• Fed Adds $55.3 Billion in Weekend Liquidity, by @michaelsderby in @WSJmarkets - #repo - Link
    FinReg Alert Fri 24 Jan 2020 22:32

    The Federal Reserve Bank of New York intervened in financial markets Friday with a $55.3 billion weekend repurchase agreement, or repo, adding to the temporary amount of liquidity the central bank has pumped into the financial system.

    The repo operation took in $28.5 billion in U.S. Treasurys and $26.8 billion in mortgage bonds. Given longer-term repos already in place and operations from Thursday that were expiring, total temporary liquidity rose by $11.2 billion to $187.3 billion in outstanding repo operations.

  • #MiFIDII Trading Obligations and SI Regime Need Reform - Link
    FinReg Alert Fri 24 Jan 2020 17:42

    By Shanny Basar January 23, 2020, Markets Media

    It is most urgent for the European Commission to review the regulations relating to the trading obligations for shares and derivatives and parts of the systematic internalizer regime according to the European Forum of Securities Associations.

    EFSA said in a letter: “In terms of priority, EFSA members would like to underline the need to review the rules relating to the trading obligations for shares and derivatives and parts of the SI-regime.”

    full article

  • Wall Street Caves on #MiFID, Allows Separate Payment for Research - Link
    FinReg Alert Fri 24 Jan 2020 17:22

    By Benjamin Bain January 24, 2020, Bloomberg

    Banks are increasingly embracing a change that could trigger upheaval for Wall Street’s vaunted stock analysts: They’ve started allowing U.S. clients to buy research without paying a steep tab for trading services.

    The shift, which banks’ brokerage businesses have privately shared with customers, is arguably the biggest U.S. fallout yet from sweeping European rules that force firms to charge separately for analysis. Those regulations, which took effect in 2018, sparked a revolt among some money managers, who began asking why they still had to trade with a brokerage just to get access to its research in the U.S. when that was no longer the case across the Atlantic.

    full article

  • European Banking Authority plans overhaul of EU bank stress tests - Link
    FinReg Alert Fri 24 Jan 2020 17:02

    By Caroline Binham January 22, 2020, Financial Times

    Lenders will have more leeway to police themselves under a planned overhaul of the biennial bank stress tests carried out by the European Banking Authority.

    The watchdog argues that the current methodology — introduced in the wake of the financial crisis to show how much capital would be depleted if a lender came under pressure — has outlived its usefulness.

    full article

  • Banks no longer working on #Brexit planning - Link
    FinReg Alert Fri 24 Jan 2020 16:42

    By Alice Tchernookova January 23, 2020, Practice Insight from IFLR

    Ahead of January 31, the date on which the U.K. will exit the E.U., Brexit project managers at U.K. and E.U. banks have told Practice Insight that much of the anxiety around this has passed, with the majority of tier one firms having been ready for months.

    “Where I am, the Brexit project is finished. They’ve drawn a line under it,” said a former Brexit project lead at a U.K. bank who was recently moved to a different function. “My change in job sums up where financial institutions believe they are in relation to Brexit – it’s a done deal, it’s finished.”

    full article

  • .@MBAMortgage, @SIFMA seek alternatives to #UMBS pooling change - #Fannie #Freddie - Link
    FinReg Alert Fri 24 Jan 2020 16:22

    By Bonnie Sinnock January 23, 2020, Asset Securitization Report

    Trade associations representing mortgage lenders and securities market participants are asking the Federal Housing Finance Agency to rethink a plan to restrict pooling options for loans sold into uniform mortgage-backed securities.

    “The proposal seems to rely on the assumption that pooling loans with more attractive features (for many investors) in larger pools alongside loans with less attractive features will improve overall demand for multilender pools. While it is possible that such an outcome could occur, MBA is concerned that this assumption ignores likely responses to the proposal by both originators and investors that could dampen aggregate demand,” Pete Mills, senior vice president of residential policy and member engagement at the Mortgage Bankers Association, said in a letter to FHFA Director Mark Calabria.

    full article

  • Central Banks Warm to Issuing Digital Currencies - #crypto - Link
    FinReg Alert Fri 24 Jan 2020 16:02

    By Anna Isaac and Caitlin Ostroff January 23, 2020, The Wall Street Journal

    More than one-fifth of the world’s population could have access to digital money issued by central banks to pay for groceries, movie tickets and even homes in the next few years, as these institutions accelerate plans to issue official cryptocurrencies.

