European Commission (EC)
EU talks on prop firms leave door open for harsher pay rules
Final law could subject many firms to bonus cap, but even those that escape could struggle
BoE to authorise EU CCPs ‘at 00:01’ on Brexit day
Central bank hopes plan to preserve access for EU CCPs will be reciprocated
EU sparks hopes of securitisation margin reprieve
Optimism over EU Council amendment, but Parliament will still have to approve
European Commission backs FX forwards margin exemption
Need for change is “undisputed”, official says, but short-term relief expected to come via forbearance
Banks reportedly preparing to settle EU FX probe
Barclays, Citigroup, HSBC, JP Morgan, RBS, UBS and two other institutions set to pay out billions of euros, according to Financial Times
EU and US regulators agree on margin equivalence
As the regulators take a common approach, Mifid II-regulated venues look set to be exempt from Sef registration requirements
XTX to become equities SI under Mifid II
The non-bank market-maker will opt into the regime for European equities, regardless of its share of the OTC market
London Stock Exchange Group boosts LCH stake
LCH’s activity has ballooned over the past 12 months, with its ForexClear platform clearing more than a trillion dollars’ worth of non-deliverable forward trades in August
Commission should have power to order CCPs to relocate to EU – Cœuré
The power would be one among many, says ECB executive board member
UK clearing houses could be moved to European Union
European Commission proposal comes days before divorce negotiations are set to begin between UK and EU
Esma submits technical standards on non-equity tape
Given the complexity of the non-equity universe, Esma says it has taken a more pragmatic approach to the non-equity consolidated tape
LSE and Deutsche Börse deal collapses
EU commissioner Margrethe Vestager blocks merger attempt over monopoly concerns
EC draft rejects single source data model for TCA
Under the proposed RTS for the EU’s Priips, financial firms will not be able to use a single source of data to compile transaction cost analysis
EC signals staggered entry for Mifid II trading obligation
Rules for derivatives may take effect after January 2018 to allow for US equivalence deal
Saxo: euro/dollar parity possible early next year
John Hardy, head of FX strategy at the bank, holds a EUR/USD view of 0.98 for Q1 2017
Industry applauds 12-month Priips delay
Firms say Mifid alignment will minimise legal risks of key information documents
SFO spells end to criminal FX-fixing cases, Hausfeld says
Little prospect of further European investigations as fraud office drops enquiry and new UK class action regime limits possibilities
EC delays Mifid II until January 2018
The extension aims to avoid legal uncertainty and potential market disruption
FCA to defy Europe on forex forwards reporting
UK regulator will not require forex forwards to be reported – contravening European policy – until Mifid II forces it to change
Esma's latest FX consultation branded ‘pointless’
Regulatory playing field will remain unequal in EU, say market participants
Esma must use FX derivative definition delay wisely – WMBA
Fears that delay risks entrenching confusion over trade-reporting rules
Currency derivatives - regulating with consistency
The chief executive and chairman of the Wholesale Markets Brokers' Association (WMBA) say regulatory complexities have left market participants in the dark on derivatives
Trading Places, April 21, 2014
Moves at Morgan Stanley, Mitsubishi UFJ, BAML and the European Commission in this week's Trading Places
WMBA says EC's FX spot consultation misses the point
Trade body hits out at European Commission’s consultation on FX spot definition