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Creating unified trading data feeds is proving much harder — and more controversial — than foreseen
Little green men could be closer than they appear
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
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Carige’s postponed tier two deal is central to its recovery plan and therefore its future, a letter from the European Central Bank suggests. But at present that transaction looks like it will be very hard to complete. -
Caius Capital will wait until the European Banking Authority has completed a review of legacy capital instruments before proceeding with its case that UniCredit’s convertible and subordinated hybrid equity-linked securities (Cashes) are receiving the wrong regulatory treatment. This is because it believes the Cashes are included in that review, writes Jasper Cox.
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Brexit has been a slow-burning problem for the City of London, but burning it is. Financial markets are regulated. With worse access to Europe, the UK must make itself attractive to financial firms in other ways.
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European Commission amendments to the regulation governing eligibility towards the liquidity coverage ratio (LCR) has left the ABS industry disappointed, with the treatment for ‘simple, transparent and standardised’ (STS) instruments no better off and existing investments losing beneficial treatment. The move could have a chilling effect on banks’ willingness to increase participation in European securitization.
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Banca Carige is reported to be undergoing investigation in relation to market rigging, just days after the European Central Bank told it to appoint a new chairman and suggested it consider a merger.
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Caius Capital said on Monday morning that it would pursue its dispute over the regulatory status of a UniCredit capital instrument, after the European Banking Authority rejected its request to open an investigation.
