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May
The International Organisation of Securities Commissions has elected a chairman of its new board
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Canadian law currently makes the use of cash collateral in derivatives, repo and securities lending difficult but reform looks set to occur
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Finra's general counsel and general counsel for regulation are both leaving the association
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It seemed like a foregone conclusion that the Volcker Rule will be enacted, but with delays predicted and a US presidential election approaching, its future is not absolutely certain, Annabelle Palmer finds
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France has had too much power over EU regulatory decisions such as the AIFM directive, says a source
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A lawyer believes that UK-based hedge funds will stay put despite concerns the London funds centre will suffer as a result of the upcoming AIFM directive
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The European Commission will consider the industry’s outrage over ‘letter-box entities’ in the AIFM directive, says a source
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As the European Commission succumbs to pressure from
MEPs and the industry over issues in the new draft AIFM
directive, Stephanie Baxter asks what this now means
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Citigroup Global Markets, Morgan Stanley & Co, UBS Financial Services, and Wells Fargo Advisors were all fined for their conduct
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Fatca exclusion for schemes as currently outlined in the proposals is not clear enough, says the NAPF
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The Securities and Exchange Commission has appointed a deputy director of the division of the enforcement
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April
Financial Stability Board has said the securities finance industry is opaque and can have a destabilising impact on financial markets
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Firms have reacted positively to the European Commission’s promise to address issues in the AIFM directive
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The European Commission has explained to European Parliament why it departed from key areas of Esma’s advice, according to an MEP. Stephanie Baxter reports
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Offshore models will be in a better position under the AIFM directive than EU markets, a conference panel discussed
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The world of financial services is littered with examples of the unintended consequences of regulation and legislators, with short time horizons to solve immediate problems, are quick to forget the lessons of the past, writes Luke Clancy
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The CEO and a friend defrauded an investment firm into paying $20m in fees to the friend's placement agent firms
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Bovill's hires respond to the increasing complexity of financial services regulation
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Goldman's "trading huddles" created an environment of heightened risk in which material non-public information concerning analysts' published research could be disclosed to its clients, according to Finra
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The transition of OTC derivatives to CCPs will hugely increase the demand for high quality collateral but the buy-side remains unprepared. Stephanie Baxter considers the consequences of failing to act
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Luke Clancy asks Andrew Milligan, head of global strategy, Standard Life Investments and Adam Fergusson, author of When Money Dies, whether quantitative easing is desirable
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The European Commission’s draft text for the AIFM directive has been heavily criticised all week. One global custodian tells Stephanie Baxter why the EC has left the industry exasperated
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The legal segregation of collateral in a CCP model under Dodd-Frank seems like a win-win, until you delve deeper. Annabelle Palmer reports
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The tool provides data on credit ratings, securities lending and collateral for holdings and securities in an insurer’s portfolio
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The Alternative Investment Management Association says the new draft text does not follow Esma’s advice
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March
SunGard's single product satisfies the need for smarter collateral operations, consolidated collateral inventory and trading, and automated optimisation, according to Jane Milner of SunGard
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The Depository Trust & Clearing Corporation has endorsed The Swap Data Information Sharing Act, which removes Dodd Frank's indemnification and plenary access provisions for derivatives
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The tool assesses the impact of derivatives on asset manager and investment programme returns
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Hector Sants will leave in June, having completed the fundamental design and delivery of the changes needed to achieve the Government’s plan to separate prudential and conduct financial regulation in the UK
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As a result of the scheme, Argyll alledgedly reaped more than $8m in unlawful gains
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Newedge will offer CCP clearing services for Interest Rate Swaps at CME Cleared IRS and LCH SwapClear
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Total spending by sell-side banks with OTC strategies has been around $10 to $50m annually since 2010, according to Rule Financial
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A new report by the Bank for International Settlements has calculated how much collateral dealers will have to put up for centrally cleared OTC derivatives
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The European Commission wants to increase the safety and efficiency of CSDs
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Iosco makes recommendations for authorities establishing a clearing regime for OTC derivatives
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February
The European Council has backed rules to introduce common transparency rules and harmonise powers for credit default swaps and short selling
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The European Securities and Markets Authority is holding a public hearing in March to discuss the paper
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The UK Financial Services Authority’s managing director will leave in August this year
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The State Securities Commission has urged the central bank to amend its securities lending policies to ease pressure on the stock market
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The new Agency Cash Management platform jointly launched by Newedge and MTS, will benefit lenders of securities as well as providing a solution to challenges faced by the buy- and sell-side of cash investment
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The International Organisation of Securities Commissions has taken on a new secretary general
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Hong Kong’s Securities and Futures Commission has made some changes to its proposed rules on short position reporting in response to market feedback
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Spain, Belgium and France have eased short selling restrictions
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The Federal Reserve Bank of New York will change the term of lending securities to accommodate weekends and holiday
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The task force has concluded that it will take many years to eliminate intraday credit issues associated with the settlement of tri-party repo transactions
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The regulations announced by the US Treasury department and International Revenue Service (IRS) on Wednesday include substantial modifications to the preliminary IRS guidance on Fatca, but questions remain unanswered. Annabelle Palmer reports
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The FRaMES application provides mutual fund administration regulatory services
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The UK government has written a letter to the Federal Reserve to voice concern over the impact of the Volker rule on the liquidity of global funding markets and non-US sovereign debt markets
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Two brothers living in Chicago and New York have been charged for naked short selling
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The European and Securities Markets Authority has published a consultation paper on the draft guidelines
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Regulations facing the securities lending industry remain uncertain but have the potential to hit the demand side and affect pricing and liquidity, according to Finadium
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January
The tool responds to regulations such as AIFMD and Form PF
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The European Securities and Markets Association has published a consultation paper on short selling and credit default swaps
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The new trade reporting system helps derivatives market participants to fulfill their regulatory commitments for derivative trade reporting
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Insured depository institutions of a certain size will need to submit periodic contingency plans for resolution in the event of failure
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The merger will help IMS Group to expand its regulatory expertise in the US
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The Securities Industry and Financial Markets Association has cautioned that the Volcker Rule could have a negative impact on global bond markets. Annabelle Palmer reports
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The proposed Section 619 of the Dodd-Frank Act, commonly known as the Volcker Rule, has received a fresh wave of criticism for being too complex and having a potentially negative effect on foreign markets. Stephanie Baxter reports
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New hire was previously global head of regulatory affairs at Barclays Capital
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The firm is alleged to have entered into millions of short sale orders without grounds to believe that the securities could be borrowed and delivered
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The European Commission could apply draconian funding standards to defined benefit pension schemes, modelled on Solvency II. It could lead to mass scheme closures and impact equity markets, writes Stephanie Baxter
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Following the Indian government’s move to allow foreign investors to allocate directly to its equity market, Jupiter India Fund’s Avinash Vazirani says the decision is good news for the country’s markets after a difficult year in 2011
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Custodian banks are concerned about how the depositary liability regime under the AIFM directive could affect asset allocation trends and complicate the investment process. Stephanie Baxter reports
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The European Commission has increased the length of public consultations and introduced an alert service
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The ban on certain financial instruments had been in place since 2008
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The Securities and Exchange Commission of Pakistan has relaxed rules around cash margin requirements and participation in the margin trading system