The European Union has formally fined five banks a total of EUR 1.07 billion for taking part in what the EU terms two “cartels” in the spot FX market, involving trades in 11 currencies. Two settlement decisions have been announced, the first involves a group called the “Three Way Banana Split” which sees a total […]
The political agreement reached last week in Brussels to implement the EMIR 2.2 regulation has been welcomed on both sides of the Atlantic. The updated regulation will broaden the role of the European Securities and Markets Authority (ESMA) to include more supervisory tools and on-site inspections; introduce a tiered system of recognition for offshore CCPs depending on their product set and systemic importance to the EU; and introduces the requirement that systemically important non-EU CCPs establish themselves in the EU if they seek to access the single market.
The Economic and Monetary Affairs Committee of the European Parliament today agreed that Kay Swinburne MEP, on behalf of the European Conservatives and Reformists (ECR) group, will continue to lead the Parliament’s negotiation team developing the legislation concerning CCP recovery and resolution.
Following the G20 agreement in 2010 to centrally clear derivative products, international work has continued as more focus has come upon central counterparties as a new point of systemic risk.
Commenting on the news, Swinburne says: “I am glad that my colleagues in the Parliament have confidence in my technical knowledge of the subject and are willing to put financial stability ahead of the politics on this important subject.
The Bank of England (BoE) is expecting that some “monetary policy easing will likely be required over the summer” as the “economic outlook has deteriorated” on the back of the UK voting to leave the EU, the BoE governor Mark Carney said in a speech today at the Bank. In addition, “in order to support […]