Securitisation exposures decline at EU banks | AXA Equitable posts profit in first post-IPO earnings statement | Boleat: Brexit could cut tax revenue from City by £10B yearly
21 June 2018
GFMA SmartBrief
News on the global financial markets
Morning Bell
Securitisation exposures decline at EU banks
EU banks' average securitisation exposures fell for the third consecutive year in 2017, with securitisations accounting for 0.7% of risk exposures, compared with 3.2% in 2008, according to the European Central Bank. The decline in securitisation exposures is consistent across bank sizes, although policymakers have expressed hopes forthcoming rule changes will revive appetite for securitisations.
Risk (subscription required) (19 Jun.) 
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Industry News
AXA Equitable posts profit in first post-IPO earnings statement
AXA Equitable has reported first-quarter net income of $291 million in its first earnings statement as an independent company, compared with a $197 million net loss in Q1 of 2017. Paris-based AXA spun off New York-based AXA Equitable in an initial public offering in May.
ThinkAdvisor (free registration) (20 Jun.) 
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Boleat: Brexit could cut tax revenue from City by £10B yearly
Boleat: Brexit could cut tax revenue from City by £10B yearly
(Daniel Leal-Olivas/AFP/Getty Images)
Mark Boleat, former chairman of the City of London, says the outcome of Brexit negotiations is irrelevant because a gradual exit by financial institutions is already happening. "These moves are bad for London, but they are also bad for the EU because they will make financial markets less efficient," says Boleat, who predicts Brexit will reduce tax revenue from the City by as much as £10 billion annually.
The Guardian (London) (20 Jun.) 
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Regulatory Roundup
Better bank culture a goal of regulators in UK, elsewhere
Regulators in jurisdictions including the UK, Canada, Hong Kong and the Netherlands are trying improve corporate culture at banks by paying attention to communication from top management. Determining whether the effort has an impact is challenging, says Kevin Stiroh, an executive vice president at the Federal Reserve Bank of New York.
MLex (subscription required) (20 Jun.) 
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LEI grace period won't be extended, ESMA says
The European Securities and Markets Authority has confirmed 2 July is a firm deadline for trades to carry a legal entity identifier, as required by the revised Markets in Financial Instruments Directive. ESMA says many LEI applications have been submitted since the deadline was set, indicating no need to extend the grace period.
The Trade (UK) (20 Jun.) 
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Spotlight on China
EU group sees few results from Chinese vows for access
EU group sees few results from Chinese vows for access
(Thierry Charlier/AFP/Getty Images)
Chinese commerce has become more difficult in the past year because of increasing regulation, and the trend is expected to continue, according to a business-confidence survey by the EU Chamber of Commerce in China. This is at odds with China's pledges to ease foreign access, the survey report says, and while "some of these pledges have been written into legislation, European companies have yet to see much real concrete implementation".
Caixin (China) (subscription required) (20 Jun.) 
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Tech Trends
Experts urge UK Treasury to regulate cryptocurrencies
Four cryptocurrency experts appearing before a UK parliamentary committee have called on the Treasury to formalise regulation of cryptocurrencies. Among their arguments: A lack of oversight is preventing liquidity from entering the market, traders would welcome regulation and investors might move to jurisdictions making more of an effort to establish regulation.
Futures & Options World (subscription required) (20 Jun.) 
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Report outlines cyberthreats, hackers' techniques
A report from cybersecurity expert Vectra Networks discusses whether another data breach on the scale of Equifax's is possible and highlights techniques hackers employ. Vectra's Chris Morales says hackers burrow tunnels between one data bank and another, tunnels that are difficult to detect and close, despite increasing cybersecurity investment in the financial industry.
SmartBrief/Finance (21 Jun.) 
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AFME & IMN/Euromoney Global Innovation Institute (GI2)
This educational conference will take place at Le Meridien Etoile on 20 and 21 September in Paris. The event's theme, "Transforming Capital Markets Through Technology", alludes to the purpose and focus of this important gathering. This inaugural gathering will bring together over 500 senior executives and their teams that are driving strategic innovation in technology and operations from Europe's leading financial institutions. The unique feature of this program is its visionary and forward-looking agenda focused on what capital markets may look like in 20-plus years, which is key for planning strategy in the immediate term.
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ASIFMA Infrastructure Conference: The Path to a Green Belt and Road on 29 June in Hong Kong
In collaboration with the Infrastructure Financing Facilitation Office (IFFO) of the Hong Kong Monetary Authority (HKMA) and supported by the Hong Kong Trade Development Council (HKTDC), this infrastructure conference focuses on financing-specific topics and more technical-in-nature discussions about the barriers and solutions to financing the Belt and Road, especially how to emphasise the concept of "green infrastructure" through specific discussions and case studies. Register now because seats are limited!
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