Europe

Clearing & Post-Trade

ESMA Recognises Shanghai Clearing House as Third-country CCP

By Editors | 04/10/2022

The recognition follows the adoption of a decision on the equivalence of China’s regulatory framework for CCPs with EMIR requirements in June.

PEPs & Sanctions

US, UK, Canada, Australia Announce More Russia Sanctions

By Manesh Samtani | 03/10/2022

The sanctions are a response to Putin’s attempt to annex four regions of Ukraine, after holding referendums that have been denounced as illegal and coercive.

Structural Regulation

1M, 6M Synthetic GBP LIBOR to Cease at End March, FCA Says

By Editors | 03/10/2022

The FCA is still considering when to cease the 3-month synthetic GBP LIBOR setting, and whether to compel IBA to produce synthetic USD LIBOR settings after mid 2023.

Climate Risk

EBA Considers Assessing Climate in Regular Bank Stress Tests

By Editors | 02/10/2022

The EBA has kicked off high level discussions on how to incorporate climate risks in regular stress tests that take place every two years.

Trading & Investment

ESMA Calls for Greater Use of €STR in Derivatives

By Editors | 02/10/2022

Further develop of €STR products will provide the inputs needed to enable the calculation and provision of €STR term rates, ESMA says.

Cryptocurrency

UK FCA Grants Revolut Approval to Offer Crypto Services

By Editors | 01/10/2022

Revolut was allowed to remain on a temporary register after a March deadline for approvals until its application was fully processed.

PEPs & Sanctions

Turkish Banks to Stop Using Russia’s Mir Payment System

By Editors | 30/09/2022

Three Turkish state banks will stop using the Mir system in response to guidance issued by OFAC earlier this month. Two others stopped last week.

CBDCs

BIS Innovation Hub Nordic Centre Launches Retail CBDC Project

By Editors | 30/09/2022

The central banks of Israel, Norway and Sweden will develop a “hub” to which they will connect their domestic proof-of-concept CBDC systems.

PEPs & Sanctions

G7 Nations Imposing New Russia Sanctions Over “Sham” Referendums

By Manesh Samtani | 30/09/2022

The EU package includes an oil price cap and a complete ban on providing crypto services to Russians. UK targets include Gazprombank, Sberbank and Sovcombank board members.