Fund administrator CACEIS reports that it is helping clients subscribe to “the first French UCITS money-market funds with units natively issued and delivered on Ethereum’s public blockchain. ” This marks the launch of CACEIS’s new custody architecture for tokenized financial instruments and crypto-assets. “The Undertakings for the Collective Investment in Transferable Securities (UCITS) is the… Read More >>
75,000 London Jobs in Financial Services Could Exit with Brexit
As the Brexit negotiations stagnate, there is a concern that U.S. banks will trigger their contingency plans and move thousands of jobs out of London before any Brexit deal is struck. Speaking before peers on the House of Lords E.U. financial affairs sub-committee on November 1, Sam Woods, a deputy governor of the Bank of… Read More >>
U.K. & E.U. Look for Miracles in Brexit Talks
Views seem to differ on how much progress was made in the fourth round of the Brexit negotiations that took place last week. While David Davis, the U.K.’s Brexit secretary, described the talks as moving forward in a “decisive” manner, his counterpart, the European Union chief negotiator Michel Barnier struck a much more cautious tone…. Read More >>
U.K.’s Brexit March Challenged by E.U. Demands
Although members of parliament (MPs) have been on summer recess, the U.K. government has been busy issuing a series of Brexit position papers on a range of subjects, including the customs union, standard checks on goods exports, the legal regulatory framework and data protection. The hope is that the position papers will help accelerate negotiations,… Read More >>
ESMA Helps CSDs Prepare for New Rules
E.U. regulator the European Securities and Markets Authority (ESMA) has had a busy summer, with its latest efforts being the publication of guidelines regarding the cooperation between authorities under the Central Securities Depositories Regulation (CSDR). The CSDR is intended to ensure competent authorities (CAs) work together to apply the legislation in a consistent, efficient and effective supervisory manner…. Read More >>
Election Clouds the Future for Theresa May & Brexit
For the second time within a year, U.K. voters went to the polls and produced a surprise result. Last June, it was Brexit and this time around it is a hung Parliament as the incumbent Tories missed the 326 mark that they needed to form a government. Despite calls for Prime Minister Theresa May to… Read More >>
U.K. Prime Minister Sets Hard Deadline for Brexit
After much speculation, U.K. Prime Minister Theresa May finally drew a line in the sand announcing that Article 50 would be invoked before the end of March 2017. While Brexiteers cheered that a deadline was set, moderates and remain voters were dismayed as the British pound hit a new three-month low on Monday, Oct. 3,… Read More >>
SIFMA, Others Push Treasury to Ease the Brexit Burden
Key U.S. financial services trade groups recently sent a letter to U.S. Secretary of the Treasury Jacob Lew asking him and his department to work with their counterparts in the U.K. and the E.U. toward “a smooth and transparent Brexit transition process that minimizes the impact on global markets,” according to the letter. The Securities… Read More >>
Brexit Political Turmoil Puts Markets in Limbo
Former U.K. Prime Minister Harold Macmillan once famously said that a “week is a long time in politics,” but if recent events are anything to go by perhaps the statement should apply to 24 hours. Within a day last week, U.K. politics was turned on its head in a series of events that would be… Read More >>
Some Pointers on Surviving the Brexit Bombshell
The non-binding referendum by which the citizens of the United Kingdom voted to leave the European Union (“Brexit”) is by now universally recognized as one of the greatest blunders of all time. This monumentally stupid decision is creating utter confusion, and exposing lies, political incompetence and social and political rifts in the U.K. that are… Read More >>
