Markit, the U.K. data provider, and the International Swaps & Derivatives Association (ISDA), an industry trade group, have offered concessions in an effort to settle a European Union antitrust investigation into possible collusion in the credit default swaps (CDS) market, according to the European Commission. The Commission is seeking feedback from interested parties on the… Read More >>
ESMA Pries Open Derivatives Clearing
Although not all clearinghouses will be happy, the European Securities Market Authority Association (ESMA) decision to allow more choice in trading and clearing was welcomed by the London Stock Exchange Group (LSEG) and Nasdaq Stock Market, which have long championed greater competition in derivatives clearing. The so-called open access rule, set out under Markets in… Read More >>
Brexit Fever Spurs Uncertainty, Dire Predictions
To leave or not to leave the European Union — that is the Brexit question. The United Kingdom is currently gripped by Brexit fever with campaigners on either side warning of dire consequences. The arguments are not new and the same heated debates were heard before when the country mulled joining the euro in the… Read More >>
Credit Suisse Moves U.K. Prime Services to Greener Pastures
Although Britain mulling an exit from the European Union (Brexit) may be a motivating factor for many companies to leave the U.K. if the population decides to head for the European door, the decision for Credit Suisse to move its U.K. prime brokerage operations to Dublin was part of a long-term plan, according to a… Read More >>
‘Brexit’ Woes Start to Ripple Through Markets
Britain will be holding a referendum to allow the citizens of the United Kingdom (U.K.) to decide whether or not to stay as part of the European Union (E.U.), an effort that is like to cause many ripples in global financial markets before the definitive vote on June 23. The potential British exit, or Brexit,… Read More >>
SIFMA and Others Have Warning for T-TIP Negotiations
Financial services trade association and lobbyist SIFMA and similar groups in Europe have weighed in on the Transatlantic Trade and Investment Partnership (T-TIP) deal between the U.S. and E.U., and they want better regulatory cooperation to avoid any further market fragmentation. The T-TIP has not gotten the same amount of attention as the controversial Trans-Pacific… Read More >>
Swaps Clearing in Europe Catching Up to U.S. Rules
The European Union has set the date for its clearing obligation, bringing European financial reform more into line with current U.S. obligations. The publication of the European Securities and Markets Authority’s (ESMA) regulatory technical standards (RTS) in the Official Journal of the European Union on December 1, 2015 will kick over-the-counter (OTC) derivatives clearing into… Read More >>
TMF Custom House Debuts ‘Depo Lite’
Fund administrator TMF Custom House Fund Services is rolling out a despositary lite, or ‘Depo Lite,’ platform aimed at alternative investment managers marketing their funds in Europe who need to comply with the Alternative Investment Fund Managers Directive (AIFMD), according to a company statement. The Depo Lite service will conduct cash-flow monitoring and general oversight… Read More >>
U.S. Hedge Funds Face Risky Path Around AIFMD
The Alternative Investment Fund Managers Directive (AIFMD) – European Union risk-mitigation regulations that target hedge and private equity funds – took effect last month causing noncompliant North American firms to rely on “reverse solicitation” for new European investors, a risky process whose legal guidelines are hazy at best, say industry observers. As the ripple effects… Read More >>
Blazing a New Trail for Cross-Border Derivatives
The rally on Wall Street today spurred by the Fed indicating that its looser money policies will remain for the long term overshadows the good news that European Union regulators and the CFTC have come to major agreements over U.S. derivatives rules. This development will provide much-needed clarity for derivatives markets participants striving to keep… Read More >>
