Why US banks are getting fined for ADR violations (Premium)
The US SEC fined J.P. Morgan last week $135 million for “improper handling of ADRs”, following a $54 million fine against BNY Mellon earlier in the month. The SEC has…
Read More Tracking the cash investment impacts of US corporate tax repatriation (Premium)
We look at US tax repatriation in the context of cash investments including repo liquidity. Anecdotal and government data sources are just starting to tell who is affected. This topic…
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US tax code section 871m is making changes in the swaps markets
In the world of tax reform and financial markets, 871m is an important one to keep track of. This change to the US Internal Revenue Code aims to stop an…
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New US tax rules are creating a global arbitrage to avoid the 30% interest expense limit (Premium)
The recently passed US Tax Cuts and Jobs Act of 2017 (or the Jobs Cuts and Tax Act, depending on your political views) contained a 30% limit on interest deductions.…
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News Update: dividend taxes in Switzerland, the US and Germany; and what’s next for the Basel Committee (Premium)
This week’s News Update is on taxation and regulation. There’s a lot going on in the world and the details matter. Here’s the latest from Switzerland, the US, Germany and…
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We’re not much worried about US tax reform’s impact on repo, but non-tri-party, non-DvP repo participants should stay alert
As everyone connected to the Internet or paper media knows, the US is close to passing a massive tax reform package that offers some of the most substantial changes since…
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Global Legal Entity Identifiers are a technical convenience but do nothing to combat bad actors
The quest to assign Global Legal Entity Identifiers (GLEIs) is a misguided effort to assign legal responsibility where none belongs, and ends up making suspicious actors in financial markets look…
Read More A European Commission paper on EU finances has some good ideas, but a Financial Transactions Tax is not one of them
The European Commission has released a compelling read, “Reflection paper on the future of EU finances“. This considers the tough question about what will happen to the EU budget after…
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Finadium: Greenfield Opportunities in Securities Finance and Credit Businesses
This research report provides a review of four new technology-driven business opportunities in the market today. This is a how-to guide for business owners and project leaders, rather than a…
Read More Taxation, transparency and blockchain
Last week brought two pieces of news that focus attention on some of the regulatory challenges that blockchain-based public markets are up against. This has direct implications for trading in…
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European news roundup: Basel III, FTTs and Brexit (Premium)
We were pleased to see two points of sanity emerge from Europe this week. Both had the themes of scaling back regulatory overreach and seeking to strike a realistic balance between a…
Read More A US Financial Transactions Tax? Seriously? The first legislation has been introduced in Congress (Premium)
As the US enters the home stretch of the Presidential election, Representative Peter DeFazio (D-Ore.) has sent up one of the first significant legislative trial balloons of the Democratic Party’s…
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