange Coinbase has shelved the launch of its ‘Lend’ product, which was to pay 4% on a US dollar stablecoin called USDC.