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☆ Draghi urges radical European Union reform requiring extra 800 billion euros a year
▼ + stars: | 2024-09-09 | by ( Jenni Reid | ) www.cnbc.com time to read: +4 min

Massimo Di Vita | Mondadori Portfolio | Getty ImagesThe European Union needs up to 800 billion euros ($884 billion) in additional investment per year to meet its key competitiveness and climate targets, according to a report from economist and politician Mario Draghi. The bloc's goals of bolstering its geopolitical relevance, social equality and decarbonization are being threatened by weak economic growth and productivity compared with the U.S. and China, the report states. The EU is meanwhile suffering an "innovation deficit" which must be tackled through reforms to research and development funding and policy, the report states. To fast-track policymaking, the report proposes limiting the voting items that require support from an absolute majority of member states. Funding questionPublic and private investments are being hindered by the size of the EU budget, its lack of focus and its risk aversion, the Draghi report says.

Persons: Mario Draghi, Massimo Di Vita, Draghi —, —, NextGenerationEU Organizations: Italian, European Union, U.S, European Central Bank, European, European Securities and Markets Authority, U.S . Securities, Exchange Commission, SEC Locations: Rome, Italy, China, EU, Europe, Germany

☆ 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

☆ EU committee backs law to relocate euro clearing from London to bloc
▼ + stars: | 2023-11-28 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Nov 28 (Reuters) - An influential committee of European Union lawmakers voted on Tuesday in favour of a draft law aimed at shifting clearing of euro-denominated derivatives from a post-Brexit London to the bloc. Long a Brexit battleground between London and Brussels, the EU wants better oversight of clearing in euro denominated interest rate swaps bought by EU-based market participants, the bulk of which are cleared by the London Stock Exchange Group in the United Kingdom. EU securities regulator ESMA would also have to become the direct supervisor of clearers based in the EU. LSEG CEO David Schwimmer has said he is "optimistic" that clearing in London for EU customers would continue after that date. EU banks have warned that being cut off from global clearing pools in London would put them at a competitive disadvantage to international rivals.

Persons: Long, Danuta Huebner, David Schwimmer, Huw Jones, Mark Potter Organizations: European Union, EU, London Stock Exchange Group, Deutsche Boerse, European, Thomson Locations: London, Brussels, United Kingdom, EU, Frankfurt, Madrid

☆ 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

☆ Goldman Sachs just promoted 608 employees to the coveted role of managing directors. See the full list here.
▼ + stars: | 2023-11-02 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +14 min

Goldman Sachs announced its 2023 class of managing directors Thursday afternoon, giving 608 employees the coveted title. It's a smaller cohort than the bank's 2021 MD class, down 5% amid a dealmaking slowdown. Still, Goldman appears to have taken pains to promote employees in revenue-generating divisions like investment banking and trading. Goldman says the percentage of women it promoted as part of the 2023 MD class sets a record, up 1% from 2021. Two years ago, Goldman promoted the largest managing director class in its history, naming 643 employees to the designation in 2021.