    One in 10 central banks surveyed in 2019 said it was likely to offer digital currencies within the next three years, covering about 20% of the world’s population, according to a report from the Bank for International Settlements. The proportion of central banks likely to issue digital money almost doubled when the horizon was stretched to six years, the BIS said.

    full article

  • FCA appoints interim CEO as Bailey prepares for Bank of England move - Link
    FinReg Alert Fri 24 Jan 2020 15:42

    By Hayley McDowell January 24, 2020, The Trade

    The UK’s Financial Conduct Authority (FCA) has appointed its executive director of strategy and competition as interim chief executive officer, as Andrew Bailey prepares to take on the top job at the Bank of England.

    The FCA confirmed in a statement that Christopher Woolard will serve as interim CEO while the HM Treasury prepares to begin its search for a permanent successor to former chief Bailey.

    full article

  • Incoming Bank of England chief to face questions over investment firm collapse - Link
    FinReg Alert Fri 24 Jan 2020 15:22

    By Huw Jones January 23, 2020, Reuters

    Bank of England governor-designate Andrew Bailey will be interviewed about his supervision of collapsed investment firm London Capital & Finance as head of the Financial Conduct Authority (FCA), an independent inquiry said on Thursday.

    LCF collapsed in January 2019, leaving 11,600 bondholders nursing losses of up to 237 million pounds ($312 million). It was selling “mini-bonds” that raise cash for small firms.

    full article

  • Finance wants competitiveness role for U.K. watchdogs after #Brexit - Link
    FinReg Alert Fri 24 Jan 2020 15:02

    By Huw Jones January 22, 2020, Reuters

    Britain’s regulators should have a formal role after Brexit to keep the financial sector globally competitive and less prone to “gold-plating” international norms, an industry think tank said on Thursday.

    The International Regulatory Strategy Group (IRSG) said new thinking and targeted reforms were required after Britain leaves the European Union on Jan. 31. U.K. regulators will write its own financial rules instead of applying those fashioned by Brussels.

    full article

  • China: currency manipulator no more? l Charts that Count, via @colbyLsmith in @ftvideo - Link https://t.co/eHWVuM7sSp
    FinReg Alert Fri 24 Jan 2020 13:47

    The FT’s U.S. markets reporter Colby Smith looks at the U.S. government’s decision to remove China’s designation as a currency manipulator, and if the label justified in the first place. Read more at https://on.ft.com/37cgE7b

  • Traders across Europe face up to the cost of failure - Link
    FinReg Alert Fri 24 Jan 2020 12:42

    By Philip Stafford January 9, 2020, Financial Times

    Banks and asset managers will soon be grappling with a revolution in European securities markets that could push up the cost of trading by billions a year.

    New European rules are due to come into effect in September that will impose tougher standards on trades that fail to settle on time — either because the buyer does not deliver the funds to pay for the deal, or because the seller does not supply the securities.

    full article

  • Calls mount for real-time data tape in the bond markets - Link
    FinReg Alert Fri 24 Jan 2020 12:31

    By Samuel Agini January 10, 2020, Financial News

    An influential lobby group representing almost 600 banks and asset managers has urged the creation of a tape of record for bond transactions in Europe, as pressure grows on the financial industry to bring greater transparency and accessibility to crucial sets of trading data.

    The International Capital Market Association, which traces its roots to the early years of the eurobond market, is in talks with the European Commission over a so-called consolidated tape of record for the region’s bond markets.

    full article

  • Bank of England deputy governor Sam Woods: ‘I will defend #ringfencing of banks to my last drop’ - Link
    FinReg Alert Fri 24 Jan 2020 12:21

    By Lucy Burton January 12, 2020, The Telegraph

    Sam Woods, deputy governor of the Bank of England, celebrated 10 years spent repairing Britain’s financial system in unique style, with a Toblerone binge, Elton John’s biography and a fancy new bike.

    “It is just over a decade since the largest bank in the world nearly went bust right here in the U.K., very close to where you and I are sat,” he says from his modest office in London’s Moorgate, near RBS’s City HQ.

    full article

  • U.S. watchdog moves to overhaul governance of equity consolidated tape - Link
    FinReg Alert Fri 24 Jan 2020 12:11

    By Hayley McDowell January 10, 2020, The Trade

    Trading and investment firms in the U.S. could gain greater control over the equity consolidated tape, following years of debate around the alleged monopoly that incumbent exchanges hold on critical market data.

    The Securities and Exchange Commission (SEC) has published a proposal in a bid to modernize the governance of National Market System (NMS) plans, which produce the public consolidated tape and disseminate trade and data from trading venues.

    full article

  • .@FINRA outlines questions firms must answer on #RegBI compliance - Link
    FinReg Alert Fri 24 Jan 2020 12:01

    By Mark Schoeff Jr. January 9, 2020, InvestmentNews

    FINRA gave its member brokerage firms a spoiler alert on Thursday regarding the implementation of investment advice reform this summer.

