For about six years, several European nations have been discussing imposing a financial-transaction tax, but the talks might have run their course as Germany and France appear to be backing away from the idea amid Brexit. "Brexit has prompted impressive efforts from the French and others to attract the financial sector -- those efforts would be completely undermined by the FTT," said Dan Neidle of Clifford Chance.
Nasdaq's global head of fixed income, John Shay, told US lawmakers that central clearing of US Treasurys is needed since the market has changed with the rise of high-speed trading firms. "The clearing market structure, in our view, has fallen behind the realities of automated trading," Shay told a House Financial Services subcommittee.
The second round of Brexit negotiations kicks off today in Brussels. The process has "made a good start," UK Brexit Secretary David Davis says, and "this week we'll be getting into the real substance."
Chow Chung Kong has looked to mergers and acquisitions as the path to diversification since becoming chairman of Hong Kong Exchanges and Clearing in 2012. The company's acquisition of the London Metal Exchange has set the stage for the bourse's expansion into commodities markets, a sector Chow says the exchange has an advantage in as China is the largest consumer of many commodities.
The European Banking Authority's second impact assessment on International Financial Reporting Standard 9 prompted the regulator to advise banks to improve preparations. The assessment found that 19% of banks had no intention of running parallel runs of IFRS 9 with the existing International Accounting Standard 39 while others planned to reduce the duration of their parallel runs compared with the duration reported in the first assessment.
The European Banking Authority made public its proposed standards for British banks applying for permission to do business in the EU after Brexit. The EBA urged the European Commission to act swiftly to adopt the standards to help UK banks get ready for Brexit.
Major jurisdictions are largely doing a good job of strengthening financial infrastructure, according to a report from the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions. Three jurisdictions have not reached the highest rating for meeting requirements under a global framework of rules for financial-market infrastructure, the report says.
This conference will focus on key issues that firms typically negotiate in an English law-governed ISDA 2002 Master Agreement, as well as Paragraph 11 to the ISDA 2016 Credit Support Annex for Variation Margin (Title Transfer -- English Law). The goal of this full-day conference is to help attendees better negotiate terms with different counterparties by going through the provisions of the documentation in a detailed way and working through key negotiated terms and issues. REGISTER: ISDA Master Agreement & Credit Support Annex: Negotiation Strategies on Sept. 6 in Hong Kong