European Commission (EC)
Cesr studies MTFs in July amid Mifid revamp
MTFs and dark pools policy positions to be announced, Cesr urges industry participation in consultation
Delay of aviation EU ETS inclusion ‘unlikely’
Experts doubtful over a delay to aviation's entrance into the EU ETS due to the volcanic ash cloud, after Lufthansa CEO calls for delay until 2013
BIS position on OTC clearing eligibility at odds with EC
BIS top economist suggests all OTC derivatives could be standardised and sent to CCPs, but EC favours a more measured approach to determining clearing eligibility.
EC derivatives consultation stops short of detail on corporate exemptions
Long-awaited derivatives proposals focus on standards for central counterparties that clear OTC derivatives.
EC proposes tough shorting rules but stalls on CDS ban
Shorting shares and bonds could be restricted or even banned under new EC proposals, but naked credit default swaps are safe for now.
EC accelerates consultation on beefed-up short-selling proposals
Under pressure from member states, the EC expects to adopt new short-selling rules by September.
European derivatives draft to be published for consultation within days
EC derivatives legislation set to be far more detailed than US financial reform bills, and open to industry comment before final adoption.
European Parliament’s IAS 39 clearing eligibility proposal criticised by accountants
Accountants condemn a proposal to use IAS 39 as a means to determine whether a derivative has to be cleared through a central counterparty.
Dealers and legislators left disappointed by CPSS-Iosco recommendations
Proposals on risk management by CCPs should be more detailed, say participants
Risk roulette on eurozone scenarios
The European Union and International Monetary Fund agreed a €750 billion emergency loan package in early May, aimed at averting a sovereign default and wider crisis across the eurozone. Nonetheless, banks have been preparing for the worst, stress testing…
Third countries dominate AIFM negotiations
The question of how to deal with funds and managers based outside the European Union (EU) is proving the main dividing point in negotiations over the alternative investment fund managers (AIFM) directive.
Brussels calls for European ratings supervisor
European Commission proposes new body to oversee all credit ratings agencies operating in the European Union; security issuers must provide information to all agencies to boost competition
Cut derivatives volumes down to size, says European Parliament report
European Parliament committee calls for a smaller derivatives market, citing "distorting" effect.
AIFM provision threatens depository banks
New EU directive ups depository bank liability and could force some banks to exit the market
New kids on the block
As the traditional retail banking giants struggle to stay afloat, a new breed is rising to the surface
Risk Europe: EU supervision package could be delayed
Creation of new European supervisory authorities is hampered by disagreements between EU parliament and council
Brussels backs bank tax to fund new resolution network
European Commission calls for a network of resolution funds to bear cost of winding down firms; cost covered through levy on lenders
Eurozone CDS spreads tighten slightly
CDS spreads come in marginally as European Central Bank confirms how much in eurozone bonds it has bought
Europe to place CDS markets under spotlight: Barnier
European commissioner Michel Barnier says legislation in works requiring credit default swaps to be registered and made fully transparent; follows criticism of investors from European leaders
Industry disappointed by lack of clout in CCP standards
Dealers complain a long-awaited draft of standards for derivatives clearing platforms fails to address key issues.
Insurers face “death by 1,000 spreadsheets” under Solvency II
Overly prudent capital requirements and excessive red tape in the Solvency II directive will paralyse the European insurance industry and kill the mutual business model, according to the Association of Mutual Insurers and Insurance Cooperatives of Europe…