Central counterparty (CCP)
ECB rejects amendment from EU institutions on CCP regulation
Proposed changes would ‘distort’ ECB’s request for change, Draghi says
Time running out for Brexit data compliance, Bailey warns
FCA head also highlights shortfall on Mifid trading venue equivalence
ECB paper analyses eurozone’s interest rate swap market
Trading is concentrated around a small number of core participants, researchers find
NY Fed paper scrutinises post-crisis CDS market
Little research has been done on the market at a “granular level”, authors say
For-profit CCPs may not hold socially optimal capital – BIS paper
“For-profit CCPs have incentives that are misaligned with financial stability,” author says
FCA opens temporary permissions regime application window
Firms have until March 28 to notify the UK regulator
Europe approves post-Brexit CCP and CSD framework
EC adopts temporary regime to allow UK CCPs and CSDs to continue operating for 12 months after Brexit; BoE and Esma in talks to ensure efficient supervision
No-deal Brexit could hit UK harder than global financial crisis, BoE says
Latest analysis from the UK central bank says growth could plummet 8% in the event of a no deal
FSB highlights more work to do on global reforms
Documents released ahead of G20 argue for additional efforts in several areas
Esma acts to give UK-based CCPs EU access if ‘hard Brexit’ occurs
Banque de France governor says equivalence must last “no more than a year or so”
Exchange chiefs back Giancarlo in tussle over CCP oversight
CFTC may block US CCPs from acceding to EU supervision
BoE calls on EU to act on Brexit stability risks
Failure to act could disrupt $90 trillion of derivatives contracts, central bank warns
Esma head issues Brexit warning over UK CCPs
Maijoor calls for continued access for EU members
RBA warns FMI provider on op risk failings
ASX’s clearing and settlement facilities need to take action on op risk issues, central bank says
Riksbank offers deposit facility to central counterparties
Measure intends to reduce impact of liquidity shocks in krona-denominated transactions
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Time running out for EU Brexit temporary permissions regime
UK clearing houses may need to eject EU member positions if BoE scheme is not reciprocated by year-end
Standard-setters update analysis of CCP network
Basel-based organisations find network has only shifted somewhat in the past year
FSB weighs effects of post-crisis reforms on central clearing
Report finds incentives to centrally clear are strong in the “systemic core” but weaker elsewhere; some rules could benefit from adjustment
UK regulators welcome Brexit ‘back-stop’ legislation
Draft law would allow firms temporary access to UK markets in event of ‘hard’ Brexit
Risker Italian banks boosted funding from CCPs during crisis – paper
These banks may have been dropped by bilateral funding partners, researchers say
BoE to launch ‘cyber stress tests’
Firms will be expected to demonstrate they can recover from a breach within an agreed timescale, or face an intervention from supervisors
EU and UK firms unprepared for Brexit, warns EBA
Banks must speed up examination of Brexit risks and cannot rely on public sector, authority says
Resolution still essential for CCPs – BoE’s Cunliffe
Despite high loss absorbency, CCPs still need a resolution framework, deputy governor says