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☆ ESMA chair: Crypto market remains very volatile
▼ + stars: | 2024-04-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailESMA chair: Crypto market remains very volatileVerena Ross, the chair of the European Securities and Markets Authority, speaks to CNBC's Karen Tso, warning against the highly concentrated nature of trading in the crypto sector.

Persons: Verena Ross, Karen Tso Organizations: European Securities and Markets Authority

☆ Central banks of India, England resolve trade settlement stand-off
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

[1/2] FILE PHOTO: A Reserve Bank of India (RBI) logo is seen inside its headquarters in Mumbai, India, April 6, 2023. REUTERS/Francis Mascarenhas//o/File Photo Acquire Licensing RightsMUMBAI, Dec 1 (Reuters) - The central banks of India and England on Friday signed an agreement on information exchange for settlement of bond trades, the Reserve Bank of India (RBI) said. In India, bonds are settled through the Clearing Corporation of India (CCIL). The two central banks have also established a framework for the BoE to rely on the Indian central bank's regulatory and supervisory activities, while safeguarding the United Kingdom's financial stability, the RBI said. This meant that European banks had to settle their India-based trades through banks based in other jurisdictions.

Persons: Francis Mascarenhas, BoE, CCIL, Siddhi Nayak, Jayshree, Nivedita Bhattacharjee, Sohini Organizations: Bank of India, REUTERS, Rights, Reserve Bank of India, Clearing Corporation of India, Bank of England, United, European Securities and Markets Authority, Siddhi, Thomson Locations: Mumbai, India, England

☆ EU watchdog cautions against one-size-fits-all rules for non-banks
▼ + stars: | 2023-11-09 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Nov 9 (Reuters) - Regulators should keep on open mind when writing rules for the world's $239 trillion "non-bank" financial sector to avoid one-size fits all approaches, the EU's top securities watchdog said. Non-banks, a sector which includes hedge funds, real estate funds, insurers and private investments and now account for about half of the world's financial sector, are firmly in the regulatory limelight. This follows redemption-related stresses among money market funds (MMFs) during a "dash for cash" when economies went into pandemic lockdowns in March 2020, and last year with liability-driven investment (LDI) funds in Britain. European Securities and Markets Authority (ESMA) chair Verena Ross said regulators are closely examining non-banks' leverage, liquidity and their connectivity with banks. Meanwhile, the BoE has called for tougher liquidity rules for MMFs, but sterling-denominated funds are listed in European Union countries such as Ireland and Luxembourg, where the rules are written by the 27-member bloc.

Persons: Verena Ross, Ross, MMFs, BoE, ESMA, Huw Jones, Alexander Smith Organizations: European Securities and Markets Authority, Reuters, U.S . Federal, The Bank of England, U.S, Financial, Union, European Commission, Thomson Locations: Britain, Ireland, Luxembourg

☆ EU securities watchdog warns investors over crypto market protections
▼ + stars: | 2023-10-17 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Regulating crypto has become more urgent for regulators after the collapse of crypto exchange FTX and with huge volatility in bitcoin prices. "Even with the implementation of MiCA, retail investors must be aware that there will be no such thing as a ‘safe’ cryptoasset," the EU watchdog said in a statement. Full protections may not be available in EU states that grant an 18-month transitional period for crypto firms to operate without an EU licence, meaning customers may not be covered until July 2026. A significant number of crypto firms would probably continue to offer their services under the transitional terms until mid-2026, ESMA said. Crypto firms from non-EU countries will be allowed to provide services to customers in the bloc that have specifically requested them, and even then only on a "strictly limited" basis.

