News and Notes

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European industry associations write regulators with concerns about CSDR’s buy-in requirement

Pirum launches corporate actions processing service

WSJ: Crowded Bet Against 10-Year Treasury Hits Repo Market

ISLA: EC Publishes CSDR Inception Impact Assessment

European industry associations request changes to mandatory LEI usage for non-EEA issuers

ARRC Confirms a “Benchmark Transition Event” has occurred under ARRC Fallback Language

PRA consultation: Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251

Bloomberg article on beneficial owners leads with ignorance of securities lending

MTS and Trad-X launch European Asset Swaps Data Service

Bank of England working paper: How do secured funding markets behave under stress? Evidence from the gilt repo market

ISDA’s Andy Dyson encourages engagement with regulators on ESG and securities lending

UK FCA announces end of EU and Japanese LIBOR for December 31, 2021

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Clearstream: Innovations with balance sheet netting solutions for repo trading

ISLA’s 14th SecLending Market Report: continued top-line pressure for Securities Services but big opportunities for providers

RBI: OIS rate predicts direction of monetary policy

State Street Introduces New Peer-to-Peer Repo Financing Marketplace for the Buy-Side

Tradeweb’s repo ADV up 41.9% YoY to $343.8 bn in February 2021

Reuters: Exclusive: French bankers seek EU law to move euro clearing from London

ECB’s SESFOD shows substantial decreases in financing rates/spreads for most secured funding in Sep-Nov 2020

BIS: The anatomy of bond ETF arbitrage

ICMA report on Asian bond markets shows corporate repo rates by country of risk

State Street Completes First Trade with ICE Clear U.S. as a FICC Sponsored Member

OCC seclending CCP volume up 43.4% at $115.7bn in Feb 2021 yoy

FT: US Senators Warren and Brown warn Fed of “grave error” in extending SLR relief

Fed’s Brainard speaks on MMFs in US repo, CCPs and all-to-all Treasury trading

Financial News: Short-sellers ‘hung out to dry’ as EU mulls more scrutiny amid GameStop mania

WSJ: Banks in Germany Tell Customers to Take Deposits Elsewhere

ECB publishes guide on method of determining penalties for regulatory breaches

ISLA: ESAs Publish Supervisory Statement on the Application of SFDR

DataLend: $631 Million in Securities Lending Revenue in February 2021

Eurex to expand Total Return Futures in cooperation with FTSE

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Broad Reach taps Arcesium for collateral tech in Treasury operations

Fed Vice Chair for Supervision Quarles on the 2021 bank stress tests

FSB key priorities for 2021 include CCPs and non-bank financial intermediation

Exclusive: Bob Zekraus to join Pirum as COO

ISLA issues new pledge documentation to support BNY Mellon as collateral manager

UK PRA publishes statement on EBA guidelines and EU RTS on credit risk following end of transition period

EBA allows alternative treatment of institutions’ exposures to tri-party repo

Broadridge Launches Wealth Lending Network Marketplace with securities-based lending functionality

ISLA Publishes Paper on Legal Clause Library & Legal Data Standards

SEC releases a primer on money market funds and the repo market

Bank of England Securities Lending Committee expresses frustration with criticisms of seclending and short selling

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Pirum introduces shape exceptions to minimize SFTR/CSDR impacts

WSJ: GameStop Frenzy Prompts SEC to Weigh More Short Sale Transparency

Fed blog: US repo markets are highly competitive, rebutting BIS and Sponsored Repo concerns

ETF Stream: HSBC GAM to start securities lending on ETF range