Bim Afolami, Economic Secretary to the Treasury, has delivered a speech on reforms to reinforce the UK’s capital markets. The speech highlighted that the Government is committed to building on the strong...
Category - Capital Markets
FCA requires IBA to continue to publish synthetic US dollar LIBOR
Following its November 2022 consultation, FCA has decided to require LIBOR’s administrator, ICE Benchmark Administration Limited (IBA) to continue to publish the 1, 3 and 6 month US dollar LIBOR settings on a...
FCA consults on improvements to equity secondary markets
FCA has published a consultation paper outlining its proposals to improve the functioning of UK equity secondary markets. The changes form part of the Wholesale Markets Review and would be designed to: improve the...
“Market share test” update on commodity derivatives ancillary activities exemption
Article 2(1)(j) of MiFID II exempts firms trading in commodity derivatives, emission allowances and emission allowance derivatives from authorisation as a MiFID investment firm if they fulfil certain criteria. Firms are...
AFME publishes “Anti-Money Laundering Transaction Monitoring in the Markets sector”
The Association for Financial Markets in Europe (AFME) has published a paper entitled, “Anti-Money Laundering Transaction Monitoring in the Markets sector” in collaboration with Ernst & Young. Recognising the key...
FSB roadmap for addressing climate-related financial risks
The Financial Stability Board (FSB) has published a letter from its Chair, Randal K. Quarles, to G20 Finance Ministers and Central Bank Governors ahead of their 9-10 July meeting. The letter stresses the need for...
Proprietary injunction and Bankers Trust Order made in fraud case involving cryptocurrency
In the unreported case of Ion Science Ltd v Persons unknown and others (21 December 2020 – Commercial Court), the Commercial Court granted a proprietary injunction, worldwide freezing order and ancillary...
BoE speech: financial markets and the fight against climate change
Andrew Hauser, BoE Executive Director for Markets, has spoken about the role capital markets, including asset managers, have to play in the fight against climate change. In his speech, Mr Hauser explored the challenges...
EU launches new capital markets union action plan
The European Commission (EC) has adopted a new capital markets union (CMU) action plan which proposes legislative changes and new objectives. The EU’s top priority is to ensure that Europe recovers from the...
ECON adopts draft reports on digital finance and the capital markets union
The European Parliament’s Economic and Monetary Affairs Committee (ECON) has adopted two draft reports on (1) digital finance and FinTech action plan and (2) the further development of the capital markets union...
BoE updates on LIBOR transition
The Bank of England has updated its website on the transition from LIBOR, and what it is doing to catalyse using SONIA as the primary interest rate benchmark in sterling markets. The Working Group on Sterling Risk-Free...
EP issues draft report on further development of the CMU
On 19 June, the European Parliament (“EP“) published a draft report on the further development of the Capital Markets Union (“CMU“), improving access to capital market finance, in particular by...
Identity of lenders in peer-to-peer lending platform protected by Chancery Appeals Court
In Andrew Milne v Open Access Finance Ltd [2020] EWHC 1420 (Ch) the Court rejected an appeal against the making of a representative order under CPR r. 19.6 but allowed the appeal challenging the identity of that...
Bank of England speech: turbo-charging LIBOR transition
Andrew Hauser of the Bank of England has announced two new initiatives to encourage Sterling LIBOR transition in a speech on 26 February 2020. Firstly, the Bank is going to publish a daily SONIA Compounded Index from...
FCA postpones wholesale market data Call for Input
The FCA has announced that they are postponing the Call for Input they had planned for for Q2 2019/20, in the light of the impact of Brexit preparations on firms, and in particular on those individuals in firms that...
EU reaches political agreement on EMIR Refit
After nearly 2 years of negotiation, the European Parliament and Member States have agreed a targeted reform of EMIR. The Commission wanted to provide simpler and more proportionate rules, and the changes will exempt...
PRA plans CRM eligibility clarification
PRA is proposing changes to its Supervisory Statement on credit risk mitigation, to clarify how financial collateral is eligible as funded credit protection under the CRR. The CRR sets criteria for recognising...