Europe
The spirit is willing, but the drafting is weak
Asking firms to operate in the spirit of the law will not solve Mifid trading venue confusion
Identity crisis: venues still struggle with Mifid designations
Lack of clarity on multilateral and matched principal definitions leaves market participants guessing
Traders wary of censure for being a ‘few bips out’
Mifid II best execution requirements intrusive and painful, say asset managers at Buy-Side Risk Europe 2017
Audio webinar: The state of intraday power trading in Europe
Sponsored webinar: FIS
Regulatory arbitrage fears over Mifid post-trade reporting
EU regulators may use different reporting deferral periods for large or illiquid trades
OFR leads US push for mandatory adoption of LEIs
Berner says his bureau could use repo-reporting project to drive uptake of legal entity identifiers
Doubts grow over US FRTB implementation
Fragmented roll-out would price European banks “out of the market”
EC angers Mifid zealots on equities trading loophole
Systematic internaliser networks will be addressed within the existing rules, says Dombrovskis
Full up already? Industry divided over smart beta capacity
Research Affiliates argues trading costs will wipe out returns; critics say assumptions overblown
Non-banks disappointed by Europe’s CRR escape hatch
Proposed alternative prudential regime still doesn’t reflect the true risks of non-banks, say critics
Brexit preparations block Mifid third-country guidance
EU authorities see keeping rules vague as a way to maximise leverage in negotiations with UK
The long arm of European law: Mifid alarms the world
Non-European firms may have to undertake compliance projects without knowing the final rules
TLAC-driven CDS index change tipped for September
UK and Swiss bank Holdco CDSs likely inclusions in next iTraxx index roll, say strategists
Mifid trading rules cast a shadow over position limits
Contracts caught will depend on trading obligation rules that are still unclear
‘Significant exposure’, Swiss rates and SIs
The week on Risk.net, March 3–9, 2017
EBA call for simpler IFRS 9 phase-in applauded
Lawmakers aim to fast-track IFRS 9 rules in the revised Capital Requirements Regulation, but are also urged to clarify them
FCA: ‘wait and see’ if Mifid swaps rules are ready in January
Trading obligation consultation due by May, as industry urges clarity rather than speed
Systematic internaliser loophole ties Mifid in knots
Banks warn attempts to limit connections between SIs could undermine best execution
Dollar deposit mystery highlights non-US bank funding risks
Liquidity resilience is uncertain as offshore deposit financing replaces prime money funds
Brexit and financial regulation: a delicate negotiation
The UK needs access, the EU needs regulatory data, but a mutually beneficial deal could be elusive
Emir review delayed until June 7
Postponement increases risk of entangling the review with Brexit euro clearing debate
Swinburne hits out at ‘politicised’ EU equivalence process
Politics could further frustrate equivalence decisions in the future, particularly after Brexit, warns MEP
Hazy guidance causes chaos on first day of VM regime
"We don’t know what the rules are," says one senior banker
Vague VM relief criteria creates trading uncertainty
Banks face lack of clarity on extent of margin rule forbearance