European Commission
The European Commission (EC) has opened an in-depth investigation to assess the proposed $27 billion acquisition of Refinitiv by the London Stock Exchange Group (LSEG) under European Union Merger Regulation. The Commission says it is concerned that the proposed acquisition may reduce competition in trading and clearing of various financial instruments and in financial data […]
The European Commission has published an update outlining the next steps for its efforts to build trust in AI and machine learning by creating what it terms “a European approach to artificial intelligence”. The plans have attracted criticism from the Center for Data Innovation, a non-profit research institute.
In 2018 the EC established a High-Level Expert Group (HLEG), which was tasked with creating policy and investment recommendations to help the Commission deal with the technological, ethical, legal and socio-economic challenges that can arise from the broader use of AI. Upon launch, the EC said it wanted to strengthen the EU’s competitiveness in this area.
Credit Suisse has revealed in its Q2 financial report that the European Commission (EC) is alleging that the bank engaged in anti-competitive practices relating to its FX business.
“On July 26, 2018, Credit Suisse Group AG and certain affiliates received a Statement of Objections from the European Commission (Commission), alleging that Credit Suisse engaged in anti-competitive practices in connection with its foreign exchange trading business. The Statement of Objections sets out the Commission’s preliminary views and does not prejudge the final outcome of its investigation,” the report states.
A spokesperson for Credit Suisse declines to comment on the news.
The Commodity Futures Trading Commission (CFTC) has accused the European Commission (EC) of attempting to renege on a previously agreed framework for cross-border CCP recognition, with the EC refuting this characterisation.
Speaking at the Futures Industry Association’s (FIA) annual conference in Boca Raton, Florida, Brian Quintenz, a commissioner at the CFTC, outlined details of this recent disagreement.
He reminded the audience that in 2016, regulators in the US and Europe agreed a “CCP equivalence determination”, which established a common approach to the regulation and supervision of cross-border CCPs.
A report in the Financial Times says that eight banks are preparing to settle with the European Commission (EC) over allegations they formed a cartel to rig foreign exchange markets. The FT names six of the banks as Barclays, Citi, HSBC, JP Morgan, RBS and UBS and says two others are also preparing to settle. Any settlement may also provide extra impetus for the various legal firms seeking to replicate their success in winning civil settlements from banks in the US, in the European Union.
The US Commodity Futures Trading Commission (CFTC) has further extended its no action relief for swap dealers that are subject to, and in compliance with, the margin requirements for non-centrally cleared OTC derivatives in the European Union (EMIR RTS) for failure to comply with the CFTC’s final margin rule.
The extension to the relief, which was first granted in February, comes as both the US and European Union continue to investigate the other’s suitability for substituted compliance with their individual final margin rules.
