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The ratings review finished with both upgrades and downgrades linked to senior bonds now being subordinated to regular deposits
Public pension schemes have sold shares in coal, oil and gas companies but are still funding expansion of the gas industry through infrastructure funds
Key points of contention include the investor sanctions regime and the definition of 'resilience'
European and other regulators are working on reforms to make covered bond funding more efficient
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Sukuk is breaking free of regional boundaries to become an increasingly global market, senior IMF economists have told IFIS. Concentration risk is still one the biggest challenges for the growing market, but they expect the clear benefits of issuing sukuk bring more and more new issuers into the fold. -
Live order book trading of market agreed coupon swaps is now trading on UBS’ electronic trading platform Neo, making it the first platform to offer an aggregated order book for MAC swaps.
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Michel Barnier, outgoing vice-president of the European Commission, has described a real European capital market as “my dream, which can be inherited by my successor”, writes Owen Sanderson.
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Dealers are facing increasing costs when providing clearing services to pension funds amid the regulatory push to move trades to clearing houses. The lack of netting provisions for pension funds means capital charges for dealers are high, with the result that leading banks are questioning the viability of the business without a rise in clearing prices.
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The final text of European liquidity rules allows unrated covered bonds into the asset buffers banks must hold, in a move that demonstrates the European Commission's willingness to rely less on the credit rating agencies. Unrated covered bonds sit alongside various categories of securitization in the European version of the rules, which allow far more assets to be considered liquid than originally envisaged by the Basel Committee.
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The European Banking Authority has published a report on role-based allowances which looks to close a loophole in the European Union’s bonus cap. But the document has no formal legal standing, and its instruction to national supervisors to “to ensure institutions review their remuneration policies so as to comply with the criteria highlighted in the EBA report” by the end of the year goes beyond the EBA’s power.
