SFTR to enter into force 11 April 2019
ISLA Announcement: SFTR – RTS Published in the Official Journal The SFTR RTS determining the timing of the reporting regime, have been published in the Official Journal of the EU…
Read More Central Bank of Ireland Approves EquiLend MTF
DUBLIN (March 22, 2019)—The Central Bank of Ireland has approved EquiLend Limited, the Dublin-based business of global securities finance technology provider EquiLend, to operate a multilateral trading facility (MTF) in…
Read More Get the weekly SFM update – our March 22 newsletter is online
Headlines: How custodians are evolving client-facing tech: Citi (Premium); Does securities lending matter for Salt Financial’s negative fee ETF?; A Standing Repo Facility as the new ceiling on US overnight…
Read More ASIFMA asks for improvements in China’s securities lending rules
ASIFMA commented on securities lending in China in the report, “Foreign Institutional Investment in China: An Asset Management Perspective,” March 2019 We understand that China’s move to a T+2 settlement…
Read More SmartStream Partners with Cassini Systems to Help Firms Meet Uncleared Initial Margin Obligations
LONDON–(BUSINESS WIRE)–Mar 20, 2019–SmartStream Technologies, the financial Transaction Lifecycle Management (TLM ® ) solutions provider, today announced its partnership with Cassini Systems, the leading provider of pre and post trade…
Read More ISDA Publishes CDM 2.0 for Deployment and Opens Access to Entire Market
NEW YORK, March 20, 2019 – The International Swaps and Derivatives Association, Inc. (ISDA) has today published the full version of the ISDA Common Domain Model (CDM) for interest rate…
Read More Basel III Monitoring Report released – March 2019
This report presents the results of the Basel Committee’s latest Basel III monitoring exercise, based on data as of 30 June 2018. Through a rigorous reporting process, the Committee regularly…
Read More Bowmark Capital backs buy-out of Pirum from Five Arrows Principal Investments
Bowmark Capital is backing the buy-out of Pirum Systems, a provider of post-trade market infrastructure technology for the global securities finance industry, from Five Arrows Principal Investments. The transaction, which…
Read More BIS: Proportionality in bank regulation and supervision – a survey on current practices
The Basel Committee on Banking Supervision is today publishing the results of a survey it conducted on proportionality practices in bank regulation and supervision. The report summarises the responses received…
Read More ISLA releases GMSLA pledge documentation
As part of its commitment to support the use of global master agreements, ISLA in conjunction with Clifford Chance and key industry stakeholders has developed a pledge collateral version of…
Read More ESRB: The effect of possible EU diversification requirements on the risk of banks’ sovereign bond portfolios
European Systemic Risk Board Working Paper Series No 89 / March 2019 Recent policy discussion includes the introduction of diversification requirements for sovereign bond portfolios of European banks. In this…
Read More Industry associations ask for revisions to US SA-CCR plans
ISDA, SIFMA, ABA, BPI and FIA Comment on Proposed Standardized Approach for Calculating Exposure Amount of Derivatives Contracts Washington, DC, March 18, 2019 – The International Swaps and Derivatives Association,…
Read More Bloomberg: Deutsche Bank prime brokerage revenue reportedly falls for third year
Deutsche Bank’s Prized Hedge Fund Unit in Downward Spiral By Sonali Basak and Nishant Kumar March 14, 2019 A once-lucrative business within Deutsche Bank AG catering to hedge funds is…
Read More ICMA supports daily leverage ratio calculations but asks for targeted refinements to support repo
ICMA ERCC responds to BCBS consultation on leverage ratio disclosure March 13 2019 The ICMA ERCC has today responded to a consultative document published by the Basel Committee on Banking…
Read More FSB asks ISDA to help clarify what happens if LIBOR is discontinued
FSB letter to ISDA about derivative contract robustness to risks of interest rate benchmark discontinuation This letter from the Co-chairs of the FSB’s Official Sector Steering Group (OSSG) encourages the…
Read More IOSCO says jurisdictions making progress on standards for payment, clearing and settlement
According to a recent update to the Level 1 information made available by the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO), jurisdictions…
Read More REGIS-TR Launches New UK Trade Repository
European Trade Repository REGIS-TR has announced the incorporation in London of its new UK trade repository (TR), REGIS-TR UK Ltd. The new TR has its operational infrastructure firmly in place…
Read More St. Louis Fed: Why the Fed Should Create a Standing Repo Facility
By David Andolfatto, Senior Vice President and Economist, Federal Reserve Bank of St. Louis; and Jane Ihrig, Associate Director and Economist, Federal Reserve Board of Governors The Federal Open Market…
Read More Paper: who pays and who gains from CCP services?
