News Centre

ISDA: Seismic Shift – IQ May 2020

Date 11/05/2020

The coronavirus pandemic has forced firms to switch their focus to critical priorities like maintaining their operations, managing volatility and servicing customers, all in an environment of social distancing and home working. These exceptional circumstances have posed unique questions and issues, which the industry and ISDA have been responding to.

IIROC Enforcement Report Highlights Progress Made In Enhancing Investor Protection

Date 11/05/2020

The Investment Industry Regulatory Organization of Canada (IIROC) today released its annual Enforcement Report, which includes highlights of key cases prosecuted and the progress in enhancing its legal authority from coast to coast.

Autorité Des Marchés Financiers Increases Support To Organizations Providing Assistance To Consumers

Date 11/05/2020

With COVID-19 causing financial hardship for many Québec households, the Autorité des marchés financiers (AMF) is substantially increasing the support it provides to various front-line organizations that are dedicated to helping consumers, including seniors.

ESMA: Letter To EFRAG On IASB Exposure Draft COVID-19 Related Rent Concessions

Date 11/05/2020

The European Securities and Markets Authority (ESMA) thanks you for the opportunity to contribute to EFRAG’s due process regarding the draft comment letter on the IASB’s Exposure Draft ED/2020/2 Covid-19 Related Rent Concessions. We are pleased to provide you with the following comments with the aim of improving the consistent application and enforceability of IFRS.

An ECB Digital Currency – A Flight Of Fancy? Speech By Yves Mersch, Member Of The Executive Board Of The ECB And Vice-Chair Of The Supervisory Board Of The ECB, At The Consensus 2020 Virtual Conference, 11 May 2020

Date 11/05/2020

A recent survey among 66 central banks by the Bank for International Settlements shows that more than 80% are working on central bank digital currencies (CBDCs).

UK Financial Conduct Authority And HMRC Make Collaboration Agreement

Date 11/05/2020

The FCA and Her Majesty’s Revenue & Customs (HMRC) have made a Collaboration Agreement to provide Single Point of Contact (SPoC) services, under Section 79(3) of the Investigatory Powers Act 2016 and Section 8.58 of the Statutory Code of Practice.

IMF Executive Board Approves US$2.772 Billion In Emergency Support To Egypt To Address The COVID-19 Pandemic

Date 11/05/2020

• The Executive Board of the IMF approved Egypt’s request for emergency financial assistance of US$ 2.772 billion to meet the urgent balance of payments needs stemming from the outbreak of the COVID-19 pandemic.
• The pandemic and global shock pose an immediate and severe economic disruption that could negatively impact Egypt’s hard-won macroeconomic stability if not addressed.
• The RFI will help alleviate pressing financing needs, including for health, social protection, and supporting the most impacted sectors and vulnerable groups.

BIS - Global And Domestic Financial Cycles: Variations On A Theme

Date 11/05/2020

Focus

Interest in financial cycles has increased sharply in recent years. This paper contrasts and compares analytically and empirically two popular notions: the "domestic financial cycle" (DFC) and the "global financial cycle" (GFCy).

UBS MTF Market Notice: Double Volume Cap Update

Date 11/05/2020

Following the ESMA update published on 8 May, UBS MTF would like to inform you of upcoming double volume cap suspension changes this week

• Effective from the start of trading on 14 May 2020, the DVC suspension ends for 35 instruments on UBS MTF and therefore these instruments will again be available for trading under the Reference Price Waiver, and
• effective from the start of trading on 13 May 2020, a six-month DVC suspension commences for 20 instruments on UBS MTF, which means that they will not be available under the Reference Price Waiver during this period. These capped instruments remain available for trading under the Large in Scale Waiver as well as on our Periodic Auction Order Book, and an additional six-month DVC re-suspension, for two instruments, will also take effect at the same time.

BIS: The CCP-Bank Nexus In The Time Of Covid-19

Date 11/05/2020

Key takeaways

• During the Covid-19-induced financial turbulence, central counterparties (CCPs) issued large margin calls, weighing on the liquidity of clearing member banks.
• In spite of the turbulence, CCPs remained resilient, as intended by the post-crisis reforms of financial market infrastructures.
• Higher margins should be expected during heightened turbulence, but the extent of the procyclicality of margining is the consequence of various design choices.
• Systemic considerations call to examine the nexus between banks and CCPs. Therefore, when thinking about margining, central banks need to assess banks and CCPs jointly rather than in isolation.