European Securities and Markets Authority (Esma)
For Esma the supervisor, people power will be prime
Industry hopes to avoid people risk during transition, with help from national authorities
Esma won’t soften regulatory expectations for cloud and AI
CCP supervisory chair signals heightened scrutiny of third-party risk and operational resilience
Esma supervision proposals ensnare Bloomberg and Tradeweb
Derivatives and bonds venues would become subject to centralised supervision
ISITC’s Paul Fullam on the ‘anxiety’ over T+1 in Europe
Trade processing chair blames budget constraints, testing and unease over operational risk ahead of settlement move
Industry frowns on FCA’s single-sided trade reporting efforts
Buy side warns UK attempt to ease Mifir burden may miss target; dealers aren’t happy either
One vision, two paths: UK reporting revamp diverges from EU
FCA and Esma could learn from each other on how to cut industry compliance costs
Esma to issue guidance on active account reporting
Briefing and Q&A aims to clarify how firms should report data ahead of RTS adoption
EC’s closing auction plan faces cool reception from markets
Participants say proposal for multiple EU equity closing auctions would split price formation
Clearing houses warn Esma margin rules will stifle innovation
Changes in model confidence levels could still trip supervisory threshold even after relaxation in final RTS
CCPs trade blows over EU’s new open access push
Cboe Clear wants more interoperability; Euronext says ‘not with us’
Derivatives industry blasts EU reporting framework
Complaints about duplicate and ambiguous trade reporting requirements aired at Esma’s Data Day
Industry groups call on EC to delay foreign CCP reporting
Trade bodies seek to prevent late-running rules causing duplicated implementation projects
Reporting overhaul: the EU’s near-impossible balancing act
Regulators must weigh their desire to streamline derivatives reporting against the need to gather crucial trade data
EU reporting revamp may end up costing banks
Esma’s review into trade reporting promised to cut reporting burden and save firms money. Dealers aren’t convinced.
Esma needs dose of UK agility, says official
Clearing house supervisor Giusto points to BoE consultation on Emir as example of nimbler approach
Industry doubts pausing the EU reg machine will offer relief
Market participants are sceptical that a proposal to halt certain rulemaking will reduce compliance costs or boost growth
Crackdown on FX vendors could raise costs for dealers
MTF designation could cost aggregators and EMSs $3m to set up and $1m in annual maintenance
Why margin transparency is always somebody else’s problem
As Esma pushes for clearing clients to receive better information, no-one wants to provide it
EU firms want clarity on new active account operational test
Final Esma rules reduce burden, but require firms to prepare for higher onshore clearing volumes
For Esma to triumph as supervisor, it must stop being Esma
Europe’s markets watchdog may soon have sweeping new powers, but experts say it will have to shed its reputation as slow, expensive and process-driven if it is to succeed
Esma official insists CCP model approvals will speed up
CCP supervision chief says regulator is seeking more human resources for its new responsibilities