Financial regulation
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EMIR reconciliation solution launched

EMIR reconciliation solution launched | Financial regulation | Scoop.it
The DTCC and TriOptima have launched a joint service to help with EMIR reconciliation problems, according to Waters Technology. One of the issues faced by firms where counterparties use differing trade repositories, with the potential of having different product identifiers along the way, was the need for repositories to reconcile (more…) http://bit.ly/1ysRpsP
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UK Chancellor back tracks on bankers bonuses

UK Chancellor back tracks on bankers bonuses | Financial regulation | Scoop.it
George Osbourne, the Tory UK Chancellor, gave up his bid to overturn the EU bankers bonuses cap, according to the Financial Times (paywall). The Tories have been awash with domestic anti-European sentiment due to local political difficulties and also have been trying to protect British interests in Europe given what (more…) http://bit.ly/1zTXITC
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EU delays clearing house rules

EU delays clearing house rules | Financial regulation | Scoop.it
Clearing house rules, which have created the prospect of US venues not being recognised for EU swaps trades, have been postponed by a further six months, according to Reuters. While this now gives breathing space to the EU and US to try and get their houses in order – until (more…) http://bit.ly/1vv2DvJ
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Calls for CFTC and SEC to merge

Calls for CFTC and SEC to merge | Financial regulation | Scoop.it
In the same week as the CFTC announced massive fines for forex manipulation, there have been calls for the CFTC and SEC to merge, according to MarketWatch. Naturally, the idea has been publicly rejected by both Timothy Massad, the CFTC chair and Mary Jo White, the SEC chair. When that (more…) http://bit.ly/1xNVN3G
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Swaps rules slammed by CFTC Commissioner

Swaps rules slammed by CFTC Commissioner | Financial regulation | Scoop.it
The US swaps rules have been slammed by a CFTC Commissioner writing in the Financial Times (paywall). J Christopher Giancarlo argues that the particular path for swaps definitions used by the CFTC was the wrong template and this has hampered forming international consensus around the US system. (more…) http://bit.ly/1zj1QMW
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European firms head for US derivatives trading

European firms head for US derivatives trading | Financial regulation | Scoop.it
Both the CME and ICE have posted recent upswings in derivatives trading in the US by European counterparties, according to the Financial Times (paywall). And like all complex matters, there are different factors to explain the positive European story from each exchange. The CME sees general European interest in interest (more…) http://bit.ly/1tSKLHQ
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MAS returns benchmark manipulation cash to banks

MAS returns benchmark manipulation cash to banks | Financial regulation | Scoop.it
A year after 19 banks were forced to lodge money with MAS in light of benchmark manipulation, the money has been returned to the firms, according to the Financial Times (paywall). On the basis that the banks have now apparently improved their governance and control systems around SIBOR and foreign (more…) http://bit.ly/1qt2dPu
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Singapore considering mandating OTC electronic trading

Singapore considering mandating OTC electronic trading | Financial regulation | Scoop.it
Singapore is considering whether to force OTC contracts onto electronic trading platforms or regulated exchanges, according to the Financial Times (paywall). The Monetary Authority of Singapore (MAS) as the local regulator is investigating whether it can amend existing legislation so it could mandate the use of electronic platforms for the (more…) http://bit.ly/1t7Ns4n
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IOSCO warns on trade repository proliferation

IOSCO warns on trade repository proliferation | Financial regulation | Scoop.it
IOSCO has warned that trade repository proliferation has created a problem of risk management through the collation of data across these infrastructures, according to the Financial Times (paywall). For the record there are 25 trade repositories in 11 jurisdictions. (more…) http://bit.ly/1wLS0By
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ESMA revamps its EMIR Q&A

ESMA revamps its EMIR Q&A | Financial regulation | Scoop.it
ESMA has issued an EMIR Q&A document to clarify a half dozen or so issues including matters like UTIs; there is a report on the doc in Risk (paywall). The modifications to the previous similar doc include statements about LEI usage, the UTI and a few other things. (more…) http://bit.ly/12Z9RMv
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FCA fines gone through the roof

FCA fines gone through the roof | Financial regulation | Scoop.it
FCA fines – and fines from its predecessor the FSA – have reached £1 billion in the last 2.5 years compared to a sum total of £320m in the previous decade, according to consulting firm, NERA Economic Consulting. And if that doesn’t make it look as though the FCA has (more…) http://bit.ly/1ysLKzG
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Regulators reposte Wobbly Wednesday accusations

Regulators reposte Wobbly Wednesday accusations | Financial regulation | Scoop.it
Regulators have responded to the Wobbly Wednesday accusations that their over-regulation has attacked liquidity on the marketplace, according to Bloomberg. When the volatility increase and sudden fall in security asset values hit, firms asserted that the lack of liquidity in the market was due to a mix of post-Crash regulation (more…) http://bit.ly/1FAUIj6
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EU bonus cap is the wrong policy, says Bank of England

