The UK sticking relatively close to the Basel framework will nonetheless mean that it will diverge further from the EU, which is opting to pursue more exceptions in its capital rules.  

The European Commission’s proposals on euro clearing seem to have been significantly influenced by Brexit and geopolitical factors, potentially placing the bloc’s derivatives industry in a stronger competitive position.

It is tempting to dismiss the UK government’s plans to scrap banker bonus caps, reintroduce a competitiveness mandate for regulators and to potentially dilute conduct rules to turbo charge the City of London’s growth as a return to casino capitalism. The reality is somewhat more nuanced.

Payment for order flow in equities markets is proving one of the toughest issues to crack in the EU’s review of its market rules and is likely to be tackled last by policy-makers.

China’s Cross-Border Interbank Payment System does not pose an immediate threat to the dollar, the US-centric global payment system nor the country’s ability to wage sanctions. But this could change further down the road.

Too little attention is being paid to non-bank financial institutions as risks have built up in the financial system following the dramatic pivot away from ultra-low interest rates and resurgent inflation, a UK parliamentary committee was told.

The over-the-counter swaps market has taken a major step towards a new system of digital reporting that promises to vastly improve regulatory data quality and deliver big efficiencies to participants.