Financial Conduct Authority (FCA)
Unlucky for some: Europe’s war on 13 Dutch prop traders
Liquidity hit feared as FlowTraders, IMC, Optiver and other non-banks face bank-style capital rules
FCA: buy side can stop work on VM rules for forwards
UK regulator follows up on statement from ESAs that urged forbearance
Carney: conduct risk failings could spark capital add-ons
Senior Managers Regime is helping BoE identify cultural weaknesses at individual firms, says governor
Esma guidance on swaps transparency still leaves questions
Volatile instrument attributes removed from transparency determination, but further issues remain
The fraught search for a Libor fallback
Banks and buy side disagree over how to prepare for Libor’s death
Fed’s Powell: Libor death is ‘big stability risk’
Speaking to Risk.net, Fed chair nominee flags Libor dangers for FRNs, loans and other products
Front-office backlash: the EU gets tough on research unbundling
Three EU watchdogs – including CNMV and AFM – say front-office content can still be Mifid II research
Mifid’s great race to the bottom
If rules are unclear, regulators cannot prevent banks adopting the softest interpretations
MTF bilateral trading protocol offers Mifid arbitrage
Nordic banks to use protocol to benefit from longer deferral period
Buy side balks at costs of SMR extension
Expansion of scheme will bring 47,000 firms in scope; compliance and recruitment costs set to rise
EU-US swaps trading equivalence tipped for November
Hong Kong and Singapore unlikely to be deemed equivalent for start of Mifid II
EU market feels chill of still-unknown position limits
Eventual caps unlikely to hit trading, but fears remain over lack of clarity
Day of the Mifids: what happens on January 3?
Continued ambiguities in the rules could hit European market liquidity at the start of 2018
Commodity position reporting: XML, email, or fax?
Asymmetry in European regulator tech abilities could add to market’s workload
Regulator seeks Libor-style deal to prop up Euribor
Future of €180 trillion Euribor swaps market unclear as banks yet to agree support
Regulators split on Mifid swaps transparency
Esma and FCA divided over when participants must determine whether derivatives are trading on-venue
Replacing Libor: US swaps market eyes long to-do list
New timeline focuses minds on product and contract gaps – but some end-users want to stay put
Asset managers grapple with implications of cost transparency
Regulatory push for openness heightens concerns about impact on trading
FCA’s Libor plans a ‘reality check’ for loans, bonds, RMBS
Chair of US benchmark group says surprise announcement will push rate reform beyond swaps
FCA moots synthetic Libor as rates fallback
Once Libor is allowed to die, replacement could be risk-free rate plus fixed credit spread
Prop traders rebuffed by FCA on capital modelling
Non-banks may have to use tougher market risk approach than bank competitors
Too little, too late: Esma data won’t fix energy firms’ Mifid woes
Data confusion and unworkable exemption timeframe risk commodity market disruption
Esma to publish Mifid II commodity market data by July
Data vital to establish if firms are in Mifid II, but it will be incomplete, agency says
FIA calls for Mifid II transition for commodity firms
Licences required from start of 2018, but underlying data will be missing