Germany wants EBA moved to Frankfurt from London | LCH to allow overcollateralization of cleared trades | Banks plan to move employees out of London
March 22, 2017
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Germany wants EBA moved to Frankfurt from London
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.
Handelsblatt (Germany) (3/21),  European Commission (3/21),  Politico Pro (subscription required) (3/22) 
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LCH to allow overcollateralization of cleared trades
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. (subscription required) (3/20) 
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Industry News and Trends
Banks plan to move employees out of London
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.
Bloomberg (3/22),  The Guardian (London) (3/21) 
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Trading infrastructure unlikely to leave London post-Brexit
Terms of Brexit are unlikely to cause London to lose physical infrastructure, including data centers, that makes the city a trading hub, experts say.
Financial Times (tiered subscription model) (3/21) 
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ICE gold-benchmark clearing reportedly on hold
Intercontinental Exchange has canceled an April 3 launch of clearing for London's benchmark gold-price auction, sources say. ICE reportedly has not set another date.
Reuters (3/21) 
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Regulatory Roundup
EU to crack down on efforts to woo business from UK
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.
Reuters (3/21) 
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EU capital plan for nonbanks needs work, critics say
The European Banking Authority's proposal of an alternative regulatory capital framework for nonbank investment firms is too narrow, industry participants say. (subscription required) (3/21) 
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ISDA News and Events
The Ins and Outs of EMIR Compliance: March 29 in London
The Ins and Outs of EMIR Compliance: March 29 in London
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
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ISDA 32nd Annual General Meeting in Lisbon
ISDA 32nd Annual General Meeting in Lisbon
Hotel Room Block and Conference Registration are open
Sponsorship and Exhibition Opportunities are available
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