Who pays? Who gains? Central counterparty resource provision in the post-Pittsburgh world Fernando Cerezetti(1), Jorge Cruz Lopez(2), Mark Manning(3) and David Murphy(4) At the Pittsburgh Summit in 2009, G20 leaders…
Read More FT: BoE tightens bank liquidity buffers before Brexit
The Bank of England has told some UK lenders to triple their holdings of easy-to-sell assets in the run-up to Brexit to cope with the market meltdown forecast if the…
Read More Fed’s Powell on balance sheet normalization and the effective lower bound
Monetary Policy: Normalization and the Road Ahead Chair Jerome H. Powell At the 2019 SIEPR Economic Summit, Stanford Institute of Economic Policy Research, Stanford, California March 08, 2019 The Committee…
Read More ESMA report values EU Alternative Investment Funds at €4.9 trillion, hedge funds at €264 billion
The European Securities and Markets Authority (ESMA) today published its first statistical report on European Union (EU) Alternative Investment Funds (AIF). The study finds that the EU AIF sector in…
Read More SETL reorganizes, looks to sell ID2S
SETL announces start of corporate reorganisation further to successful completion and approval of the regulated CSD development Roadmap to position business for strong financial future. London 07 March 2019, In…
Read More Get the weekly SFM update – our March 8 newsletter is online
Headlines: How custodians are evolving client-facing tech: BNY Mellon (Premium); One year later, Direct Repo® is thriving; An argument that more PB internalization will lead to more direct securities lending…
Read More Tradeweb bilateral repo volumes surge in February 2019
Repo Volume Surges on Bilateral Trading Growth: ADV of $167.8 billion in repurchase agreements (Repo) trading volume was driven by growth in bilateral electronic trading on the Tradeweb platform.
Read More Commerzbank and Deutsche Börse execute legally binding repo transaction on the blockchain
Commerzbank and Deutsche Börse have for the first time successfully used distributed ledger technology to execute a legally binding settlement of a repo transaction. The prototype transaction based on delivery…
Read More The Hill: Dems offer legislation to tax financial transactions
Democrats on Tuesday introduced legislation in the House and Senate to tax financial transactions, as lawmakers in the party examine various ways to raise more revenue. Legislation was introduced in…
Read More Federal Reserve Board announces it will limit the use of the “qualitative objection” in its Comprehensive Capital Analysis and Review (CCAR) exercise, effective for the 2019 cycle
The Federal Reserve Board on Wednesday announced that it will limit the use of the “qualitative objection” in its Comprehensive Capital Analysis and Review (CCAR) exercise, effective for the 2019…
Read More ISLA Publishes 10th Edition of the Securities Lending Market Report
We are delighted to announce the release of the 10th Edition of the ISLA Securities Lending Market Report. The report continues to delve into how securities lending markets are behaving…
Read More NRI’s I-STAR/CORE Updated for FSB’s Standards and Processes for Global Securities Financing Data Collection and Aggregation
Nomura Research Institute, Ltd. (NRI) (TOKYO: 4307), a leading provider of consulting services and system solutions, announced today the company’s I-STAR/CORE has been updated for international Financial Stability Board (FSB)’s…
Read More ICE Benchmark Administration publishes survey results on use of LIBOR
The survey results are available at https://www.theice.com/publicdocs/Results_of_the_IBA_Survey_on_the_use_of_LIBOR.pdf IBA launched the survey on the use of LIBOR on December 4, 2018 in order to identify the LIBOR settings that are most…
Read More Paper: Counterparty Risk and the Establishment of the New York Stock Exchange Clearinghouse
Asaf Bernstein University of Colorado at Boulder Eric Hughson Claremont McKenna College Marc Weidenmier Chapman University and National Bureau of Economic Research We examine the effect of the establishment of…
Read More IHS Markit Adds New Features to Securities Finance Platform
IHS Markit (Nasdaq: INFO), a world leader in critical information, analytics and solutions, announced the addition of new functionality to its Securities Finance platform, a leading source of data and…
Read More ECB’s Cœuré makes the case for CCP oversight
Introductory remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at a conference on CCP risk management organised by the Deutsche Bundesbank, the ECB and the Federal…