Persons: Goldman Sachs, Goldman, David Solomon, John Waldron, we've, Solomon, Waldron, Goldman Sachs Fereshteh Abbasi Thomas Abe Devina Abreo Francesca Adamski Emmanuel Adenitire Gopal Agarwal Prasoon Agarwal Udit Agrawal Khamran Ali Omar Alzaim Dorothee Amar Akbar Amin Joe Amsler Wilfred Amuri Jack Anstey Paul Antonios Hidemi Aoki, Carolina Aragon Gonzalez Nelson Armbrust Georgina Aspden Laurene, Gisha, Sharon Babick Navin Babu Alexey Bachurin Alberto Bacis Patrick Badaro Rahul Bajaj Elise Bal Tanya Ballaram Brian Baltz Guillaume Banderet Nirav Bansal Nitin Bansal Swati, Chalapathi, Andrei Banu Camella Barnes James Barry Elisa Anna Bassu Aman Batra Eleanor Beasley Nicole Beavan Michael Becker Yukiko Beer Omar Benchekroune Richard Bennett Nigel Beslee Ashima Bhalla Nikhil Bhandari Nimita Bhargava Bodha Bhattacharya Rebecca Bibb Roseline, Rahul Bindu Mark Bird Leo Biselman Christian Blanc Patrick Bogues Michael Boratin Katherine Bordlemay Gabriela Borges Kate Boucher Erik Bouland Joanne Braidi Chris Brett Joseph Briggs Charles Brockett Emmeline Brothers Aaron Brown Adrienne Brown Kevin Bryck Archana Budida Oliver Bunn Rebecca Burgoyne Andrew Burpitt Todd Byers Patrick Byrne Michael Cahill Ashley Caldwell Jake Caldwell Serdar Caliskan Jon Calluzzo Stewart Campbell Samantha Cantor Yuri Cantor Dan Carabas Gemma Carlaw Laura Carroll Tim Carson Matt Carter Quentin Cezard Alex Cham Simon Chamama Heidi Chan Patrick Chan Suraj Chandran Kim Cheah Jon Cheh CP Chen Nelly Cheng Sarrah Cherhabil Jackson Cheung Michael Cheung Rama, Stan Chiu Anish, Kunal Choraria Ankit Chowdhari Dario Claus Cosimo Codacci, Michael Coleman David Collerd Shannon Collins Francesca Condini Lee Coppersmith John Couch Tim Creamer Maziar, Satish Damodaran Gareth Davies Serkan, Nick De Kock Ann de la, Nick De Kock Ann de la Montaigne Jan Debeuckelaer Molly Decker Gabrielle Decrion Laurent Dedieu Antoine Demongeot Yannick Derippe Deepalakshmi Desai Tim Desiano Joshua Dezube Randeep Dhillon Javier Diaz, Merry Matheus, Jared Dickow Alex Doell Mao Dong Praneil Doolabh Daniel Dooling Michelle Dorea Szymon Doroz Jacqueline Du Benjamin Duell Kelsey Dumont Julie Duval Todd Ebe Dayo, Jeremy Eisenstein Chris Elmore Ryan Erickson Joaquin Escribano Larry Estrada Pavel Fadeev Will Fairbourn Jeremy Falgiani Fabio Federici Wenlong Fei David Felman Sophia Ferguson Zach Fernandez David Fernandez Miguez Scott, William Fio Rito Duffy Fischer Lisa Florentine Akshay Fomra Janice Foo Nicholas Forbat Elie Franko Georgina Fraser Jason Freeman Nicole Freeman Oliver Friedberg Gavriel Friedland Ross Fuller Angela Fung Greg Furness Nikhil Gadodia Stefano Gamba Amit Singh Gambhir Javier Gandara Giorgio Gandola Amit Gangrade Sudha Garimella Mima Garland Mingmin Ge Graziano Gemma Shefali Gera Constance Germain Brad Gifford Benjamin Giles Abbas Ginwala Marlene Giorgio Thomas Giovachini Zachary Glasser Guillaume Gnech Harley Golding Yuriy Goldman Jesse Goldstein Roy Golender Sharon Gonnella Alejandro Gonzalez Steven Gooden Jessie Gould Varun, George Graf