Persons: Bitcoin, Dado, ESMA, Crypto, Huw Jones, Emelia Sithole Organizations: REUTERS, Union, EU, European Securities and Markets Authority, Thomson

☆ EU watchdog calls for early adoption of stablecoin standards
▼ + stars: | 2023-07-12 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, July 12 (Reuters) - The European Union's banking watchdog urged stablecoin issuers on Wednesday to voluntarily comply with 'guiding principles' on managing risks and protecting consumers ahead of mandatory rules due in a year's time. The European Banking Authority (EBA) published on Wednesday for public consultation its first batch of measures to flesh out MiCAR requirements for issuing a stablecoin that would come into force on June 30, 2024. Separately the EU's European Securities and Markets Authority (ESMA) set out draft rules for so-called crypto asset service providers (CASPs) who trade cryptocurrencies. EBA will issue a second batch of draft rules in October that focus on capital requirements for stablecoin issuers, and how firms should deal with stablecoin redemptions in stressed markets. Reporting by Huw Jones; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: stablecoin, Huw Jones, Paul Simao Organizations: EU, Crypto, European Banking Authority, European Securities and Markets Authority, unbacked, Thomson Locations: unbacked cryptoassets

☆ Watchdog with teeth can help EU hunt unicorns
▼ + stars: | 2023-07-11 | by ( Rebecca Christie | ) www.reuters.com time to read: +8 min

Yet the EU today is a long way from uniting its capital markets. By comparison, the United States has seven exchange groups, three listings exchanges and 16 trading exchanges, along with one clearing house and one depository. Bringing capital markets together through better regulation, as well as better market incentives, could keep the next generation of unicorns home. Follow @rebeccawire on TwitterCONTEXT NEWSEuropean Union leaders called for the EU to improve capital markets as part of a push for competitiveness at summits in March and June. Capital markets union is an EU endeavour launched in 2014 as a long-term project to boost investment across borders.

Persons: –, Austria’s i5invest, Backes, Magdalena Rzeczkowska, Nadia Calviño, ESMA, ” Calviño, won’t, centralisation, Francesco Guerrera, Oliver Taslic Organizations: Reuters, EU, ABC Fitness Solutions, Reuters Graphics Reuters, Canada, Berlin Brands Group, European Securities and Markets Authority, European, Central, Union, European Commission, Capital, Thomson Locations: BRUSSELS, Europe, China, Ukraine, Arkansas, London, Switzerland, United States, IPOs, Belgian, U.S, Paris, spillovers, Luxembourg, Poland, Brussels, EU, wean

ESG ratings providers must stop providing consulting services to investors, stop the sale of credit ratings and the development of benchmarks among other things, according to the EU's draft legislation published on Tuesday. "ESG ratings agencies that score companies on governance factors are completely unregulated so it's very difficult to compare ratings by different agencies. Agencies providing ESG ratings include S&P Global (SPGI.N), Moody's (MCO.N), MSCI (MSCI.N)> and Morningstar's (MORN.O) Sustainalytics. Britain has also outlined plans to regulate ESG ratings providers where the rating is used by anyone in the UK. In March, the finance ministry published a consultation on regulating ESG ratings providers, saying it saw a "clear benefit" from improving the transparency of methodologies as well as rating providers' governance and processes.

Persons: Mairead McGuinness, Markus Ferber, Ferber, Julia Payne, Tommy Reggiori Wilkes, Sinead Cruise, Mark Potter, Ed Osmond Organizations: European, European Securities and Markets Authority, Financial Services, P, Global, Morningstar, Conservative European, European Commission, Thomson Locations: EU, BRUSSELS, LONDON, Britain, Europe

☆ EU lawmakers approve world's first comprehensive framework for crypto regulation
▼ + stars: | 2023-04-20 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Markets in Crypto-Assets (MiCA) is the first attempt at creating comprehensive regulation for digital assets in the EU. Lawmakers in the European Parliament have approved the world's first comprehensive package of rules aimed at regulating the cryptocurrency industry. In a vote Thursday, the EU Parliament voted 517 in favor and 38 against to pass the Markets in Crypto Act, or MiCA. The legislation, which seeks to reduce risks for consumers buying crypto assets, will mean providers can become liable if they lose investors' crypto-assets. The rules will impose a number of requirements on crypto platforms, token issuers and traders around transparency, disclosure, authorization, and supervision of transactions, the EU Parliament said in a statement Thursday.

