Germany is working to persuade policymakers to relocate the European Banking Authority from London to Frankfurt, Germany, after the UK withdraws from the EU, a move that would put the banking regulator in the same city as Europe's insurance regulator, the European Insurance and Occupational Pensions Authority. "The German government supports efforts to further strengthen Frankfurt as a location for the financial industry," a finance ministry spokesperson said.
LCH's SwapClear is moving to let buy-side clients cope with stress by overcollateralizing positions above the baseline initial margin. "It's really designed to target players with concentrated directional risk, which we'll probably see more of over the course of the next year as positions in the clearing book become more mature," said Bruce Kellaway of LCH.
Goldman Sachs Group and Morgan Stanley are planning to relocate employees based in London to elsewhere in the EU as the UK negotiates its withdrawal from the EU. Richard Gnodde, head of Goldman Sachs International, says the bank is actively seeking extra office accommodations in Paris and Frankfurt, Germany.
Brexit has prompted London's biggest European rivals to scramble in luring financial business from Britain, and the European Commission is striving to ensure no regulatory shortcuts are being used. The commission is also considering bolstering the powers of regulators to counter negative consequences stemming from Brexit.
This conference will provide an overview of the EMIR compliance challenge, examining areas of uncertainty as mandatory clearing approaches, and reviewing documentation by ISDA to facilitate members' compliance. It will also cover issues in margin for uncleared swaps, the EMIR Review, specifically changes to the framework for requirements that are onerous and complex for regulators and industry alike. REGISTER:EMIR Compliance Update on March 29 in London