News and Notes

ISDA, Clifford Chance, R3 and the Singapore Academy of Law Publish Smart Contracts Paper

RepoClear hits record €212 trillion nominal in 2019, up 7% from 2018

Bank of England: Impact of IFRS 9 on the cost of funding of banks in Europe

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ESRB proposes part of an SA-CCR for securities financing transactions

Man Institute notes structural changes in the hedge fund industry for 2020

HKEX plans to expand Bond Connect repo trading and clearing

FCA and Bank of England announce proposals for data reforms across the UK financial sector

IHS Markit’s 2019 securities lending snapshot: H1 underperformance, Q4 upswing

ESMA publishes final Guidelines on reporting under Articles 4 and 12 SFTR

ESMA provides 12 month extension on LEIs for non-EU counterparties under SFTR

ECB: how central banks can absorb liquidity risk from shadow banking

FT: Bank of Japan’s securities lending facility for ETFs set to avert liquidity squeeze

OCC’s securities lending CCP decreased by 4% in Dec 2019, year over year

DataLend reports 13% decline in 2019 securities lending revenues, to $8.66 billion

CACEIS and Santander Securities Services merger closes, creates custodian with €3.9 trillion AUC

Bank of England: Simulating liquidity stress in the derivatives market

ESMA updates ISO 20022 XML schemas for SFTR reporting

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Sweden’s central bank raises repo rate to zero

Bank of Japan announces ETF lending facility

DTCC senior executives’ predictions for 2020

ESMA combats “un-due short-termism” in markets, no action on seclending

AFME, FIA, ICMA, ISDA and ISLA publish Master Regulatory Reporting Agreement

FSB report assesses vulnerabilities of leveraged loans and CLOs

SEC issues new rules for uncleared Security-Based Swaps

CFTC Provides Relief to Market Participants Transitioning Away from LIBOR

BIS: Central banking in challenging times

Northern Trust expands OTC derivatives collateral services

US agencies approve resolution plans for all banks, find shortcomings in six of eight

Fed extends SOFR Averages and SOFR Index comments to Jan 10 2020

ISLA Announces Formation of the Council for Sustainable Finance

Bank of England says UK banks will be resilient to simultaneous recessions in the UK and global economies

BEAT final regulations change securities lending provisions

Fed adds $660 billion in liquidity operations to cover the turn of 2020

IOSCO launches framework for monitoring leverage in funds that may pose stability risks

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RBC Investor & Treasury Services launches new Collateral Management service

BIS: The cost of clearing fragmentation

SEC’s Dalia Blass speaks on affiliated securities lending

Tradeweb annual review says 35% of GBP interest rate swaps now indexed to SONIA

EquiLend launches Swaptimization platform

RepoClear clears first Variable Rate Repo indexed to €STR

ESMA values EU derivatives market at €735TN

BIS documents role of top four lenders in US repo market

Independent dealer association calls for diversity, decrease in concentration in US repo markets

BIS paper: Euro repo market functioning: collateral is king

Reuters: cracks in the regulatory wall against possible revisions to capital rules

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ESAs reinforce that OTC derivative fallbacks should not create legacy contract obligations