von Waldersee Florian Granier Jamie Greenberg Brian Grzelakowski Alessandro Guicciardi Michael Guiliano Samuel Guinness Bivash Gunpath Deepa Gupta Parikshit Gupta Lauren Gutierrez Johannes Hahn Chris Hallam Alex Halpern Christina Halpin Michael Hamilton Brooke Hammel Saki Hanioka John Hanson Mathew Harris Ally Hart Amy Harwood Tom, Emily Hashimoto Rob Haslam Michael Heino Brandon Herde Sarah Higgins Camilla Hill Spencer Hill Sho, Cecilia Ho Jonathan Ho Bryan Hoffman Kevin Hoffmeyer Eliza Hollyday Simon Holmes Mehdi, Lily, Derek Hu Jennifer Hui Tim Huiszoon Camille Humbert Kurt Humes Kelley Hutchison Masayuki Ichioka Andrew Imber Calvin Isaac Jackson Isaacs Sharif Ismail Yu, Doug Michael Jaffa Nitin Jagga Rahul Jain, Jataprolu Fiona Jervis Yinpeng Jin Sandeep Jindal Jennifer Jochinger Steven Johnson David Johnstone Megan Jordan Nicolas Joseph Bob Kadel Jean Kam Harneet Kaur Vinay Kaura Peter Kelman Stephanie Kenary Maggie Keohan Humayun Khalid Sunil Khandelwal Scott Kilpatrick Jenny Kim Ashley King Joel Klaus Rene Klos Rossitsa, Michael Kondoleon Gregory Kontopoulos Larry Kornreich Shrivathsa Kota Konrad Krallmann Ken Kraska Alexander Kretzberg Bryant Krongard Simon Kubbies Adam Kulik Peter Kulka Ajeya Kumar Aditya Kurella Sara Lachapelle Raagini, Langalia Chaim Langer Alexander Langley Raven LaRue Dolapo Lawal Claire Leblanc, Langalia Chaim Langer Alexander Langley Raven LaRue Dolapo Lawal Claire Leblanc Mary LeDonne, Allison Lee Michael Lee Soohyun Lee Victoria Lewis Alice Li Qing Li George Lin Ali Lippert David Lipworth Bozhena Lisko, Murphy Mark Littlewood Zhenyi Liu Yelli Lobel Avinash Lobo Burke Loeffler Gabriela Lopez Cristian Lopez, Balboa Carlos Lopez Torrero Stephanie Louie Edward Lowe Reynolds Lowry Fei Luo Ranjan Luthra Sangeetha M Martin Ma Matthew Maciaszek Michael Magee Steffen Mahringer Poonam Majithia Terres Maloney Gopal Manchikanti Jade Mandel, Manfay Varun, Pierre Marboeuf Matt Margolin Thiago Marinheiro Kevin Martens Masato Maruyama Lucinda Mataka Rishi Mathur Pierre Maugest Scott Maxfield Andrei Maxim Michael McClurg Selina McCole Jeff McCown Andrea McGee Sinead McGuigan John McGuinness Benjamin McRoberts Amit Mehrotra Gaurav Mehta Kelly Mellecker Josef Menasche Raf Mercado Alexander Mielke Rachel Miles Christopher Miller Megan Miller Robert Miller Max Minton Edward Mitchell Oliver Money Tyler Moni Anna Montvai Taylor Moore Anthony Moschella Brandon Moy Faraz Munaim Sasha Munn Ashok Musuvathy Negar, Julian Naden Robinson Hiroki Nagamine Srijith Nair Cornelius Namiluko Sanjiv Nanwani Jay Narain Robert Andranik Nazarian Jovan Negovan Ryan Newman Michael Ng, Tasuku Nishihara John Nixon Kristy Nomi Alexandre Nunes Patrick O'Callaghan Yusuke Ochi KC O'Connor David Olivares Erica Olsen Victoria Ortengren Anas, Peter Pace Robert Packwood Nitin, Ellen Pak Ruth Pan Pedro Panizo Jayshri, Rahul Parikh Dan Parisi Freddie Parker Phil Parsons Peter Paruch Paul Pate Bella Patel Preya Patel Rakesh Patel Amit Patni Ed Paulinski Adam Pennacchio Kyle Penton Abhishek Periwal