European Securities and Markets Authority (Esma)
EBA guidelines limit European banks’ exposure to shadow banks
The European Banking Authority has published guidelines limiting the exposure of European Union financial institutions both to the shadow banking sector and to individual firms within it
European regulation of investment firms needs reform, says EBA report
Micro-prudential regulation of investment firms in the European Union does not take proper account of risk and varies widely between countries and firms, an EBA report argues
Expected delay to non-EU central counterparty approval risks frontloading panic
Lawyers predict many CCPs will remain in limbo by the current December 15 deadline, which overlaps with the start of frontloading and ups the pressure on banks ahead of clearing requirement
European supervisors flag rising liquidity risks
Supervisors raise concerns over growing market liquidity risks, warning of the combined impact of technology, regulation and competition; asset managers a potential source of contagion
Esma official slams CFTC margin rules
US rules driven by competitive rather than prudential concerns, Fabrizio Planta charges
European supervisors want better data to support securitisation stress tests
‘Joint Committee’ proposes numerous disclosure requirements for securitisations, including giving investors enough information to stress test purchased products
Constâncio suggests new shadow bank powers for Esma
ECB vice-president again underlines need for supervisors to take on new tools and responsibilities for tackling shadow banks, but suggests at least some may be wielded by other bodies
MAS and Esma ink cross-border CCP clearing deal
MoU paves way for Singapore CCPs providing clearing services to European banks to obtain EU recognition while remaining subject only to MAS regulatory regime
Euribor rate-setting improvement ‘substantial’, say regulators
EBA-Esma report finds European benchmark setter has made ‘significant progress’ towards correcting previous governance failures, but six of 10 areas require further work
Shanghai Clearing House becomes fifth in Asia to start OTC clearing
First onshore renminbi interest rate swaps cleared in China; two international banks sign up to new clearing service
Frontloading fears remain despite Esma guidance
Uncertainty has been narrowed by Esma Q&A, but dealers say they will still face pricing headaches
Banque de France backs efforts to circumvent ratings agencies
Central bank gives scathing assessment of credit ratings agencies and supports Esma proposals to reduce reliance on ratings; Moody’s and S&P critical of the plans
ECB’s Russo: indirect clearing model needs work
Head of payments and market infrastructure at the ECB calls for greater clarity from regulators on the capital treatment of indirect clearing
Euribor and Eonia submission panels to be split
European Banking Federation says banks will have to re-apply to be on each panel to ensure only those active in the markets participate; confirms banks may be forced to make submissions
RBI ‘reluctant’ to apply for Esma recognition under current rules
Indian reticence over Emir steps up pressure on EC equivalency regime
Japan delays cross-border rules amid US and European uncertainty
Equivalence and substituted compliance issues must be resolved quickly, or financial markets will be affected, says Kono at Japan FSA
Eurosystem backs Barnier over Euribor submission
The Eurosystem supports Michel Barnier's desire for legal right to compel banks to participate in Euribor rate-setting; stresses need for private sector to lead rate overhaul
EU Parliament poised to reject two Esma technical standards on OTC derivatives
Parliament is unhappy with the treatment of corporate end-users, and could require Esma to redraft standards
EBA-Esma report slams Euribor administrator
Study uncovers ‘weaknesses and insufficiencies’ in benchmark rate-setting process and says prompt action must be taken to address shortcomings
EU clearing mandates unlikely before August 2013
The first clearing mandates are unlikely to be in place in Europe before August 2013, says Bank of England’s head of payments and infrastructure division
Euroclear’s Wicks named as new BBA chairman
Esma and PRA heads endorse appointment of European Securities Regulation ‘wise man’ Nigel Wicks as chairman of the British Bankers’ Association
Esma under pressure on Emir implementation
A public hearing on Emir draft technical standards has left market participants concerned regarding both the implementation time frame and the asset classes covered by trade repositories and CCPs
Czech central bank concerned over Esma's power
National supervisors should be responsible for their domestic institutions, says Czech National Bank
Barnier leads crackdown on credit rating agencies
European Commissioner publishes proposals that will enable credit rating agencies to be sued by investors if they break EU rules "intentionally or with gross negligence"