Europe

Climate Risk

EBA Publishes Results of Pilot Exercise on Climate Risk

By Sanday Chongo Kabange | 25/05/2021

The first gauge of the EU aggregated green asset ratio was estimated at 7.9%. Over half of banks’ overall exposures are to sectors that might be sensitive to transition risk.

Structural Regulation

G7 Close to Deal on Global Minimum Corporate Tax Rate

By Sanday Chongo Kabange | 24/05/2021

A US Treasury’s proposal to accept a global minimum corporate tax rate of 15% has reportedly been met with enthusiasm in Europe.

Trading & Investment

ESMA Recommends Lower Short Position Reporting Threshold

By Editors | 24/05/2021

ESMA says a “substantial amount” of essential information became available to NCAs after the notification threshold was lowered to 0.1% last year.

Market Abuse

Nomura, UBS, UniCredit Fined for Participating in Trading Cartel

By Editors | 24/05/2021

During Europe’s sovereign debt crisis, the banks shared information about their EGB bidding and trading strategies in Bloomberg terminal chat rooms.

Structural Regulation

FCA Consults on Use of New Powers to Facilitate LIBOR Transition

By Editors | 22/05/2021

The consultation will help the FCA decide on what legacy use to permit for non-representative benchmarks and how it will prohibit new use of critical benchmarks that are ceasing.

Trading & Investment

Credit Sensitive Alternatives to RFRs Have Limited Durability: Bailey

By Manesh Samtani | 17/05/2021

Non-financial borrowers may not want their cost of borrowing to be driven by thin liquidity in CP and CD markets, says BOE governor Andrew Bailey.

Anti-Money Laundering

US DOJ Penalises Swiss Life for Facilitating Tax Evasion

By Editors | 16/05/2021

Swiss Life and its subsdiaries created and marketed insurance products specially designed for US persons seeking to hide offshore assets and evade tax.

Trading & Investment

UK Exchange Derivatives to Switch to SONIA on 17 June

By Editors | 14/05/2021

The FCA and BOE are encouraging market participants to prepare for and implement changes to standard trading conventions on 17 June.

Structural Regulation

Working Group Publishes Recommendations on EURIBOR Fallbacks

By Editors | 13/05/2021

Although EURIBOR is not scheduled to be discontinued, the recommendations will provide legal certainty and help users comply with BMR fallback obligations.