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Scrutiny of regulatory proposals by those without securitization expertise is a feature, not a bug
Tom Hall goes through a sterling week of deals for European ABS, while Thomas Hopkins dissects the dangers that a rise in LMEs would pose for European CLOs
Proposed 10% limit on interest would strip out most of securitizations' excess spread
Implementation necessary after wide-ranging changes last year
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The European Securities and Markets Authority has fined Fitch for conflicts of interest, relating to ratings given to entities where French billionaire businessman Marc Ladreit de Lacharrière sat on the board. The French businessman indirectly owned a stake in the ratings agency. -
The US Commodity Futures Trading Commission has amended its margin comparability determination for Japan, further recognising the equivalence of US and Japanese rules on swaps.
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Japan’s securities market supervisor has called for Citigroup to be fined for market manipulation of the country’s government bond futures. The trader in question has now left the bank as a result of the episode.
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The US Commodity Futures Trading Commission (CFTC) has agreed to ease regulations surrounding the use of swaps in connection with loans offered by banks.
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The European Central Bank, as the bank supervisor, has a clear mandate to maintain a bank as a going concern, but that is not necessarily positive for covered bonds. The forthcoming European covered bond directive may help mitigate these concerns — but it is not guaranteed.
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Mersen, a French technology manufacturer, will not accept bids from UK-based lenders for its new Schuldschein “in anticipation of a potential Brexit”. Three bankers away from the transaction said they have also discussed excluding UK lenders with other borrowers.
