Regulators reportedly to propose Volcker revamp | ECB official: Swaps using Euribor might remain for years | House plans Tuesday vote on bill to ease bank rules
May 16, 2018
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Regulators reportedly to propose Volcker revamp
Five regulators are set to propose changes to the Volcker rule that include reducing the burden on banks to prove short-term trades do not break the rule, sources say. The proposal reportedly would also change how trading activity is deemed hedging or market making.
Bloomberg (tiered subscription model) (5/15),  The Wall Street Journal (tiered subscription model) (5/15) 
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ECB official: Swaps using Euribor might remain for years
The European Central Bank's Cornelia Holthausen says that despite a benchmark transition from interbank offered rates to risk-free rates, euro interest-rate swaps might continue referencing the Euro Interbank Offered Rate for "some more years" if changes succeed.
Risk (subscription required) (5/16) 
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Industry News and Trends
House plans Tuesday vote on bill to ease bank rules
The House is scheduled to vote Tuesday on a bill that would increase the threshold at which banks are deemed systemically risky and would exempt banks from a proprietary-trading ban if they have less than $10 billion in assets. The bill heads to President Donald Trump if passed, having cleared the Senate.
Reuters (5/15),  Bloomberg (tiered subscription model) (5/15) 
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Report: US firms behind EU ones in LEI adoption
Regulatory action is poised to drive adoption of legal-entity identifiers, but use of LEIs lags use of other global identifiers among financial institutions, according to a report by the Global Legal Entity Identifier Foundation. The EU is home to 4½ times as many companies with LEIs as the US is, the report says.
Futures & Options World (subscription required) (5/15),  MLex (subscription required) (5/14) 
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Kenyan exchange approved to test derivatives market
The Kenyan Capital Markets Authority has approved a derivatives-market pilot by the Nairobi Securities Exchange during the next six months. Stanbic Bank Kenya and Co-operative Bank of Kenya will serve as clearing and settlement members.
Capital FM (Kenya) (5/16) 
Regulatory Roundup
Guidance on MiFID II trade data expected
The European Securities and Markets Authority or the UK Financial Conduct Authority is expected to issue guidance on requirements for the release of post-trade data under Europe's revised Markets in Financial Instruments Directive, sources say. Approved publication arrangements are concerned any new protocol on publication of delayed data would increase costs.
Risk (subscription required) (5/16) 
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Brainard: No need for Fed-issued cryptocurrency
Brainard: No need for Fed-issued cryptocurrency
Brainard (Daniel Roland/AFP/Getty Images)
Federal Reserve Governor Lael Brainard says she sees "no compelling demonstrated need for a Fed-issued digital currency." The impressiveness of cryptocurrency innovation is accompanied by challenges, Brainard says, but cryptocurrencies do not pose a large stability risk for the financial system.
Reuters (5/15) 
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ISDA News and Events
BREXIT -- What are the implications for derivatives markets?
BREXIT -- What are the implications for derivatives markets?
There are still many unknowns around what Brexit will ultimately look like. However, this half-day symposium will consider how potential outcomes can impact US financial institutions and regulatory reforms. There will also be updates on the talks surrounding CCP supervision and what the EU (Withdrawal Bill) will mean for derivatives. REGISTER: ISDA Symposium -- Brexit on June 5 in New York
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ISDA Focus On: Trading Book Capital -- Conferences in London, New York and Toronto
ISDA Focus On: Trading Book Capital -- Conferences in London, New York and Toronto
ISDA leads the industry working groups on the critical topic of trading book capital. In the coming weeks, we will be offering full-day conferences on FRTB, Counterparty Risk and CVA in London, New York and Toronto. Program topics include Trading/Banking Book Boundary, Sensitivity Based Approach, Standardized Approach for Counterparty Credit Risk (SA-CCR), Internal Models Approach and Non-Modelable Risk Factors. REGISTER: May 22 in London, June 19 in New York and June 21 in Toronto
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