Europe

Capital / Liquidity

BOE Sets Deadline for UK Firms to Embed Climate Risk

By Editors | 07/07/2020

By end-2021, financial firms will have to be able to demonstrate that their approaches to managing climate-related financial risk have been implemented and embedded in their organisations.

Market Infrastructure

Singapore Regulator Raises Concerns Over LSEG-Refinitiv Deal

By Editors | 06/07/2020

Singapore’s competition regulator has concerns about whether Refinitiv’s widely used WM/Reuters FX benchmarks would be offered to rival providers at fair and reasonable terms.

Market Infrastructure

16 Banks Announce Initiative to Digitalise Payments Across EU

By Editors | 06/07/2020

The unified payment solution for consumers and merchants across Europe will encompass a payment card, digital wallet, and online and P2P payments.

AML / KYC

Spanish Court Penalises Four ICBC Employees for AML Violations

By Editors | 06/07/2020

Criminal groups deposited millions of euros cash into accounts at ICBC Spain using split payments, in-house accounts and false identity documents to evade detection.

Market Infrastructure

Industry Bodies Call on EU to Reform Benchmarks Regulation

By Editors | 30/06/2020

The majority of third-country benchmarks pose no systemic risk but could nevertheless be barred from use in the EU due to a costly and burdensome third-country benchmark regime.

AML / KYC

UPDATED – Wirecard Fraud: A Timeline of Events

By Editors | 30/06/2020

Wirecard has filed for insolvency amid multiple probes. BaFin faces scrutiny for mishandling clear red flags. EY faces lawsuits for failing to catch the improprieties earlier.

Market Infrastructure

UK to Grant FCA Additional Powers to Facilitate LIBOR Retirement

By Editors | 23/06/2020

Legislative amendments will empower the FCA to prohibit or limit the use of LIBOR, or to direct a change in its methodology, to address the issue of ‘tough legacy’ contracts.

Enforcement

BaFin Efficacy Called into Question for Wirecard Handling

By Manesh Samtani | 22/06/2020

Last February, BaFin responded to whistleblower allegations and critical media reports by banning short-selling in Wirecard and filing criminal charges against journalists.

Market Infrastructure

What CSDR’s Settlement Discipline Regime Means for Asia’s Buy-side

By Matt Johnson | 22/06/2020

CSDR’s Settlement Discipline Regime could expose Asian firms to settlement failure penalties on their trades with EU counterparties, writes DTCC’s Matt Johnson.