News Centre

BIS: Systemic Risk In Markets With Multiple Central Counterparties

Date 21/11/2022

Summary

Focus 

Central clearing has become a key feature of global derivatives markets following the Great Financial Crisis, altering the shape of financial networks. In centrally cleared markets, a central counterparty (CCP) sits at the centre, becoming the buyer to every seller and the seller to every buyer. In practice, however, derivatives clearing is characterised not by a single CCP, but by a small set of them. Importantly, a limited number of large banks link these CCPs together, representing the joint clearing membership that together accounts for the lion's share of clearing volumes.

ESMA Proposes Amendment To Simplify Cash Penalties Process For Cleared Transactions Under CSDR

Date 21/11/2022

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published a Final Report on amending the regulatory technical standards (RTS) on the Settlement discipline, to simplify the cash penalties process by putting the CSDs in charge of collection and distribution, including for CCP-cleared transactions.

Reflections On DeFi, Digital Currencies And Regulation - Speech By Jon Cunliffe Given At Warwick Business Schools’s Gilmore Centre Policy Forum Conference On Defi & Digital Currencies

Date 21/11/2022

In his speech Jon Cunliffe reflects on recent crypto market developments. He goes on to talk about the work that authorities are doing on the regulation of crypto stablecoins and our work on a potential central bank digital currency. 

ESMA Published Annual Report On Waivers And Deferrals

Date 21/11/2022

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published its Annual Report on waivers and deferrals. In the report, ESMA provides a picture of the European trading landscape in 2021, encompassing the net effect of Brexit and the relocation process from the UK to the European Union (EU).

BIS: Basel Committee Publishes More Details On Global Systemically Important Banks

Date 21/11/2022

• Basel Committee provides additional information regarding the 2022 G-SIB assessment.
• Further details include global denominators and individual bank indicators.
• The release accompanies the Financial Stability Board's updated G-SIB list.

Susanna Grufman Takes Over As Acting Director General Finansinspektionen

Date 21/11/2022

Susanna Grufman has been the deputy director general since March 2020 in addition to her role as executive director for Markets. She will take over today, 21 November, as acting director general as Erik Thedéen steps down from his role as director general to become the head of the central bank.

DTCC Launches The Report Hub Service Assisted Reporting Model To Help Market Participants Meet Trade Reporting Obligations - New Model Enables Prime Brokers And Clearing Brokers To Assist Their Buy-Side Clients With Reporting

Date 21/11/2022

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that it has launched DTCC Report Hub’s assisted reporting model, allowing sell-side firms to assist their buy-side clients with regulatory reporting obligations around the world. Report Hub is a leading pre- and post-trade reporting solution that helps firms manage the complexities of meeting multiple regulatory mandates across jurisdictions and asset classes.

MARF Admits A New 100-Million-Euro Green Commercial Paper Programme From Holaluz

Date 21/11/2022

BME's Fixed Income Market, MARF, today admitted Holaluz-Clidom’s first Green Commercial Paper (CP) Programme for 100 million euros. This programme will allow Holaluz to access qualified investors flexibly over the next twelve months and diversify its financing sources by issuing CP issues.

CoinShares Research Digital Asset Fund Flows Weekly Report: Deeply Negative Sentiment With The Largest Inflows Into Short-Investments On Record

Date 21/11/2022

• Short investment product inflows represented 75% of the total inflows suggesting on aggregate sentiment was deeply negative for the asset class, while total AuM is now at the lowest point in 2 years at US$22bn.
• Bitcoin saw inflows totalling US$14m, but when offset by the inflows into short investment products the net flows were a negative US$4.3m.
• Ethereum saw the largest inflows on record into short-Ethereum investment products totalling US$14m.
• A raft of outflows were seen across altcoins totalling US$6m

CryptoCompare Research: Understanding Market Structure Following FTX’s Insolvency

Date 21/11/2022