France
French banks’ leverage ratios rally on EU court win
Improvements of 10 to 30 basis points follow change to leverage measure
SG eyes capital savings from business exits
Sales of Eastern European and Spanish units to furnish CET1 buffer
Switch to standard model boosts BNP Paribas’ op risk
Operational RWAs grow €6 billion in the second quarter
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
French countercyclical buffer lowest in EU
0.25% surcharge the lowest of nine CCyBs across member states
French ‘bombshell’ would gut Mifir equivalence, say lawyers
Leaked non-paper would also clamp down on reverse solicitation for EU wholesale clients
Foreign banks in US wary after funding costs rise
Following jump in Libor/OIS spread, many US entities continue borrowing from parents
Retail banking performance improves Groupe BPCE cost of risk
Retail banking network cost of risk falls 22bp to 15bp
BNPP beats SG on equity trading
Equity and prime services revenues surge 19.3% at BNPP
Mattatia heads to BNPP amid SG departures
Derivatives structurer to resurface at Paris rival; Quessette becomes latest to leave SG
Axa tackles equity risk
Efforts to reduce equity SCR boost Solvency II ratio by eight basis points
De Galhau: EU needs to stress test non-bank liquidity
Banque de France will examine risk of pension schemes redeeming fund assets, says governor
Stephane Mattatia to leave Societe Generale
Equity derivatives structuring veteran jumps ship for rival bank
Crédit Agricole hires Varloot from Natixis for risk role
Varloot joins as CIB head of market and counterparty risk
European legislators to exempt CCPs from new bank rules
Support in Council and Parliament suggests leverage ratio, NSFR exemptions will be in final text
Fixed-value euro money funds set to disappear
EC’s dim view of share destruction leaves stable euro fund values impossible with negative yields
EU shuts door on foreign electronic access providers
US FCMs could be barred from providing direct electronic access as member states bow to Esma
Only 1% of bonds caught in first wave of Mifid transparency
Trax estimates 5% of corporate bonds will be subject to full transparency after four-year phase-in
London likely to lose all euro repo clearing business
Fear of post-Brexit curbs on clearing and netting concerns propel shift to eurozone
New EU bank rules threaten Eurex, LCH investment policies
CCPs with EU bank licences currently run leverage ratios of less than half the minimum
EU regulators stymied by Esma on electronic access
Treatment for third-country firms unknown until European Commission makes equivalence decision
BAML and Morgan Stanley shift Indian P-notes to Europe
Tax changes trigger move out of Mauritius and Singapore
Best in France: BNP Paribas
Commitment to rigorous product testing pays dividends
Ucits VI threatens derivatives in alternatives funds, says Candriam
Sixth iteration of directive could pose danger to portfolio risk management