ECB's Enria: Some banks reluctant to activate Brexit plans | UK's Javid: No reason to extend BoE governor's term | Banks pass midcycle internal stress test
November 12, 2019
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ECB's Enria: Some banks reluctant to activate Brexit plans
Some EU banks have completed Brexit plans but are holding off on execution, European Central Bank Supervisory Board Chairman Andrea Enria says. They are awaiting the outcome of talks between the EU and the UK before deciding whether to move capital and employees, Enria told a conference.
Reuters (11/11) 
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UK's Javid: No reason to extend BoE governor's term
UK Chancellor of the Exchequer Sajid Javid says he sees no reason to extend the term of Bank of England Governor Mark Carney, despite disruption from Brexit. The Conservative Party will pick a BoE chief quickly if it wins the election, Javid says.
BNN Bloomberg (Canada) (11/11) 
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Industry News and Trends
Banks pass midcycle internal stress test
A midcycle internal stress test finds all 18 banks participating can withstand a financial crisis, staying above the regulatory minimum for post-stress risk- and leverage-based capital ratios.
Risk (subscription required) (11/11) 
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ECB's Coeure to head BIS Innovation Hub
Benoit Coeure, an outgoing member of the European Central Bank Executive Board, will lead the Bank for International Settlements Innovation Hub, starting a five-year term Jan. 15. The hub was established in June to identify and develop "critical trends in technology affecting central banking."
The Block (11/11),  CoinDesk (UK) (11/11) 
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Cyberrisk-rating firms raise concerns
Cyberrisk-rating firms have emerged to offer financial institutions an alternative way to vet vendors' risk management. However, there are concerns ratings from these firms might not comprehensively measure a vendor's cyberrisk.
Risk (subscription required) (11/12) 
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Regulatory Roundup
ESMA issues guidance for UK, US clearinghouses after Brexit
The European Securities and Markets Authority has released guidance on third-country central counterparties that could have an impact on UK and US derivatives clearinghouses doing business with EU clients after Brexit. The guidance is part of legislation referred to as European Market Infrastructure Regulation 2.2.
MLex (subscription required) (11/11) 
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SEBI reportedly considers single margin system
The Securities and Exchange Board of India is considering establishing a single margin system for futures and options trading in order to reduce market participants' costs, possibly by up to 35%, sources say. Traders have been lobbying for the change, saying India's current margins are some of the world's highest.
The Economic Times (India) (11/12) 
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Merkel: Germany ready to reconsider EU-wide bank deposit insurance
German Chancellor Angela Merkel has indicated her government is willing to reconsider plans for EU-wide bank deposit insurance. "We will still discuss the details within the German government, but all in all the things are going in the direction that we need," she said.
BNN Bloomberg (Canada) (11/11) 
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China to allow digital-currency users anonymity
China is willing to give users of a proposed government-sponsored digital currency the same anonymity they enjoy when using paper money and coins, says Mu Changchun, who leads the People's Bank of China's digital-currency research institute. However, safeguards would exist to protect against tax evasion, money laundering, terrorism financing, online gambling and other illegal activities, Mu says.
Reuters (11/12) 
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ISDA News and Events
Lawyers + Technology: What does the future hold? New Conference Nov 20 in New York
Lawyers + Technology: What does the future hold? New Conference Nov 20 in New York
Blockchain, Automation, Smart Contracts, Digital tokens. More and more areas of the derivatives market are being reshaped by new technology. Join us as we explore the role of lawyers amidst technological developments including sessions on digitization of documentation, use of smart contracts and how these new concepts might challenge existing legal and regulatory frameworks. REGISTER: Legal Technology on Nov. 20 in New York
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Interest Rate Benchmarks Review: Third Quarter of 2019 and Year-to-September 30, 2019
The ISDA Interest Rate Benchmarks Review analyzes trading volumes of interest rate derivatives transactions in the US referencing the Secured Overnight Financing Rate and other selected alternative risk-free rates. In addition, the report analyzes IRD traded notional referencing LIBOR denominated in US dollars, sterling, Swiss franc, yen, euro, as well as EURIBOR and TIBOR. READ REPORT HERE.
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