Eurozone finance ministers will convene Monday to discuss progress toward a banking union and the possibility of converting the European Stability Mechanism into the European Monetary Fund. The meeting will focus on practical measures to make institutions more resilient because there are still disagreements on formation of a banking union.
European Council President Donald Tusk has rejected the idea of a Brexit deal that lets the UK financial sector access the EU single market as it does now. Meanwhile, European Commission Vice President Jyrki Katainen says that the EU financial sector is prepared to keep running smoothly and that no service disruption is expected even if a "hard Brexit" occurs.
The Labour Party's John McDonnell says the UK has put too much emphasis on financial services in negotiating a post-Brexit trade agreement with the EU. "It is now clear that the government's priorities are to win a deal for financial services first and then worry about the rest of the economy later," McDonnell told the British Chambers of Commerce.
Not enough money is invested in cryptocurrencies to warrant bubble fears, and that's unlikely to change soon because of regulatory uncertainty, says former Commodity Futures Trading Commission Chairman Jim Newsome. Newsome, now an adviser to the cryptocurrency industry, and former Securities and Exchange Commission member Paul Atkins are expected to release a report on cryptocurrency best practices in two weeks.
A cryptocurrency self-regulatory organization could "bridge the gap" while regulators determine how to handle the industry, Commodity Futures Trading Commission member Brian Quintenz said at a blockchain conference. The CFTC could help the SRO "navigate the decisions we've already made to help inform any new concepts that could better apply to the space so they don't have to recreate the wheel," Quintenz said.
People's Bank of China Governor Zhou Xiaochuan says regulatory changes are proving successful. More regulatory initiatives and increased supervision are expected because financial stability and risk reduction have been deemed national priorities.
The European Central Bank has reaffirmed it will continue bond buying as long as necessary, but a slight revision in language, omitting a comment that it might increase the purchase volume, has been interpreted as a signal the effort might be close to winding down. ECB staff has calculated purchases of €30 billion in the fourth quarter, eurozone officials say.
European Central Bank President Mario Draghi has issued an implied critique of US President Donald Trump's tariffs on steel and aluminum imports. "If you put tariffs against your allies, one wonders who the enemies are," Draghi said.
ISDA's 3rd Annual Legal Forum will provide comprehensive updates on key legal issues around benchmarks, Brexit, margin, moratoria under the Bank Recovery and Resolution Directive (BRRD), clearing and trading. REGISTER: ISDA Annual Legal Forum on March 19 in London
Featuring Bill Coen, secretary general of the Basel Committee on Banking Supervision, and J. Christopher Giancarlo, chairman of the US Commodity Futures Trading Commission. Sponsorship and exhibitor opportunities are available. See more information.