The SEC, after consulting with European Union authorities, has issued three no-action letters intended to pause for 30-months some of the burdens associated with the MiFID II stipulation that firms unbundle research, a new requirement hitting home for many U.S. securities firms. However, SEC Commissioner Kara M. Stein, a Democrat on the commission, says that… Read More >>
Opus Launches GDPR Compliance Solution
Opus Targets GDPR Third-Party Requirements Opus, a vendor of compliance and risk management solutions, has launched the Third Party GDPR Compliance solution, created to “identify and manage General Data Protection Regulation (GDPR) risk in third-party relationships,” officials say. “The European Union’s General Data Protection Regulation, which comes into force on May 25, 2018, is a… Read More >>
Merkel Victory Could Provide Calm for Global Markets
It was only six months ago that the future of Angela Merkel hung in the balance as Chancellor of Germany. Fast forward to the September 24 elections and the leader of the center-right Christian Democratic Party (CDU) is set to win enough shares of the vote to head a new coalition. Industry analysts say that… Read More >>
Frankfurt Leads in Race to Be Next E.U. Financial Hub
As U.K. and European Union officials battle it out over Brexit financial settlements and border resolutions, Paris, Amsterdam, Dublin and Frankfurt are vying to be the city of choice for London-based financial institutions searching for a new European base. Competition is fierce but Germany’s largest city and financial capital, already home to the European Central… Read More >>
London Could Lose 9,000 Bank Jobs in First Brexit Wave
Although the U.K. hopes to retain as many financial services activities as possible in the wake of Brexit, big banks are making contingency plans and could shift at least 9,000 jobs out of the country, according to a tally collated from Reuters. To date, 13 major banks including Goldman Sachs, UBS, JPMorgan, Deutsche Bank and… Read More >>
LSEG-Deutsche Börse Breakup Paves the Way for Other Suitors
The marriage of the London Stock Exchange Group (LSEG) and the Deutsche Börse was always on shaky ground despite the participants hoping that this time they would be able to finally walk down the aisle after two failed attempts. However, this was not to be and the European Union competition regulators broke up the union…. Read More >>
U.K. Court to Decide Brexit’s Next Chapter
The U.K. Supreme Court has set December 5 as the day to hear the government’s appeal against the High Court’s landmark ruling that said Prime Minister Theresa May does not have power to start the two-year, Brexit divorce proceedings with the E.U. without the prior authority of Parliament. The hearing is expected to take four… Read More >>
Barclays Signs Up for DTCC’s New Liquidity Data Service
New Offering from DTCC Data Products DTCC Data Products, a centralized data provisioning service supporting DTCC’s offerings, is launching the Liquidity Coverage Ratio (LCR) Data Service, which has gotten the thumb’s up from Barclays Bank, officials say. The new LCR Data Service has been designed to “help firms manage their buffer requirements for liquidity facilities”… Read More >>
‘Hard Brexit’ Fears Put Pound on a Roller Coaster Ride
For the past week, it certainly has been a roller coaster ride for the British pound. The U.K.’s currency plummeted to new depths last Friday, Oct. 7, only to rally on Wednesday, Oct. 12, as U.K. Prime Minister Theresa May promised there would be a “full and transparent” parliamentary debate before the government triggers Article… Read More >>
Brexit Threatens London’s Role as Financial Hub
One of the big unknowns in the post-Brexit world is the fate of London as a global financial hub. While some market participants will put on a brave face, arguing that the City’s infrastructure and skill sets are hard to replicate, recent studies argue that the dreaded exodus could happen if negotiations do not go… Read More >>
