Council of the European Union
EU Parliament creates multiverse of SA-CCR outcomes
Some MEPs want to ease rules further than EC draft; others want return to undiluted Basel text
EU talks on prop firms leave door open for harsher pay rules
Final law could subject many firms to bonus cap, but even those that escape could struggle
European banks face FX volatility on bail-in ratios
Use of funding in foreign currencies creates new risk, especially in non-eurozone countries
EU sparks hopes of securitisation margin reprieve
Optimism over EU Council amendment, but Parliament will still have to approve
European Commission backs FX forwards margin exemption
Need for change is “undisputed”, official says, but short-term relief expected to come via forbearance
EC draft rejects single source data model for TCA
Under the proposed RTS for the EU’s Priips, financial firms will not be able to use a single source of data to compile transaction cost analysis
EU bonus cap threatens the future of London FX
The UK last month launched a legal challenge against the EU's planned bonus cap - it will need to be successful if London is to retain the best FX sales and trading personnel
FTT would ‘drain financial resources’, GFXD research claims
The global FX division is upping its lobbying efforts to have FX derivatives carved out of the financial transaction tax with new research that shows the potential impact of the tax on transaction costs
Mifid delays cause frustration in OTC markets
Delays from the Council of the European Union in finalising its stance on the Mifid review mean the crucial trialogue negotiations are unlikely to commence before the second quarter, much to the frustration of market participants
Spotlight on: Mark Spanbroek, European Principal Traders Association
The EPTA’s vice-chairman and secretary-general talks to Robert Mackenzie Smith about the association’s mission to represent the interests of high-frequency traders to regulators, legislators and the market in general
Europe not obliged to follow US on FX exemption, warns senior MEP
The European Parliament's position on FX is that it should be included in the scope of organised trading rules under Mifid, vows Markus Ferber MEP
Emir set for Q2 completion, Barnier insists
Trialogue negotiations between the European Parliament and Council on derivatives reform are due to complete next week, with a view to finalising the text by April, says Michel Barnier
European Parliament rejects Swinburne’s forex exemption
Crucial plenary vote on Emir on July 5 retains suggested amendments to recognise unique nature of FX derivatives, but stripped out explicit calls for an exemption
Industry welcomes European Parliament recognition of FX
Amendments in Econ version of regulation stress the importance of settlement risk and existing market infrastructure
Treasury exemption decision leaves Europe divided
Representatives of the Commission, Parliament and Council voice different opinions about whether the US determination warrants a rethink on European rules
EU Council disputes Esma’s power to determine clearing eligibility
Legal precedent suggests European Commission might have to determine which contracts should be cleared under new derivatives rules, rather than Esma as originally planned
EU Council leans towards special treatment for FX
Industry's concerns starting to be reflected in legislation proposals
Spotlight on: James Kemp, Afme global FX division
The managing director of the FX market’s new industry body talks to Joel Clark about the challenges of lobbying politicians for appropriate and consistent treatment of FX contracts in US and European legislation
European Parliament committee accelerates on derivatives reform
Committee members will discuss draft report today and have until March 15 to suggest amendments
European Parliament and Council on collision course over FX exemption
The top European Union institutions in Brussels have found themselves at odds over the crucial question of whether foreign exchange contracts should be subject to new rules for mandatory clearing and reporting of over-the-counter derivatives in the…
EU regulation will force insurers to up FX hedging programmes
BRUSSELS - The EU’s current proposals for risk-based insurance regulation – referred to as Solvency II - will result in firms based in countries with shallow domestic bond markets ramping up up their FX hedging programmes, according to Lars Oswald Dahl,…