Read More OCC seclending CCP volume down 5.5% in Feb 2019 year over year
OCC’s securities lending CCP activity was down 5.5 percent in new loans from February 2018 with 105,993 transactions last month. Year-to-date stock loan activity decreased 3.5 percent from 2018 with…
Read More ARRC Launches Enhanced Website
Revises Website in the Interest of Providing Comprehensive Information About, and Facilitating the Public’s Understanding of the ARRC and its Work The Alternative Reference Rates Committee (ARRC) launched an enhanced…
Read More Bank of England working paper: Impact of QE on corporate bond liquidity
Staff Working Paper No. 782 By Lena Boneva, David Elliott, Iryna Kaminska, Oliver Linton, Nick McLaren and Ben Morley In August 2016, the Bank of England (BoE) announced a Corporate…
Read More Basel Committee discusses policy and supervisory initiatives and approves implementation reports
The Basel Committee on Banking Supervision met in Basel on 27-28 February to discuss a range of policy and supervisory issues, and to take stock of its members’ implementation of…
Read More Get the weekly SFM update – our March 1 newsletter is online
Headlines: We propose a template for US pension plan securities lending reporting; Finadium: US Pension Plans in Securities Lending; How to grow in the prime brokerage market for 2019 (Premium);…
Read More Fed staff report: Complexity in Large U.S. Banks
While both size and complexity are important for the largest U.S. bank holding companies (BHCs), specific types of complexity and their patterns across banks are not well understood. We introduce…
Read More Reuters: EU gives market benchmark compilers two-year grace period
LONDON (Reuters) – The European Union has agreed to give the financial sector an extra two years to comply with new rules aimed at avoiding a repeat of attempts to…
Read More ISLA publishes CSDR: Settlement Discipline Impact to Securities Lending
ISLA is delighted to publish CSDR:Settlement Discipline Impact to Securities Lending, which investigates CSD Regulation (EU)No 909/2014 and its impact on settlement disciplines from the perspective of Securities Lending activity. The…
Read More EBA publishes revised Guidelines on outsourcing arrangements
The European Banking Authority (EBA) published today its revised Guidelines on outsourcing arrangements setting out specific provisions for the governance frameworks of all financial institutions within the scope of the…
Read More Former head of OFR argues for greater data standardization
The Data Standardization Challenge Richard Berner Leonard N. Stern School of Business, NYU Kathryn Judge Columbia Law School January 27, 2019 Data standardization offers significant benefits for industry and regulators…
Read More Reuters: LCH says bulk of euro repo, debt now cleared in Paris unit
LONDON (Reuters) – Nearly all UK-based clearing of euro-denominated repo and government bond trades moved to Paris this week, the London Stock Exchange’s clearing arm said on Thursday in a…
Read More Get the weekly SFM update – our February 22 newsletter is online
Headlines: Federal Reserve paper shows securities lending benefits to OTC market liquidity; For US banks, is CCAR or the Leverage Ratio the binding constraint on securities finance; ECB papers highlight…
Read More Securitize and OTCXN team up for non-custodial end-to-end DSO service
Securitize has announced a new strategic relationship with OTCXN, a live blockchain-powered capital markets infrastructure company for institutional traders to trade digital assets and FX while eliminating the settlement risk…
Read More BIS Working Paper: Safe assets: made, not just born
Official reserve managers have a big stake in the debate over safe assets: their portfolios just about define such assets. This paper conveys the message that reserve managers need not…
Read More Fed blog suggests high bank reserves are better for financial stability
Stressed Outflows and the Supply of Central Bank Reserves Ryan Bush, Adam Kirk, Antoine Martin, Phil Weed, and Patricia Zobel Since the financial crisis, banking regulators around the world have…
Read More ESMA issues positive opinion on BaFin short selling ban on Wirecard AG
The European Securities and Markets Authority (ESMA) has issued an official opinion agreeing to an emergency net short position ban, for a period of two months, by the Bundesanstalt für…
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