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December 2, 2013

Weekly Roundup | European & General Regulation | 3 December 2013

European Regulation

IOSCO Raises Further Concerns to Regulators on EMIR CCP Recognition Process

On 22 November 2013, the Asia-Pacific Regional Committee of the International Organization of Securities Commissions (IOSCO) published another letter to European Commissioner Michel Barnier expressing concern about the recognition process for Asia-Pacific Central Counterparties (CCPs) under the European Markets Infrastructure Regulation (EMIR). Regulatory Reform blog: IOSCO Raises Further Concerns to Regulators on EMIR CCP Recognition Process.

Changes to the European Market Abuse Regime: How Can Your Firm Prepare?

The Market Abuse Regulation (MAR) was adopted back in July. However, the key changes have yet to show up on many people’s radars. RegTechFS: Changes to the European Market Abuse Regime: How Can Your Firm Prepare?

SEB's Fors: T2S Threatens Custody Offerings

Goran Fors, global head of custody at SEB, says T2S will increase costs substantially in local custody markets at a time when declining revenues are leading banks to question whether current operating models are sustainable. Risk: SEB's Fors: T2S Threatens Custody Offerings.

Preparing for Change

Sponsored by BNP Paribas Securities Services and Société Générale Securities Services, a panel of experts convened at the Sibos 2013 conference, held in Dubai in September, to discuss the effects of Target2 Securities, the Alternative Investment Fund Managers Directive and predictions for the sub-custody market in the coming year. Risk: Preparing for Change.

 

General Regulation

Turkey Day: What Will We Be ‘Thanking’ Regulators for in 2014?

With new arrivals from big names including FATCA, MiFID, Dodd-Frank and the AIFMD, 2014 is set to be another eventful year in the regulatory space.  So what are the top ten themes to watch for? RegTechFS: Turkey Day: What Will We Be ‘Thanking’ Regulators for in 2014?

What Did He Just Say?

Quoth Tarullo: To date, over-the-counter derivatives reform is the primary example of a post-crisis effort at market-wide regulation. Given that the 2007–2008 financial crisis was driven more by disruptions in the SFT markets than by disruptions in the over-the-counter derivative markets, comparable attention to SFT markets is surely needed. Deus Ex Macchiato: What Did He Just Say?

Iosco Warns of Risks of ‘Weak’ Cross-Border Dispute Resolution

Financial markets risk fragmentation and rising costs because of “manifest weaknesses” in the tools for resolving cross-border disputes, a senior watchdog has warned. FT: Iosco Warns of Risks of ‘Weak’ Cross-Border Dispute Resolution.

Real-World Impact of Derivatives Reforms

Original research project finds that derivatives end users face higher costs and heavier workloads, but they aren't moving away from derivatives for hedging financial risks. Treasury & Risk: Real-World Impact of Derivatives Reforms.

PRA Protects Clearing from Leverage Ratio Hammer-Blow

Banks say leverage exposure "could be halved" after PRA acts to safeguard business. Risk: PRA Protects Clearing from Leverage Ratio Hammer-Blow.

 


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