European Union (EU)
Libor to become third-country benchmark under no-deal Brexit
UK-based reference rate would need to gain EU approval by end-2019 to avoid “unthinkable” disruption
EU’s further intragroup clearing relief: banks want more
Esma proposes to extend exemptions from clearing obligation but industry wants permanent solution
Bank bail-in rules put European insurers at risk
The major buyers of bank debt could suffer a domino effect if the bonds are bailed in
Dealers sour on Mifid’s systematic internaliser label
SI decisions will take account of tougher pre-trade rules, client demand and Brexit
EU may let UK insurers break law to pay clients after Brexit
Member states likely to choose protecting policy-holders over suing firms, if UK leaves with no deal
Extra tools needed for bank resolution funding – EU official
Current €55bn fund may not be enough, says senior manager at Single Resolution Board
EU talks on prop firms leave door open to harsher pay rules
Final law could subject many firms to bonus cap, but even those that escape could struggle
Brexit threatens UK-based banks’ corporate repo funding
UK banks and UK bases of global banks fear losing valuable source of NSFR cash
Brexit deal talk ‘too late’ for departing brokers
Contingency plans are past point of no return, say venues
'No-deal' Brexit would add risk weights to EU government bonds
HSBC has most sovereign exposures that could attract higher capital charges among big UK banks
Own goal: Mifid II reduces transparency in some EU markets
New rules replace voluntary arrangements in ETFs and Nordic bonds, fragmenting post-trade data
Poor Mifid data could condemn OTC market to the dark
Many derivatives likely to fail first full liquidity test and escape EU transparency obligations
Q&A: EU’s Hübner on Brexit and future of equivalence
Top EU lawmaker discusses improvements to equivalence, contract continuity and clearing relocation
French banks’ leverage ratios rally on EU court win
Improvements of 10 to 30 basis points follow change to leverage measure
Benchmark bother: Europe frets over new risk-free rate
Unsecured fixing from ECB faces off against two repo-based rates, as 2020 benchmark deadline looms large
CLS seeking legal fix for Brexit settlement threat
Market infrastructure firm wants EU27 to protect trades in insolvency by tweaking local laws
Regulatory arbitrage: a crime, or a warning?
It could be unwise to ignore disproportionate regulatory impacts on specific business lines
ECB mulls response to French leverage ratio exemption
Supervisor could rewrite justification annulled by EU General Court, or appeal the ruling
Oversight row could block EU firms from US clearing – Giancarlo
Europe’s planned post-Brexit CCP reforms “irreconcilable” with US rules, says CFTC chief
Leverage ratio redux: the fallout from French bank court win
EU countries could seek to benefit from exclusion of state-backed deposits from leverage ratio
SOFR, leverage and life after London
The week on Risk.net, July 14-20, 2018
EU banks get different MREL levels and deadlines
Average bail-in requirement is 28% of RWAs
Nordea plumps bail-in buffers as it moves to Finland
Nordic bank plans €10 billion senior non-preferred debt issue by 2021
FCA could kill off Libor, says Bailey
Warning breaks new ground, provoking immediate responses at CFTC meeting