International

Cryptocurrency

Global Crypto Trading Should be Guided by IOSCO Principles: WFE

By Editors | 03/08/2019

“Innovation which has the potential to present systemic risk or is allowed to operate in an unchecked or unregulated manner is detrimental to financial markets and investor interests.”

Structural Regulation

IOSCO Urges Market Participants to Move to RFRs ‘Now’

By Editors | 02/08/2019

IOSCO says early transition to risk free rates will help to mitigate potential financial stability and conduct risks associated with the transition away from LIBOR.

Market Abuse

Five Major Banks Face UK Class Action in FX Rigging Case

By Editors | 31/07/2019

The class action, estimated to be worth more than $1.2bn for trades executed in the UK, follows a similar-size fine levied against the banks by the European Commission in May.

Structural Regulation

ISDA Unveils Preliminary Results of 2nd IBOR Fallbacks Consultation

By Manesh Samtani | 31/07/2019

For USD LIBOR, HIBOR and CDOR fallbacks, respondents prefer ‘compounded setting in arrears’ for the adjusted RFR and the ‘historical mean/median approach’ for spread adjustments.

Structural Regulation

Singapore, Australia Benchmarks Gain EU Equivalence

By Editors | 30/07/2019

The European Commission has adopted equivalence decisions for Australian and Singapore financial benchmarks, but repealed existing equivalence for credit rating agencies.

Operational Risk

CCP12 Publishes Best Practices to Address Outsourcing Risk

By Editors | 26/07/2019

As CCPs move to more complex supply chain models, proper oversight mechanisms and controls need to be in place to manage the risks introduced by third-parties.

Market Risk

BCBS, IOSCO Agree One-year Phased Extension of Initial Margin Rules

By Editors | 23/07/2019

Initial margin requirements for firms with uncleared derivatives exceeding $8bn have been extended to September 2021; firms exceeding a $50bn threshold will have to comply in September 2020.

Emerging Prudential Risks

FSB Adjusts Timelines to Implement Recommended SFT Haircuts

By Editors | 22/07/2019

The FSB has adjusted the implementation timelines for its framework recommendations for haircuts on certain non-centrally cleared securities financing transactions to align with Basel III.

Payments & Settlements

SWIFT Completes Latest gpi Trial with Singapore FAST

By Editors | 21/07/2019

All cross-border payments in the trial, which involved 17 banks across 7 countries, settled end-to-end within 25 seconds. SWIFT gpi has also now been introduced for corporates.