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  • ESMA Publishes Updates To EMIR Q&As

    Date 28/05/2020

    The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today updated its Questions and Answers document on practical questions regarding data reporting issues, under the European Markets Infrastructure Regulation (EMIR).

  • Moscow Exchange: Risk Parameters On Securities Market - Update 1

    Date 28/05/2020

    CCP NCC changes time interval used for monitoring adequacy of price limits from 5 minutes to 3 minutes for shares, ETFs, depository receipts and mutual funds traded on the Securities market starting from June 8, 2020.

  • BIS: Payment Holidays In The Age Of Covid: Implications For Loan Valuations, Market Trust And Financial Stability

    Date 28/05/2020

    Highlights

    • Governments and banks have introduced payment deferral programmes to support borrowers affected by Covid-19. But deferred payments are not forgiven and must be repaid in the future, raising prospective risks to the banking system. Thus, they should be designed to balance near-term economic relief benefits with longer-term financial stability considerations.
    • The Basel Committee on Banking Supervision (BCBS) and several prudential authorities have issued statements clarifying how payment deferrals should be considered in assessing credit risk under applicable accounting frameworks. These measures aim to encourage banks to continue lending, to avert an even deeper recession.
    • Prudential authorities are caught "between a rock and a hard place" as they encourage banks - through various relief measures - to provide credit to solvent, but cash-strapped borrowers, while keeping in mind the longer-term implications of these measures for the health of banks and national banking systems.
    • In navigating these tensions, banks and supervisors face a daunting task as borrowers that may be granted payment holidays have varying risk profiles. Distinguishing between illiquid and insolvent borrowers - amidst an uncertain outlook - should help guide banks' efforts to support viable borrowers, while preserving the integrity of their reported financial metrics.

  • ESMA Updates Its Questions And Answers On The Securitisation Regulation

    Date 28/05/2020

    The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today updated its Questions and Answers on the Securitisation Regulation (Regulation 2017/2402).

  • Covid-19 And Monetary Policy - Speech By Michael Saunders, External Member Of The Monetary Policy Committee Bank Of England - Speech Delivered At An Online Webinar

    Date 28/05/2020

    Michael looks at the impact of the Covid-19 pandemic on the economy. He highlights some of the risks around the UK’s economic outlook and he talks about what they mean for monetary policy.