Europe
Banks fear loss of Emir intragroup exemptions
Firms would have to clear or margin transactions with affiliates in non-equivalent jurisdictions
European banks vague on settled-to-market switch
UBS reported a cut in gross derivatives assets and liabilities attributable to STM of Sfr11.4 billion in 2017
SRB denies conflict of interest claim on Banco Popular
Bondholders poised to challenge “no creditor worse off” valuation if compensation is denied
EU insurers embrace infrastructure bonds
Solvency II-compliant infrastructure investments concentrated in handful of firms
EU insurers most exposed to French sovereign risk
French government bonds make up 23% of sovereign exposures
Seeing red: EU banks swamped by stress test demands
Banks’ stress test submissions receiving tens of thousands of error messages from local supervisors
EU insurance solvency ratios strengthen in 2017 – Eiopa
Average solvency ratio climbs to 237%
EU insurers shun ABS, real estate
Securitisations make up just 0.5% of portfolios; property 2.7%
Isin database users oppose further fee increase
Derivatives Service Bureau may hike fees for top users to cover cost of proposed additional services
Asian and Americas CCPs seek EU recognition
16 CCPs apply for Esma's seal of approval
Brexit dims hopes for Solvency II change in UK
Lawyers say political tensions may have killed off chance of reform, following PRA U-turn
European banks op risk losses dominated by business failures
Losses relating to accident and neglect account for 38% of op risk losses at eight big dealers
EU bank securitisation exposures continue to fall
ECB data shows securitisation exposures as a percentage of total risk exposures 78% lower than in 2008
EIB shrugs off term RFR worries with Sonia bond plan
Issuer to use daily compounded, backward-looking rate with time lag for sterling benchmark
European banks face ‘bottleneck’ to complete EBA stress test
New accounting rules and supervisor demands squeeze teams prepping for 2018’s exercise
Japanese cross-border claims on European countries hit all-time high
Loans to entities in developed European countries outpace those to other western nations in Q1 2018
Take-up of credit modelling varies at European banks
Percentage of credit RWAs calculated using IRB approaches ranges from 42% to 91% across large dealers
Questions remain on scope of Mifid extraterritoriality
Global firms confused about reach of trading obligation and best execution rules
Crédit Agricole and Groupe BPCE hardest hit by countercyclical buffer
Minimum capital requirement will rise around 20 basis points at BPCE; 16 at Crédit Agricole
Solvency II capital charges concentrated in two key risks
Market risk SCR averages 37% across six large insurers
EU prime brokers hit by new rules on collateral reuse
Draft AIF and Ucits regulation would oblige more stringent record-keeping along custody chain
French countercyclical buffer lowest in EU
0.25% surcharge the lowest of nine CCyBs across member states
Industry split over running of new derivatives IDs
Funds object to Isda proposal, arguing it would leave ‘control’ of UPIs with incumbents
Gottex chief on expansion plans amid industry disruption
With brokers facing headwinds, Swiss firm doubles down on Scandi niche