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How many data fields are really needed by regulators to supervise Securities Financing Transactions?

Josh Galper
Big Data, ESMA, Financial Stability Board, Repo, Securities Lending
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No Comments
It’s widely accepted that the 152 fields designated by the EU’s Securities Financing Transactions Regulation (SFTR) is overkill. In fact, many of these fields don’t currently exist in participant computer…
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The FSB pushes hard on making trade reporting operational and legal (Premium)

Richard Stinchfield
Derivatives, EMIR, Financial Stability Board, Market infrastructure, OTC Derivatives Clearing, Regulatory, Systemic Risk
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No Comments
The Financial Stability Board (FSB) has been busy, with 10 substantive letters and reports released in the run up to the recent G20 summit. For this article, we took a look…
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How worried should we be about re-hypothecation? Notes on the FSB’s recent report and recommendations

Richard Stinchfield
Basel III, Collateral Management, Financial Stability Board, Market infrastructure, Re-Hypothecation, Regulatory, Securities Lending, Systemic Risk
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No Comments
The subject of re-hypothecation of customer assets by banks and brokers has always been an uncomfortable one. While professionals and regulators have long understood that re-hypothecation is essential to financing…
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The FSB tackles asset managers offering indemnification as securities lending agents

Josh Galper
Financial Stability Board, Investments, Securities Lending
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No Comments
In their recent consultative document, “Proposed Policy Recommendations to Address Structural Vulnerabilities from Asset Management Activities,” the Financial Stability Board included a section on securities lending. The big concern is…
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Would ring fencing under Glass Steagall have prevented the 2008 MBS collapse? (Premium)

Richard Stinchfield
Dodd-Frank, Financial Stability Board, Glass-Steagall, Regulatory, Securities Lending, Shadow Banking
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No Comments
Last month the Washington Post looked into the contention of the Sanders campaign that Glass Steagall would have prevented commercial banks from crossing the line into the shadow banking realm,…
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Regulators, please note: the focus on Shadow Banking regulation must be on the smart allowance of risk (Premium Content)

Josh Galper
Basel III, Dodd-Frank, Federal Reserve, Financial Stability Board, Regulatory, Repo, Securities Lending, Shadow Banking
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No Comments
The topic of shadow banking has been in the press lately, driven by the Financial Stability Board’s recent annual Shadow Banking monitoring update. This update was nothing if not full…
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More on the SFT stay protocol and the buy-side. Is this Hobson’s Choice?

Jonathan Cooper
CCP, Central Counterparties, Derivatives, Dodd-Frank, Europe, Featured, Financial Stability Board, Repo, Risk Management, Securities Lending
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1 Comment
The adaptation of the ISDA stay protocol to securities financing trades won’t be welcome news for buy-side participants. Adding a delay before executing a liquidation adds incremental risk, even if it…
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An analysis of the BCBS consultation paper “Haircut floors for non-centrally cleared securities financing transactions” (Premium Content)

Josh Galper
Basel III, Collateral Management, Financial Stability Board, Regulatory, Repo, Securities Lending
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No Comments
The Basel Committee on Banking Supervision (BCBS) has released a consultation document that looks to operationalize what we’ve seen previously from the Financial Stability Board on haircuts for Securities Finance…
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Fed Governor Tarullo speaks on regulating insurers liability sensitive activities, including sec lending, repo, and collateral management

Jonathan Cooper
Basel III, Collateral Management, Derivatives, Dodd-Frank, Featured, Financial Stability Board, Regulatory, Repo, SEC, Securities Lending, Uncategorized
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No Comments
The theme this week has been regulators looking beyond the banks for risks to to the financial system. We saw the SEC take aim at mutual funds and ETFs with…
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The FSB takes on fund leverage and liquidity

Jonathan Cooper
Featured, Financial Stability Board, Fixed Income, Investments, Liquidity Management, Risk Management, SEC, Securities Lending, Shadow Banking
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No Comments
The Financial Stability Board (FSB) issued a press release outlining what they discussed at their Sept. 25th meeting in London. Leverage and liquidity is still on their mind. Securities lending…
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Securities Finance Monitor Magazine Edition 1 is now online

Josh Galper
Bank of England, Basel III, Central Counterparties, Collateral Management, Derivatives, ECB, Europe, Featured, Financial Stability Board, IOSCO, Liquidity Management, Market infrastructure, Operations, Prime Brokerage, Regulatory, Repo, Risk Management, Securities Lending, Shadow Banking
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No Comments
We are pleased to announce the launch of Securities Finance Monitor Magazine. Hard copies were distributed at ISLA and to subscribers who completed their registration information. Download your free copy…
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Market responses to FSB and IOSCO consultation on non-bank SIFI designations

