French delay on securitisation issue fuels bank concerns

The decision by the French banking regulator, Commission Bancaire, to delay issuing a clarification on a rule regarding the capital risk weighting to be applied to French securitisations, has caused concern among market participants.

Following considerable pressure from banks, Commission Bancaire last month agreed to issue a formal bulletin clarifying its April ruling on the regulatory capital requirements for subordinated tranche investors in French securitisations. The new French ruling appeared to state that all French regulated investors in the subordinated piece of a securitisation will need to deduct full capital against their holding. Previously, investors needed to hold only 8% – the current risk weighting measure

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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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