News
New EU state aid guidance may force insurers to adjust capital structure
Lawyers split on whether subordinated debt will be made convertible by law
High-frequency trader fined $3.1 million for market manipulation
CFTC, CME and FCA fine Michael Coscia and Panther Energy Trading in first case of its kind
Iosco softens index approach on final benchmark principles
The structured products industry has welcomed Iosco's publication of benchmark principles that promote softer treatment for equity indexes
Bank physical commodity trading attacked in US Senate hearing
Physical trading by banks said to inflate commodity prices, increase systemic risk and threaten shortage of beer cans
Esma takes ‘pragmatic’ stance on Emir evasion
Esma seeks to apply Emir overseas only where EU-guaranteed financial entities trade under non-equivalent regimes – while corporates are given free rein
Australia mandates OTC clearing to ensure substituted compliance
Global regulatory agenda drives switch from market-based incentives to clearing
G-Sii proposals signal acceleration of plans for global capital standard
But concerns about disjointed global accounting standards
Asia slow to sign up to IGAs for Fatca implementation
US makes slow progress in signing up Asian states for Fatca IGAs
European power and gas liquidity hit by Mifid II fears
European energy traders say worries about the impact of Mifid II are chilling activity in longer-dated power and gas
Solvency II interim measures 'misaligned' and 'overly prescriptive' say insurers
Eiopa urged to rein in draft measures in responses to consultation
Firms seen upping surveillance and self-reporting after Ferc fines
Ferc penalties against Barclays and other banks expected to bolster compliance with market manipulation rules
Bribery laws pose compliance challenge for energy firms
Oil and gas firms still face compliance challenge from anti-bribery laws, despite court judgement against Dodd-Frank disclosure rules
Libor scandal makes it tougher to hire forex traders
Banks are staffing up for a livelier foreign exchange forwards market, but taint of Libor rigging is limiting pool of new traders
'Opaque and arbitrary' systemic risk methodology frustrates insurers
Designated insurers could come off G-Sii list when revised in 2014
CME confronts swap future tax fears
Some users of the CME contract have avoided taking delivery of an OTC swap over fears it would be taxed as a loan
Insurers protect against Solvency II disqualification with transforming instruments
Aviva and Uniqa hybrids feature capital disqualification triggers
CFTC cross-border guidelines give US banks in Singapore swap trade booking quandary
Singapore dollar trade potentially hit by US person rule
FX could move to financial settlement under clearing pressure – GFXD’s Lam
Addressing the challenges of clearing deliverable foreign exchange products, Mandy Lam of the Global Financial Markets Association suggests more products could become financially settled in the future
Russell Investments creates global director of responsible investment
Russell Investments with $173 billion AUM has named a director of responsible investment to oversee global promotion of sustainable work practices. KB Associates names new senior consultant
VAR models need overhaul to apply CVA proxy rules, says EBA
EBA surprises industry with eleventh-hour guidance that spread simulations – not just initial levels – should account for rating, region and sector
Esma approves more MoUs before July AIFMD deadline
The EU regulator has approved a slew of memorandums of understanding with seven more global regulators, paving the way for continued marketing of hedge funds inside and outside Europe
Strong performance and inflows push global hedge fund AUM to record $2.41 trillion
Positive hedge fund performance and more net inflows from investors boost assets under management to an all-time high of $2.41 trillion, according to Hedge Fund Research data
Hedge fund managers not ready for AIFMD
Two-fifths of hedge fund managers are waiting for the finalisation of EU regulations before taking action to become compliant, according to a survey by Preqin on implementation of AIFMD
BlueBay Asset Management names head of credit strategy
BlueBay appoints head of credit strategy. Goldman veteran joins Citi’s prime brokerage while Guggenheim Fund Solutions appoints head of hedge fund solutions for Europe