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Esma's central reference database is
integral to Mifid II's drive towards
transparency, but according to transaction
reporting heads and trading venue regulatory
specialists it's full of mistakes and gaps.
With little progress made on correcting those
mistakes so far, firms fear a backlog of old
reports will need to be re-evaluated in future.
While derivatives are causing the most
confusion, bonds are also suffering at the
hands of Mifid II's transparency
obligations Read more...
Isda, investors and sellside operations
managers are concerned about
Brexit’s impact on existing and
legacy contracts, as current repapering cost
estimates hover around the $10 million mark per
firm. A lack of equivalence would also mean
greater exposure to over-the-counter contracts,
which may in future count towards various
It's been close to a year since the FCA
announced plans to phase out Libor by 2021, but
little has actually changed so far. With up to
$370 trillion worth of contracts based on it,
this lack of consensus is a concern. Practice
Insight is investigating how the market is
responding to the FCA’s speech in
documentation and pricing, how firms plan to
approach the transition, and what participants
really look for in a benchmark. Have your say
now Read more...
Market participants are worried about the
EU’s attempt to relocate
derivatives clearing from the UK, as basis
swaps between central clearing counterparties
have already been widening since the UK voted
to leave the EU in 2016. Banks and asset
managers argue that this could price them out
of the market. Aside from the fundamental
increased clearing costs, additional
supervisory and operational fees may also apply
in future Read more...
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