News Centre

SEC Orders Credit Rating Agency To Pay $3.5 Million for Conflicts Of Interest Violations

Date 15/05/2020

The Securities and Exchange Commission today charged New York-based credit rating agency Morningstar Credit Ratings LLC for violating a conflict of interest rule designed to separate credit ratings and analysis from sales and marketing efforts. Morningstar has agreed to pay $3.5 million to settle the charges. 

B3 Breaks New Record On Mini Dollar Futures Contract (WDO)

Date 15/05/2020

B3’s Mini Dollar Futures Contract (WDO) hit a record high today (May 14) ending the day at 3.258.727 contracts. The previous record of 3.059.678 Mini Dollar Futures Contract was recorded on April 24th 2020. WDO trades also hit a record high today. For the WDO contracts, 1,275,796 contracts were carried out today against 1,225,539 on March 8th, 2020, the previous record date.

ESMA Announces Open Hearing On Benchmarks Consultation Paper

Date 15/05/2020

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, will hold an open hearing for its Consultation Paper on draft Regulatory Technical Standards (RTS) under the Benchmarks Regulation (BMR) on Friday 29 May via conference call.

Nigerian Stock Exchange Weekly Market Report For May 15th 2020

Date 15/05/2020

A total turnover of 926.418 million shares worth N9.768 billion in 20,910 deals were traded this week by investors on the floor of the Exchange, in contrast to a total of 1.662 billion shares valued at N18.205 billion that exchanged hands last week in 28,791 deals.

BIS: Financial Crime In Times Of Covid-19 - AML And Cyber Resilience Measures

Date 15/05/2020

Highlights

• Criminals are exploiting vulnerabilities opened up by the Covid-19 lockdown, increasing the risks of cyber attacks, money laundering (ML) and terrorist financing (TF).
• Authorities worldwide have responded by drawing financial institutions' attention to these threats and by providing guidance on ways to improve cyber security and mitigate ML and TF risks.
• Financial authorities are warning financial institutions to be particularly watchful in relation to their IT networks and non-public data; third-party risk; and cyber security incident response plans; and to focus additional effort on staff training and awareness.
•  Financial authorities also emphasise the need for financial institutions to be vigilant of new ML and TF risks and to continue meeting anti-money laundering (AML) and combating the financing of terrorism (CFT) requirements, while using the flexibility built into the AML/CFT risk-based framework, digital customer on-boarding and simplified due diligence processes.
•  In both areas, the official guidance underscores the trade-offs between expecting financial institutions to enhance or adjust their cyber resilience and AML frameworks and, on the other hand, avoiding imposing an excessive burden that could hinder financial institutions in delivering key financial services.

Moscow Exchange: Risk Parameters Change For The Security RU000A1012B3

Date 15/05/2020

As per the Securities market risk parameters methodology, on 15.05.2020, 18-30 (MSK) the upper bound of the price band (up to 116.34) and initial margins (up to 23.75 %) for the security RU000A1012B3 were changed. New values are available here

EBA: Consultation Paper On Draft Regulatory Technical Standards On The Contractual Recognition Of Stay Powers Under Article 71a(5) Of Directive 2014/59/EU

Date 15/05/2020

The European Banking Authority (EBA) launched today a public consultation on its draft Regulatory Technical Standards (RTS) for contractual recognition of stay powers laid down in the Bank Recovery and Resolution Directive (BRRD). These RTS support the effective application of temporary restrictions on early termination rights (resolution stays) in relation to financial contracts governed by the law of a third country. These standards are the first EBA mandate stemming from the revised BRRD and aim at promoting the effective application of recovery and resolution powers to banks and banking groups and to foster convergence of practices between relevant authorities and institutions across the EU. The consultation runs until 15 August 2020.

BIS: Covid-19 And Regional Employment In Europe

Date 15/05/2020

Key takeaways

• We construct employment risk indices for European regions that reflect the share of jobs under threat
  from Covid-19. The risk index is based on local employment in sectors that are more exposed to the
  pandemic and on the regional incidence of small firms.
• Employment in regions in southern Europe and France is shown to have high risk indices, while regions
  in northern Europe have lower risk indices. Eastern and central European regions have intermediate risk
  indices.
• Regions with a higher risk index have a bigger jump in Google searches for unemployment-related terms.

Cappitech Comments Challenges Facing The Regulatory Reporting Industry As A Result Of CME Regulatory Reporting Services Closure - Repercussions From The Closure Will Have Far Reaching Impact On The Regulatory Reporting Community And Industry At Large

Date 15/05/2020

Today’s announcement regarding the closure of CME’s regulatory reporting services (Multi-regional network of Trade repositories, Approved Reporting Mechanism and APA) in EU/AU, will have left the market and CME’s clients with real concerns regarding consistency of trade reporting and their ability to transfer to a new TR/ARM with as little impact on their individual businesses as possible. In the current COVID-19 environment, and with a relatively short timeline to find alternative providers, this is potentially even more challenging, particularly as regulators are likely to expect dependable and high-quality trade reporting to continue throughout.

EBA Consults On Technical Standards For Contractual Recognition Of Stay Powers Under The BRRD

Date 15/05/2020

The European Banking Authority (EBA) launched today a public consultation on its draft Regulatory Technical Standards (RTS) for contractual recognition of stay powers laid down in the Bank Recovery and Resolution Directive (BRRD). These RTS support the effective application of temporary restrictions on early termination rights (resolution stays) in relation to financial contracts governed by the law of a third country. These standards are the first EBA mandate stemming from the revised BRRD and aim at promoting the effective application of recovery and resolution powers to banks and banking groups and to foster convergence of practices between relevant authorities and institutions across the EU. The consultation runs until 15 August 2020.