Latest on Regulation
French resolution may lead EU to adopt US-style rules for PFOF
German and Czech proposals would also put kibosh on commission’s mooted ban on the practice
Leaked EC clearing proposal leaves question mark over LCH
UK CCPs expected to secure equivalence, but “vague” active accounts mandate sparks fears
FTX failure resets US crypto legislative programme
Lawmakers expected to seek stronger customer protection; industry wants flexibility for DeFi
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Quotes
This does not augur well for the Japanese banks given that it puts them at a competitive disadvantage against their global peers due to the potentially higher cost of trading risk capital
Kishore Ramakrishnan, Treliant
Our insurance and pension funds make use of hedging, but we see they do it to a lesser extent than the UK ones
Petra Hielkema, European Insurance and Occupational Pensions Authority
How they capture the changes in the current interest rate environment, the way banks will adapt the models and underlying assumptions, the way they will adapt the hedging strategies, will be very important for us to understand
Delphine Reymondon, European Banking Authority
Editor's Choice
SA-CCR’s sacrifice: who stands to lose from new capital rules
Risk.net research shows the potential for dealers to be left at a disadvantage to their foreign rivals
Big Figure
This time is different
The last time interest rates rose this sharply in Europe, there was no internet banking. After more than a decade of ultra-low rates, bankers are uncertain how to model interest rate risk on the banking book to comply with Basel requirements.
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Behnam defends under-fire crypto bill following FTX debacle
DCPPA “is very effective at addressing nearly all of these issues” that led to FTX’s failure, Behnam said
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Comment
Cyber incident reporting: convergence is key
Rethinking regulation of the modern financial system
Our Take
Policy-makers must keep the heat on climate transition
Revival of off-balance-sheet financing merits close scrutiny