News and Notes

ESMA clarifies position on SFTR backloading

Bank of Japan announces additional measures to stabilize repo and securities lending markets

Reuters: Fed hires BlackRock to help execute mortgage-backed securities purchases

CFTC’s Tarbert: derivatives markets acting as shock absorbers in volatility

Bank of England launches Contingent Term Repo Facility

Agency REITs see margin stress in mortgage and repo markets

SEC issues temporary rules allowing mutual funds to borrow funds from affiliates and to make collateralized loans

ESMA approves Austria’s short selling ban

ICMA Euro commercial paper (ECP) materials to be made available to the wider market 

Basel Committee says use liquidity buffers and HQLA to support real economy, absorb losses

Fed revises TLAC requirements for US banks

Federal Reserve announces more extensive measures to support US markets

The Desk: bond pricing battle shutters Nordic funds

European Commission to activate suspension of EU budget rules

Treasury Borrowing Advisory Committee wants Fed to expand purchases including MBS

FT: BNY Mellon steps in to support money market fund after outflows

Ronin LLC fails, positions auctioned by CME

Bloomberg: Before Fed Acted, Leverage Burned Hedge Funds in Treasury Trade

UK approach to SFTR in line with ESMA – delay to July

Panetta: ECB could expand list of intermediaries for refinancing operations

bfinance: snapshot of liquid alternative strategies in stressed markets

Six central banks increase frequency of dollar swap lines from weekly to daily

Fed to provide liquidity for state and muni bonds

Bank of England actions to combat coronavirus downturn

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FT: Two former London bankers convicted in first cum-ex scandal trial, jail sentences suspended

Basel Committee assesses Hong Kong, Singapore and Indonesia implementation of the Net Stable Funding Ratio and large exposures framework

Fed establishes dollar liquidity swap lines with nine other central banks, but not China

Fed provides emergency support to Money Market Funds, creates new facility for asset purchases

ESMA postpones SFTR until 13 July 2020

Fed launches Primary Dealer Credit Facility for CP, munis and equities, for at least six months

Four European countries approve short selling bans, ESMA gives sign off

ESMA supports Spanish regulator’s short-selling ban

ICMA and ISLA ask ESMA to delay SFTR until October

Federal Reserve Board announces establishment of a Commercial Paper Funding Facility (CPFF)

Financial Standard: UniSuper suspends stock lending

South Korea bans short selling for six months

ESMA requires net short position holders to report positions of 0.1% and above

Nikkei: Bank of Japan expands monetary stimulus to fight coronavirus impacts

Fed drops interest rate range to 0-0.25%

Fed adds $32 billion in emergency liquidity for US Treasuries

REGIS-TR teams up with GLMX on delegated reporting services for SFTR

The Desk: “There is no liquidity”: Bond traders report market conditions never seen before

UK, Italian and Spanish regulators temporarily ban short selling on 154 securities

Working group on euro risk-free rates seeks feedback on Swaptions impacted by transition from EONIA to the €STR

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Fed expands asset purchases by sector, offers $500 billion in term repo operations

ECB Banking Supervision provides temporary capital and operational relief in reaction to coronavirus

ECB announces additional LTROs among monetary policy measures

Fed increases repo liquidity for the next month to $175b overnight and $45b two week term