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ESMA Relaxes Best Execution Reporting Requirements in Response to COVID-19
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has relaxed its requirements regarding the publication by execution venues and firms of the general best execution reports required under RTS 27 and 28 of MiFID II, in light of the COVID-19 pandemic. In a statement issued on 31 March, the regulator noted…
COVID-19: Regulator Round-up
In these days of unprecedented economic pressure and accompanying financial volatility, regulators around the world are realigning their priorities and rapidly shifting their strategies to support institutions through the ongoing crisis. In this regular weekly feature, we keep you up to date on the latest regulatory news, responses and approaches – from deadline delays to…
Basel IV Delayed Amid Coronavirus Chaos
The Basel Committee has delayed the implementation of Basel IV by a year following intense lobbying from the financial industry due to the coronavirus chaos, with a new deadline of 1 January, 2023. The Committee’s oversight body, the Group of Central Bank Governors and Heads of Supervision (GHOS), last Friday endorsed a set of measures…
Success for Exactpro on Testing for Live Digital Derivatives Platform ZUBR
Exactpro, a specialist , ex-LSE Group firm providing independent functional and non-functional testing, has successfully finalised full software testing of the live digital derivatives platform ZUBR Exchange ahead of its launch. Exactpro’s testing was aimed at providing transparency to ZUBR’s clients and investors, and has ensured robust trading and risk engine performance. The ZUBR testing…
Not So Harmonious After All: Accommodating AnaCredit’s Maturing Requirements
By Frederic Bernard, Manager EMEA Capital & Credit, AxiomSL. In response to the credit crisis, the European Central Bank (ECB) launched the Analytical Credit Dataset (AnaCredit) project in 2011 to create a harmonized database and framework of rules regarding the credit exposure of credit institutions and other loan-providing financial firms. Yet since the inception of…
ESMA Relaxes SFTR Reporting – But Will National Regulators Respond?
Following calls from the industry and in response to the COVID-19 crisis, the EU regulator has effectively agreed to delay SFTR implementation until 13 July, 2020 – a three month reprieve from the original 11 April start date, but earlier than the October push-back trade associations had originally requested. However, with no formal powers to…
FCA on Coronavirus: Take No Prisoners?
Regulators around the world have taken a largely supportive approach to COVID-19, albeit with varying approaches. While some are in total lockdown, others are taking a more measured approach – but according to the word on the street, firms have been surprised by the ‘take-no-prisoners’ stance adopted by the UK’s Financial Conduct Authority (FCA). With…
CSDR – The Clock is Ticking…
The Central Securities Depository Regulation (CSDR), first published way back in 2014, is finally on its way in – and although final implementation may be delayed from September 2020 to February 2021, that doesn’t take away from its status as one of the biggest data management challenges for financial institutions this year. The new regulation…
Industry Calls for SFTR, EMIR Refit Delay
Following a letter from trade bodies including the International Securities Lending Association (ISLA) and the International Capital Market Association (ICMA) this week, EU regulator ESMA is expected to issue clarification on whether it might consider a six-month delay to the upcoming Securities Financing Transactions Regulation (SFTR) currently due to go live in April. The joint…
SWIFT Delays ISO 20022 a Further Year
In its March 2020 meeting, SWIFT endorsed ambitious plans for the group to support financial institutions’ payments and securities businesses – but confirmed that implementation of the ISO 20022 would be delayed by 12 months, following “feedback from the community.” ISO 20022 aims to create a single standardisation approach (including methodology, process, repository) for all…