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June 14th, 2018 by Rory Milbank

Many senior financiers would describe the post-financial crisis architecture as brutalist and overpriced, with the plethora of regulations designed and implemented by a legion of legal bodies costing British banks billions over the last few years. As the deadline for ring-fencing is fast approaching, it seems opportune to assess the current state of the ring-fence […]

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May 15th, 2018 by Nick Railton-Edwards

There is mounting pressure to revisit a fundamental aspect of the IM calculation methodology. The BCBS-IOSCO 2015 framework mandates an IM determination based on a 99% VAR over a fixed 10 day liquidation horizon[1]. ISDA have published a paper by Professor Rama Cont, Chair of Mathematical Finance at Imperial College London, which advocates for a […]

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April 27th, 2018 by Ingvar Ulpre

On 20 March 2018, the European Court of Justice (the “ECJ”) handed down four judgments in response to requests for preliminary rulings[1] on the interpretation under European law of the so-called ne bis in idem principle, i.e. the right not to be tried or punished twice for the same offence, also known as double jeopardy. […]

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April 23rd, 2018 by Torsten Krebs

In the previous article, Custody 101 C, we commenced the review of the various things that can happen during the regular course of holding your clients’ securities under custody. That entire article dealt with financial activities; income and capital payments related to the securities. This article will review various regular events that can take place […]

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April 6th, 2018 by Ingvar Ulpre

This blog aims to provide a brief overview of the potential impact of Brexit with regard to the UK’s civil judicial cooperation with the other European Union Member States, in particular with respect to jurisdiction, recognition, enforcement and choice of law, with some added commentary on the impact on derivatives transactions. In brief, the UK’s […]

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March 28th, 2018 by Nick Railton-Edwards

Article 13 Inducements of the MiFID II Delegated Directive has created a wide diversity of reactions from puzzled head-scratching to fearful wailing from the equity analyst community. Readers will be aware that research must now be classified as paid-for and justified Research or essentially advertising that may be received for free. The Research to Marketing […]

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March 22nd, 2018 by Nick Railton-Edwards

ESMA has published an opinion on the treatment of packaged trades under MiFIR’s Article 32 trading obligation. Article 28 mandates that derivatives subject to the trading obligation (TO) are traded regulated markets, OTFs, MTFs or third country equivalents. There has been widespread concern with regard to packaged trades, the elements of which are best traded […]

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March 15th, 2018 by Nick Railton-Edwards

Although prefaced by the usual caveat that “the views contained in this speech are my own and do not represent the views of the CFTC”, Commissioner Brian Quintenz delivered the keynote address yesterday at the FIA Annual Meeting, eviscerating the EU’s plans to revise EMIR in respect of CCP oversight. The short speech is well-worth reading in full, […]

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March 13th, 2018 by Nick Railton-Edwards

The European Commission has published a proposal for significant changes to the Prudential Regime for EU investment firms, amending the framework set out in the capital requirements directive and regulation (CRD IV/CRR) and in MiFID2/MiFIR. The proposal will impact the Prudential Requirements on individual firms and the categories to which they belong. A full review […]

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March 9th, 2018 by Nick Railton-Edwards

The UK Government has amended the Building Societies Act to allow the societies and their subsidiaries to become clearing members. EMIR’s Category 4 clearing obligation will apply from 21 December 2018, comprising all 44 of the UK’s building societies, mandating the central clearing of prescribed derivatives. The amendment is made to section 9A (1)(c) of […]

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