United Kingdom
People: Genco opens Singapore office, hires head of major bulks
Recent changes at dry cargo, gas trading and gold market participants, among others
LCH braces for repo clearing relocation
UK clearing house aims to retain swaps clearing even if sovereign repo business relocates to the eurozone
Leaked EU paper proposes flexible bank holdco rules
Document offers helping hand to US and Japanese banks, which must split out securities business
Ice’s Sprecher criticises Libor replacement push
Exchange head says overnight rates cannot replace term benchmarks
Deutsche Bank expects early 2018 decision on LCH exit
LSE chief slams clearing relocation proposals for trying to create captive European Union market
Ferber: Mifid should be reviewed with Brexit in mind
European Union legislator takes aim at CCP open-access provision in further threat to UK clearing
Mifid’s great race to the bottom
If rules are unclear, regulators cannot prevent banks adopting the softest interpretations
Banks claim front-office content is safe from Mifid II
Work of ‘desk analysts’ is not research, banks argue; lawyers are not so sure
Monthly credit data review: UK corporates’ post-Brexit slide
UK financials show steady post-Brexit decline in credit quality
A common interest in common law
Losing UK court judgement recognition in EU would not dim enthusiasm for English law contracts
Industry mulls auction-based Libor swaps transition plan
Stanford’s Darrell Duffie proposes solution for switch to referencing alternative risk-free rates
London-based banks face ECB Brexit power grab
Drive to supervise swaps books from Frankfurt threatens cross-border balance sheet management
London likely to lose all euro repo clearing business
Fear of post-Brexit curbs on clearing and netting concerns propel shift to eurozone
Banks discount legacy swaps as ring-fencing looms
Expectation of higher funding costs post ring-fencing pushes UK banks to offload some trades faster
Buy side balks at costs of SMR extension
Expansion of scheme will bring 47,000 firms in scope; compliance and recruitment costs set to rise
LCH set to clear 50-year Sonia swaps
Clearing house says it will clear long-dated swaps linked to the sterling overnight rate by end of 2017
Treasury review not rollback of reforms – CFTC counsel
Trump order is a chance to ease some rules and promote cross-border regulatory deference
People: JP Morgan bolsters commodities research
US bank recruits oil strategist, as Societe Generale, OpenLink and others ring changes
Onus to check swap data should be on counterparties – SDRs
CME, Ice and DTCC oppose duty to reach out to non-reporting party for data verification
Monthly credit data review: energy sector firing on all cylinders
Bank-sourced credit data shows rising confidence about oil and gas firms
Regulators split on Mifid swaps transparency
Esma and FCA divided over when participants must determine whether derivatives are trading on-venue
Mixed motives threaten messy outcome in euro clearing row
Stability, oversight, Parisian ambition, repo haircuts: LCH is under attack from all sides
PRA’s tough line on Pillar 2 disclosure divides lenders
Watchdog seeks to level playing field with public disclosure of total capital requirements
Dislocation policy: LCH exodus risks CCP basis blow-out
Questions about post-Brexit status of UK CCP could spark mass migration – and severe volatility