European Commission (EC)
EU lawmakers delay FRTB capital charges
Leaked paper potentially pushes market risk capital charges beyond Basel’s 2022 deadline
Leaked EU paper softens French blow to Mifir equivalence
Council draft ditches national licensing but introduces conditions on equivalence for some services
Banks warned on holes in EU’s proposed Brexit relief
Potential EC, French and German no-deal relief is expected to be short-lived and incomplete
Eurozone banks bet on 2024 MREL deadline to ease Brexit pain
SRB says legacy English law bonds ineligible, but BRRD grandfathering could solve problem
Industry fears EU ‘Google tax’ will hit trading venues, CCPs
Broad wording of digital services tax could place market infrastructure in firing line
Europe inches closer to own version of no-action relief
Five options on the table, lawmakers want case-by-case veto, firms push for power over primary laws
EU seeks fix for capital double-count
Rules for investment firms would pile capital on capital in apparent error
EU prop trader regime could capture foreign firms
Group capital rules may be applied to third-country arms of EU market-makers
EU seeks US-style freedom to delay rules
Power to grant “no-action relief” appears in proposals from EU Council and Parliament
Basel to propose IM offset in leverage ratio
Four sources say draft will make concession; it could also revive EU-US segregation drama
Brexit OTC mutation, chaperones and SA-CCR
The week on Risk.net, October 6–12, 2018
EU lawmakers open to delaying ban on critical benchmarks
MEPs propose two-year reprieve for Eonia and Euribor if contractual continuity is at risk
Stuck in traffic: EU turf war holds up CCP resolution rules
Unsuitable rules for failed banks could be used to resolve French and German clearing houses
Brexit: listed derivatives face OTC mutation
No-deal would flip EU27 users into different regime for UK-listed trades
Moving the goalposts: EU fights over prop trader rules
French proposals could drive larger non-banks out of fixed income futures and options
EU may let UK insurers break law to pay clients after Brexit
Member states likely to choose protecting policy-holders over suing firms, if UK leaves with no deal
Term versions of RFRs will work – FCA official
Schooling-Latter backs plan to build curve from swaps and futures; others have doubts
Banks to ask EC for delay of benchmarks rule
New ECB rate may appear only months before rules bar use of Eonia and Euribor
EU talks on prop firms leave door open to harsher pay rules
Final law could subject many firms to bonus cap, but even those that escape could struggle
EU power balancing faces major changes
Three upcoming pieces of legislation will have significant effects on balancing trades for the UK, says energy expert
EU deadlock set to delay CCP resolution rules
Lawmakers disagree over whether Esma should be given new powers to tackle distressed CCPs
Corporates fear EU will spike Emir Refit reporting relief
Delegated reporting threatened by policy-maker objections to use of foreign banks
Optimisation services edge closer to EU clearing exemption
Lawmakers ask European Commission to consider if offsetting non-cleared trades could be exempt
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