EU bonus cap is the wrong policy, says Bank of England | Financial regulation | Scoop.it
The EU bonus cap is the wrong policy – so says the UK’s Bank of England, according to the Financial Times (paywall). This is the latest in the war of words between the two institutions which boils down to two tussles: one over the best way to control bankers’ performance (more…) http://bit.ly/1Fv5ebQ
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CCPs may need capital boost to protect taxpayers

CCPs may need capital boost to protect taxpayers | Financial regulation | Scoop.it
A senior official from the Bank of England has raised the prospect of CCPs being forced to hold more capital to prevent taxpayers picking up the bill if a bailout is required, according to the Financial Times (paywall). The idea is already applied to financial institutions and both the Bank (more…) http://bit.ly/1vMtW4S
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SEC forces US exchanges to sort out IT

SEC forces US exchanges to sort out IT | Financial regulation | Scoop.it
The SEC is forcing US exchanges and certain market participants to sort out their IT, according to the Financial Times (paywall). Not only will they have to ensure their systems are up to the j0b, but they will need to subject them to regular – and presumably rigorous – testing, (more…) http://bit.ly/1HCWXDD
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Fed set to bash Britain over LIBOR

Fed set to bash Britain over LIBOR | Financial regulation | Scoop.it
The US Fed is organising a meeting in New York, to be hosted by Nasdaq, to discuss alternatives to LIBOR, according to Nasdaq’s web site, which is directly quoting Dow Jones Business News (paywall). Wall Street banks and regulators from Europe and Japan have been invited to join the discussion. (more…) http://bit.ly/1xKWOIM
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Comment: fixing manipulations speak to flawed firms

Comment: fixing manipulations speak to flawed firms | Financial regulation | Scoop.it
There have been a variety of announcements over the last few days from a variety of jurisdictions over various fixing manipulations, fines and other matters. While my temptation has been to run an article on each event, I have held back because I figured enough other, better folk would do (more…) http://bit.ly/1zTrkDH
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US to U-turn on Volcker Rule

US to U-turn on Volcker Rule | Financial regulation | Scoop.it
The Federal Reserve is considering altering Dodd-Frank to loosen definitions within the Volcker Rule, according to Bloomberg. Two amendments are up for grabs: a delay in its implementation and changes to the definition of what should be separated from ordinary banking. (more…) http://bit.ly/1weaMzL
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ICE wins gold fixing mandate

ICE wins gold fixing mandate | Financial regulation | Scoop.it
Despite the assertion that whoever won as benchmark administrator for the silver fixing would win the gold fixing mandate, the actual winner of the gold race is ICE Benchmark Administration, according to the Financial Times (paywall). The new administrator will start running a new electronic system from Q1 2015 using (more…) http://bit.ly/1tSKDb9
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MAC swaps set to come to the fore

MAC swaps set to come to the fore | Financial regulation | Scoop.it
MAC swaps are likely to be part of the transformation of the OTC marketplace, according to IFR. The Market-Agreed Coupon swap is due to launch on a central limit order book by GFI with Javelin following later in the year. These swaps are standardised contracts which lend themselves to be (more…) http://bit.ly/1ojlC9T
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Dodd Frank hits energy companies as financial entities

Dodd Frank hits energy companies as financial entities | Financial regulation | Scoop.it
Subsidiaries of energy companies may be defined as financial entities under rules laid out in Dodd Frank, according to Risk (paywall). Needless to say these corporates are not happy at the prospect of having to conform to the US regulatory reporting demands and the fact that their OTC derivative trades (more…) http://bit.ly/10N71ta
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AIFMD boosts alternative funds despite itself

AIFMD boosts alternative funds despite itself | Financial regulation | Scoop.it
While regulators may have wanted to put major boundary fences around them, instead alternative funds have seen increased inward investment, according to the Financial Times (paywall). On both sides of the Atlantic, hedge funds have been boosted by needing to comply with regulatory obligations. (more…) http://bit.ly/1wEDhsb
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European consolidated tape row murmurs on

European consolidated tape row murmurs on | Financial regulation | Scoop.it
A response has been published in the Financial Times (paywall) to the open letter from the BVI, among others, concerning the plans in MiFID II for a European Consolidated Tape. The letter has been penned by Mark Schaedel, who hunt his colours to the mast by trying to create a (more…) http://bit.ly/10uMs4n
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CHF LIBOR rigging fines issued

CHF LIBOR rigging fines issued | Financial regulation | Scoop.it
CHF LIBOR rigging fines have been meted out by the EU for manipulation which took place in 2008 and 2009, according to the Belfast Telegraph. RBS managed to avoid a cash penalty, however, by being granted immunity by revealing the existence of the cartel to the EU Commission. This contrasts (more…) http://bit.ly/1pDiukC
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LIBOR revamp moves to next phase

LIBOR revamp moves to next phase | Financial regulation | Scoop.it
The LIBOR revamp has moved to the next phase of operation with the release of proposals by ICE Benchmark Administration that it intends to standardises the methodologies used by banks to calculate their submissions, as well as expanding the kinds of eligible counterparties for the transactions to be included in (more…) http://bit.ly/1Fv5PKy
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