European Securities and Markets Authority (Esma)
Esma releases first crop of position limits
Regulator moving away from publishing all limits in November
Esma backtracks on account segregation
Status quo protected for rehypothecation of collateral in tri-party, securities lending and prime brokerage
Mixed motives threaten messy outcome in euro clearing row
Stability, oversight, Parisian ambition, repo haircuts: LCH is under attack from all sides
Tradeweb’s Mifid bilateral trading plans draw fire
New process will class privately executed trades as on-venue to satisfy trading obligation
Dislocation policy: LCH exodus risks CCP basis blow-out
Questions about post-Brexit status of UK CCP could spark mass migration – and severe volatility
CCP stress testing gets real
Quants propose technique to generate effective, plausible CCP stress-testing scenarios
LCH users weigh early exit as fears grow of EU ban
Two CCPs report interest from LCH customers; banks expect first book transfers in early 2018
Esma adviser says position limits to be published in Nov
Task force member warns of market “disorder” in tight window before Mifid II goes live
EU money fund rule threatens negative rates management tool
Constant net asset value funds may have to change format during prolonged spells of negative rates
Swaps users face potential margin bill for Libor transition
New margin rules could snare legacy trades amended to reference alternative rates, lawyers warn
Energy firms expect to escape Mifid II without cutting books
Esma data suggests ancillary activity test will be easier to pass than industry feared
Mifid II cost disclosures pose risk to liquidity, warn banks
Dealers hope standardised methodology for some clients could mitigate impact
Buy side unimpressed with Mifid II cost transparency rules
Clients question value of receiving dealers’ swaps profit margin data
Numbers game: Mifid guidance adds to swaps trading confusion
Market participants say using strike price to determine trading obligation will be impossible
Energy firms say looming EU reporting rules too broad in scope
SFTR vagaries cause confusion over commodity-specific transactions
ECB and Esma would call shots on euro clearing
Proposals give central bank and regulator the power to bar biggest third-country CCPs
EU regulators stymied by Esma on electronic access
Treatment for third-country firms unknown until European Commission makes equivalence decision
EU rules delay sparks fears over indirect clearing
CCP members must offer new arrangements for exchange-traded derivatives in January 2018
Doubts plague Emir reporting clean-up
Industry still advocates single-sided reporting as a way to improve EU swaps data quality
Banks split on Mifid II pre-trade compliance
Esma promises guidance, but some say ‘firm, executable’ quotes are impossible
The Dark Ages: US and EU unite in position limit vagaries
Regulators’ inactivity infuriates commodities markets
Too little, too late: Esma data won’t fix energy firms’ Mifid woes
Data confusion and unworkable exemption timeframe risk commodity market disruption
Emir review could push securitisations into the dark
Subjecting deals to margin requirements would be a further blow to STS securitisation concept
Deutsche Börse exec backs euro clearing landgrab
Swiss CCP operator Six x-clear defends current equivalence regime