    In its annual examinations priorities letter, the broker self-regulator outlined a list of nine questions it will use when reviewing whether a firm is adhering to Regulation Best Interest, a rule the Securities and Exchange Commission approved last year to raise the broker advice standard above suitability.

    full article

  • U.K. financial watchdogs to hone data crunching to spot problems sooner - Link
    FinReg Alert Fri 24 Jan 2020 11:51

    By Huw Jones January 7, 2020, Reuters

    Britain’s financial regulators said on Tuesday they will transform their data crunching capabilities over the coming decade to spot problems in banks and markets earlier.

    Banks and insurers must report a wide range of data, such as how much capital and cash they hold and exposures to risky instruments like derivatives.

    full article

  • E.U. watchdog says can meet deadline for U.K. clearers after #Brexit - Link
    FinReg Alert Fri 24 Jan 2020 11:41

    By Huw Jones January 9, 2020, Reuters

    Assessing if U.K.-based derivatives clearing houses can get access to European Union investors after Brexit can be done by June, but a final decision will hinge on broader E.U.-U.K. trade negotiations, the E.U.’s markets regulator said on Thursday.

    The London Stock Exchange’s LCH unit clears the bulk of euro-denominated swaps contracts, which are widely used by companies and banks across the E.U. to hedge against adverse moves in interest rates.

    full article

  • ESMA given new powers to increase cross-border supervision - Link
    FinReg Alert Fri 24 Jan 2020 11:31

    By Joe Parsons January 9, 2020, The Trade

    The European Securities and Markets Authority (ESMA) has been given new powers that will increase its cross-border and non-E.U. supervision capabilities.

    Among its new powers and responsibilities is a new role overseeing third-country equivalence assessments, which includes monitoring regulatory and supervisory developments in equivalent non-E.U. countries, and assisting the European Commission in preparing equivalence decisions.

    full article

  • Fed #Repos Add $74.2 Billion, But Net Liquidity Declines Modestly, by @michaelsderby in @WSJmarkets - #repo - Link
    FinReg Alert Thu 23 Jan 2020 22:01

    The Federal Reserve Bank of New York intervened on Thursday with two temporary additions of liquidity that nevertheless amounted to a modest reduction in the overall amount of temporary liquidity the central bank is adding to financial markets.

    The Fed added cash to money markets by a total of $74.2 billion via $44.15 billion in overnight repurchase agreements, or repo and via a $30 billion 14-day repo operation. But because of the expiration of past operations, the outstanding amount of short-term Fed liquidity injections...

  • Brexit: UK has 'crossed #Brexit finish line', says Boris Johnson, via @BBC - Link
    FinReg Alert Thu 23 Jan 2020 21:41

    Boris Johnson has said the UK has "crossed the Brexit finish line" after Parliament passed legislation implementing the withdrawal deal.

    The EU Bill, which paves the way for the country to leave the bloc on 31 January, is now awaiting royal assent.

    The PM said the UK could now "move forwards as one" and put "years of rancour and division behind it".

    The EU's top officials are expected to sign the agreement in the coming days, while MEPs will vote on it next week.

    The European Parliament will meet on 29 January to debate the agreement, which sets out the terms of the UK's "divorce" settlement with the EU, the rights of EU nationals resident in the UK and British expats on the continent and arrangements for Northern Ireland.

  • Now read @BChappatta's thoughts on the latest developments: Wall Street’s Bond Transparency Letters Are Revealing - Link Link
    FinReg Alert Thu 23 Jan 2020 21:26

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  • Then reread @BChappatta's on this, also from April 2019: Wall Street Wins a Rare Chance to Cut Bond Transparency - LinkLink
    FinReg Alert Thu 23 Jan 2020 21:26

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  • In addition to this article ( Link) from @benbain, reread an article from him and @claireeboston from April 2019 on the proposal: A 48-Hour Reporting Delay Could Be Coming for Corporate Debt - FinReg Alert Thu 23 Jan 2020 21:21

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  • Delayed Disclosure of Biggest Corporate Bond Trades Stalls - Link
    FinReg Alert Thu 23 Jan 2020 20:01

    By Benjamin Bain January 22, 2020, Bloomberg

    U.S. regulators have halted a plan to test whether delayed disclosure of corporate bond trades would boost market liquidity after a powerful group of investors, including Vanguard Group Inc., Citadel and AQR Capital Management, slammed the proposal.

    A Wall Street trade group informed its members late last year that the Financial Industry Regulatory Authority’s controversial plan had been put on hold, said two people familiar with the matter. The brokerage watchdog could still make changes and go forward after consulting with the Securities and Exchange Commission, another person said.

    full article

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