Latest ICMA developments
AMIC secretariat is reassessing its working priorities and inviting members to complete a 15 mins survey by Friday 27 November.
ICMA has launched its Repo and Collateral newsletter which will provide monthly updates on the key initiatives and workstreams undertaken by ICMA’s European Repo and Collateral Council (ERCC) as well as other relevant repo market developments.
Coming up next:
20 November: AMIC Primary Market WG meeting.
25 November: AMIC Sustainable Finance WG meeting to consider responses to the ESMA Article 8 Taxonomy regulation consultation paper as well as the EC consultation on the EU Ecolabel for investment funds.
26 November: ICMA FinTech Forum - Digitisation in bond markets against the backdrop of COVID-19.
27 November: AMIC Risk Management Working Group meeting to consider response to AIFMD Review consultation.
16 December: AMIC Executive Committee meeting.
ICMA Asset Management and Investors Council (AMIC) Regulatory Update
Financial stability: lessons from COVID-19
17 November FSB reports: G20, March market turmoil and SIFIs
The FSB has submitted its report to the G20 on the impact and policy responses to the COVID-19 pandemic. This report provides an update on financial stability developments and risks relating to COVID19; the international policy responses; the effectiveness of policies; the challenges that lie ahead and the way forward for the FSB. In parallel, the FSB published its report on the Holistic Review of the March Market Turmoil and a report on progress made in implementing policy measures to enhance the resolvability of systemically important financial institutions.
17 November The dash for cash and the liquidity multiplier: Lessons from March 2020 - speech by Anil Kashyap (BoE)
Anil Kashyap (BoE) looked at how the chains of entities that exist in the market-based finance system can contribute to problems during periods of stress as he explained was the case in March this year. He focuses on the funding flows and linkages between different parts of the system - securities and derivatives dealers, asset managers, pension funds, insurers, and a wide range of investment funds and money market funds.
16 November EU derivative clearing showed strong growth in 2019
ESMA has published its third Annual Statistical Report (Report) analysing the European Union’s (EU) derivatives markets. It provides a comprehensive market-level view of the EU’s derivatives markets in 2019, which had a total size of €681tn gross notional amount outstanding, a decrease of 5% on 2018. The Report is based on data submitted under the European Markets and Infrastructure Regulation (EMIR).
18 November ESMA publishes first overview of the size and structure of EU securities markets
ESMA has published its first statistical report on European Union (EU) securities markets. The Report uses new regulatory data sources to give, for the first time, a comprehensive overview of European equity and bond markets in 2019, including the number, characteristics, volumes traded and transparency data on the equity and bond instruments subject to MiFID II.
18 November FCA consults on new benchmarks powers
ICE Benchmark Administration (IBA), the FCA-regulated and authorised administrator of LIBOR, has announced that it will consult on its intention that the euro, sterling, Swiss franc and yen LIBOR panels would, subject to confirmation following IBA’s consultation, cease at end-2021. The FCA has set out our potential approach to the use of proposed new powers under the Financial Services Bill to ensure an orderly wind down of LIBOR.
16 November Joint statement on the implementation of prudential reforms in the Financial Services Bill
A joint statement was given from HM Treasury, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) on the implementation of prudential reforms contained in the Financial Services Bill.