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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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Speed has always been a defining feature of the trading process, especially across the very liquid equities and fx markets. Moving from the open cry through to the information age and high-speed computing, the quicker an order could be placed and the faster information could be gathered, the more competitive advantage a firm could gain over its rivals. As the new millennium kicked off, vast sums were being bought and sold in milliseconds, and an interminable arms race seemed to have become an industry staple, with trading firms racing towards zero latency.
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Market disruption and dislocation could occur should third country central counterparties not receive recognition under the European Market Infrastructure Directive, according to Scott O'Malia, Commissioner at the US Commodity Futures Trading Commission.
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The US Commodity Futures Trading Commission has announced further implementation details surrounding the trade execution requirement for certain interest rate and credit default swaps, as swaps that are part of a package transaction will be required to be traded on a swap execution facility or designated contract market beginning May 16.
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The European Banking Authority and Bank of England have revealed how they plan to test Europe’s banks this summer, but the stress on sovereign bonds will be less than that experienced only six months ago, writes Owen Sanderson.
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The Bank of England has published its own stress test which goes beyond the European Banking Authority’s new test, and makes UK banks model a 35% house price decline and a 30% drop in commercial real estate prices.
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The European Banking Authority has released details of how it will stress test Europe’s banks. It will look at a sell-off in sovereign bonds, and “re-differentiation of EU sovereign bond yields” — but this will mean only a 380bp widening in Greece, down to a 137bp widening in Germany.
