European Commission (EC)
As risk of US Basel delay grows, Europe is in a bind over CVA
European Commission may postpone FRTB, but it’s hard to separate surgically from rest of framework
FX settlement risk: good news at last
Industry utility CLS could finally be given the scope to tackle a growing risk in foreign exchange
EU benchmark drama set for cliffhanger end
Access to key FX rates due to be decided six months before potential cut-off
EC looks to GFXC on potential regulation of spot FX
GFXC to meet this week about revising global FX code, which may influence European legislator stance
Mifid best execution relief for buy side hangs by a thread
Largest grouping in European Parliament faces uphill battle to suspend RTS 28 reporting
AFM seeks ‘level playing field’ for venues and aggregators
Dutch regulator suggests some liquidity services should be classified as OTFs
Buy side hopes for best execution reporting carve-out
After EC exempts venues from best execution reporting, Aima argues funds' RTS 28 reports should follow
Debelle: regulation could be ‘helpful’ to FX code
As EU weighs regulation of spot market, GFXC chair dismisses key industry argument
Spot FX could be dragged into Mifid II
EC tells FX Markets it is studying Australian-style approach to regulating currency trading
Expanding European market abuse regime to FX spot considered problematic
Lawyers and industry group say move would overlap with Global FX Code and create costly record-keeping and reporting burdens
FX class action could run into billions – UK class representative
Given London’s share of the FX market, the damages sought could be greater than those received in the US
ECB to assess Croatian banks in euro membership prep
Croatia could join the eurozone by 2024
Regulators plan to delay IM ‘big bang’ – market sources
Most see final phase of initial margin rules coming a year later, in September 2021
Internationalisation of euro pushes ECB to rethink policy
Wider euro use forces policy-makers to consider ever more global factors in monetary policy analysis
ECB: EU must improve capital markets to boost euro as global reserve
ECB cannot “unequivocally” say euro becoming global reserve would help monetary policy, says Cœuré
European Commission fines five banks €1.07 billion for FX rigging
Cartel members co-ordinated trading strategies and exchanged client information
EU lawmakers fail to deliver on single-sided reporting
But there is still hope for EU swaps users in future Emir reviews
Banks call for third-country benchmark fix as EC delays BMR
Two-year delay may open the door for rethink on local legal representation requirements and recognition options
Weidmann given second term leading Bundesbank
Deutsche Bundesbank’s distributable profit rises to €2.4 billion
Prop traders sound alarm over EU capital regime
Non-banks fear topsy-turvy capital requirements under new rules based on clearing margin
Eight banks accused of bond-market rigging in Europe
European Commission will investigate whether the banks colluded