Josh Galper
Financial Stability Board, Investments, IOSCO, Regulatory
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No Comments
The Financial Stability Board (FSB) released comment letters last week on the FSB and IOSCO consultative paper, “Assessment Methodologies for Identifying Non-Bank Non-Insurer Global Systemically Important Financial Institutions.” These institutions…
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OFR looks at data transparency in securities financing: there is still a lot of work to do

Jonathan Cooper
Big Data, Dodd-Frank, Featured, Federal Reserve, Financial Stability Board, Market infrastructure, Primary Dealers, Repo, Securities Lending
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No Comments
The Office of Financial Research (OFR) published a report “Repo and Securities Lending: Improving Transparency with Better Data” (April 23, 2015) written by Viktoria Baklanova. There paper makes some interesting…
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Clarifying the WSJ article on seclending and repo term changes (Premium Content)

Josh Galper
Financial Stability Board, Regulatory, Repo, Securities Lending, Systemic Risk
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No Comments
The Wall Street Journal released an article yesterday, “Regulators Call for Short-Term Loan Changes to Handle ‘Too-Big-to-Fail’“, that may have seemed alarmist. It’s not. Here’s what’s going on. Continue reading
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Monday regulatory roundup: asset managers as SIFIs; CCP stress tests; two from the Bank of England (Premium Content)

Josh Galper
Bank of England, CCP, cover 2, cover all, Featured, Financial Stability Board, Investments, IOSCO, Liquidity Management, Regulatory
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No Comments
While some spent the winter hiding under the covers trying to keep warm, regulators clearly had a busy and productive season. This regulatory roundup provides highlights of new and revisited…
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Highlights from comment letters: the FSB’s proposal on Trade Repositories in securities finance (Premium Content)

Christopher Sappo
Financial Stability Board, Repo, Securities Lending, Trade Repositories
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No Comments
The Financial Stability Board has released comment letters on its November 2014 document, “Proposed Standards and Processes for Global Securities Financing Data Collection and Aggregation.” Less technically, this is on…
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The FSB looks at their 2015 agenda; they aim to finish what they started

Jonathan Cooper
Basel III, CCP, Central Counterparties, Cleared Interest Rate Swaps, Derivatives, Featured, Financial Stability Board, Market infrastructure, Regulatory, Repo, Risk Management, Trade Repositories
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No Comments
On February 4th, the FSB issued a statement “FSB Chair’s Letter to G20 on Financial Reforms – Finishing the Post-Crisis Agenda and Moving Forward”. There were several interesting areas that…
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Highlights from comment letters on the “Regulatory Framework for Haircuts on Non-Centrally Cleared Securities Financing Transactions”

Christopher Sappo
Collateral Management, Financial Stability Board, Regulatory, Repo, Securities Lending
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No Comments
The Financial Stability Board has released 10 comment letters in response to its consultative document, “Regulatory Framework for Haircuts on Non-Centrally Cleared Securities Financing Transactions”, initially published in October 2014.…
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Finadium launches Finadium for Investors, a new subscription series

Josh Galper
Basel III, CCP, Collateral Management, Derivatives, Dodd-Frank, EMIR, Federal Reserve, Financial Stability Board, Liquidity Management, Prime Brokerage, Regulatory, Repo, Securities Lending, Shadow Banking, Total Return Swaps, Trade Repositories
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No Comments
Finadium for Investors is a new service from Finadium designed for asset managers, hedge funds, plan sponsors and other purchasers of bank services, equities and fixed income products. This subscription…
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Fed releases request for public comment on regulating GE Capital. These rules will keep GECC busy for a while.

Jonathan Cooper
Basel III, Dodd-Frank, Featured, Federal Reserve, Financial Stability Board, Liquidity Management, Regulatory, Systemic Risk
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No Comments
The Federal Reserve just came out with a request for public comment on the regulation of General Electric Capital Corp (GECC) as a Sifi, “Application of Enhanced Prudential Standards and…
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The FSB on securities finance data collection and aggregation: a good start but there are some tough points to resolve

Josh Galper
Collateral Management, Financial Stability Board, Regulatory, Repo, Securities Lending
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No Comments
The Financial Stability Board has released a consultative document, “Standards and Processes for Global Securities Financing Data Collection and Aggregation.” Most of this is no surprise and the actual data…
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