Daniele Nouy of the European Central Bank says keeping the European Securities and Markets Authority as the sole overseer of clearinghouses is more efficient than joint supervision with the ECB and other central banks. "Simplicity is a recipe for efficiency," she told a European Parliament economic committee.
The UK House of Lords' EU financial affairs subcommittee wrote a letter to Chancellor Philip Hammond calling on him to agree to a Brexit transition period with the EU before year-end. The panel says delaying agreement to the first quarter of 2018 will be too late to stop a large-scale financial exodus from London.
The European Central Bank is worried that many banks in the UK and European mainland are delaying key Brexit decisions in an effort to keep their options open, said Daniele Nouy, the ECB's supervisory chief. She said she suspects that some London banks are setting up "empty shells" to handle eurozone business after Brexit.
Overseas institutional investors can participate in China's interbank bond-derivatives market, the People's Bank of China says. No quota is in place, but investors must sign an agreement on derivatives trading before joining the market.
Swap-execution facilities have received no-action relief from a Commodity Futures Trading Commission requirement that audit-trail data include information about post-execution allocations. The no-action relief is valid through Nov. 15, 2020.
This conference will focus on the G-20 regulatory reforms and how they are affecting Asia-Pacific. Discussions will narrow in on questions surrounding trading venue equivalence, whether the reforms have produced markets that are more efficient and resilient, and what the potential legal challenges will be surrounding the implementation of regulatory reform. REGISTER: ISDA Regulators and Industry Forum on Nov. 13 in Singapore