☆ Explainer: Why European money market funds inflows are lagging behind the U.S. torrent?
▼ + stars: | 2023-04-11 | by ( Harry Robertson | ) www.reuters.com time to read: +6 min

[1/2] U.S. dollar and Euro bank notes are photographed in Frankfurt, Germany, in this illustration picture taken May 7, 2017. In Europe, investors put 17.7 billion euros ($19.35 billion) into euro-denominated money market funds in March, Refinitiv Lipper data shows, when the Credit Suisse crisis rocked markets. Other analysts said it was due to the fact that euro money market funds are underdeveloped relative to U.S. funds and are focused more on private sector, particularly bank, debt. WHAT IS A MONEY MARKET FUND? The European money market fund sector is far smaller than in the United States.

☆ Big Investors Expected to Scrap ‘Dark Green’ Labels on More EU Funds
▼ + stars: | 2023-01-10 | by ( Dieter Holger | ) www.wsj.com time to read: +6 min

SFDR rules require EU-marketed funds to be designated as one of three categories: “dark green” Article 9 funds, which aim for sustainability or decarbonization; “light green” Article 8 funds, which advance one or more environmental, social and governance objectives; and Article 6 funds, which don’t have any specific ESG-related objectives. Upgrades and downgrades in classifications typically occur with “similar frequency,” but since September, more than 80% of reclassifications have moved Article 9 funds to Article 8, analysts at Jefferies said in December. At the end of November, there were around $452 billion in Article 9 funds, nearly $4.2 trillion in Article 8 funds and $3.9 trillion in Article 6 ones. In November, BlackRock moved 16 funds representing around $26 billion to Article 8 from Article 9, but also retained 13 dark-green funds valued at about $13 billion. Another challenge is for fund managers to gather and report required ESG data—such as greenhouse-gas emissions, gender pay gaps and water use—for individual stocks and bonds in a fund.

☆ EU sets out plans to shift derivatives clearing from London to Frankfurt
▼ + stars: | 2022-11-28 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

The loss of clearing in contract worth trillions of euros would be a further knock to the City as it faces new competition from EU financial centres like Paris and Frankfurt, alongside longstanding rivals such as New York and Singapore. Global banks have warned Brussels they could clear contracts in the United States if the EU is too heavy-handed. The commission is due to publish the draft law on Dec. 7, with the European Parliament and EU states having the final say. Global banks have warned Brussels that heavy, mandatory action forcing them to shift euro derivatives clearing out of London would backfire on EU banks, who need access to global liquidity pools in London, and could send clearing activity to the United States. The draft law tentatively proposes requiring EU clearers of commodity derivatives to hold a standalone default fund for that particular asset.

☆ India watchdog ire cools foreign banks’ ambitions
▼ + stars: | 2022-11-16 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

India is bristling at the idea of foreign regulators inspecting its entities which settle trades in government bonds, foreign exchange and more. The higher costs will make the services of European Union and British banks in India uncompetitive, prompting clients to switch to other foreign or domestic banks. Bosses of smaller foreign banks already complain in private that their returns in India are lousy. The Reserve Bank of India, for example, could in theory strike a deal that sets boundaries on on-site visits, as Singapore has done. The Indian regulators include Reserve Bank of India, Securities and Exchange Board of India and International Financial Services Centres Authority, ESMA said.

☆ EU watchdog proposes emergency brake on energy markets
▼ + stars: | 2022-09-22 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

REUTERS/Fabian BimmerLONDON, Sept 22 (Reuters) - A temporary brake on gas and electricity derivatives when prices spike could improve the overall functioning of the energy market, the European Union's securities watchdog proposed on Thursday. "It would, therefore, appear useful to consider implementing, on a temporary basis and for energy derivative markets only, a new type of trading halt mechanism," ESMA said in a statement. Such a mechanism would need to be implemented as part of emergency measures tackling the current energy crisis, it added. Energy firms sell their output using derivatives markets, requiring them to post "margin" in the form of cash, in practice, to cover positions at clearing houses in case they turn sour. ESMA said such conditions include a time limit on their use, such as for the winter period when stresses in energy markets are expected to continue.

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