Michael Perrier Yoric Perrin Rasmus Persson Tommy Pinhas, Marco Poletti Megan Prasad Avijit Praveer James Puccinelli Sameer Punde Rob Pyne Na Qiao Valentina Quadri Marco Quirico Anya Radford Abhishek Rai Rahul Raj Ram Rajamony Ryan Ramsay Rami Rankoussi Nach Rao Pawan Rao Anurag Rathi Philip Renton Noel Reyes Ruth Reynolds Timothy Richards Peter Richter Brigid Riley Hutchinson Nick Rill Kristina Ristagno Vicky Ritter Martin Roberson James Roberts James Robinson Giorgio, Erin Roos Erin Ross Sumit Roy Conrad Ryan Soo, Ryu David Sage Jai Sahani Namita, Sarah Sakkej Karim Saleh Ayesha Salman Divya Samani Henrik Samuelsson Ryan Sansalone Vikram Sarker Shalini Satish Babu Charlotte Saury, Hania Schmidt Helene Schmitt Emily Schorr Wendy Schrunk Thomas Schwegler Michael Sciancalepore Brandon Seaman Benjamin Seigel Gamal Selvarajah Nicholas Semeniuk Devjoy Sengupta Michael Shafik Arpan Shah Shashwat Shah Shahnawaz Shahbaz Manoj Sharma Sachin Sharma Wazila, Gunduz Shirin Alex Silver Asmita Singh Kamalpreet Singh Andrew Sinnott Sapna, Dan Skinner Andrew Snow Stephanie Snyder Farouk Soussa Christopher Spahr Erik Sparks Matt Speltz Naveen Srinivasan Bhargav, Warren, Damian Steele Tobias Stein Catherine Stemp Dave Stringer Shekar Subramanian Jordan Sudy Philipp Suess Fatima Sultana Lu Sun Kumar Sundaram Fiona Syer Matthew Sykes Tofi, Filippo Taddei Sandhya Tadishetty Omer Tanvir Rita Taylor Zachary Tcheyan Brian Teague Wesley, Caitlin Terry Thomas Tesauro Hemal, Justin Therry Christine Thornburg Gregory Thysheril Angelo Tierno Alexander Tingle Ryan Townsend Cynthia Trillo Dimitris, Jessica Tung Jonathan Tung Ezgi, Zachary Upcheshaw Kiyomi, Nadine Urseanu Jim Vais Pim Valantagul Perrin Van Allen Annerieke van Dijk Jeroen van Dorp Dennis van Laer Todd van Stolk, Riley Jacqueline Vargas Alexander Vavalidis Edwin Velez Prasanna Venugopal Tim Verheyden Amanda Verstegen Ankit Vijay Vargiya Salvador Villanueva Arthur Villard Sichel Denzel Voesenek Bradley Wainwright Adam Walker Barbara Walters Omar Waly Daniel Wang Kenneth Wang Kristen Ward Gavin Warren Michael Washington Harry Webster Fredrik Weege Brian Weiss Thomas Weitz Nat Wells Joe Wenzel Tim Whitehead Henry Willans Matthew Williams Taylor Williams Katie Wilson Richard Wilson Stephanie Wisner Ilana Wolfe Jake Woodson Jeff Wu Qi Wu Jackson Yang Esma, Yoon Harm, John Zhai Jenny Zhang Lynn Zhang Raye Zhu Jane Zhuang Hans Zijlmans Carolyn Zimmer Samia Zitouni Mira Zorkot Organizations: Goldman, Wall, Carolina, Nick De Kock Ann de la Montaigne, Langalia Chaim Langer Alexander Langley Raven LaRue Dolapo Lawal Claire Leblanc Mary Locations: Europe, Asia, India

☆ 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

☆ Analysis: When, not if, Europe copies Wall Street share trading reform
▼ + stars: | 2023-10-05 | by ( Huw Jones | ) www.reuters.com time to read: +6 min

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. A shorter settlement time might increase efficiency, cut collateral needs, and "increase the competitiveness and the attractiveness of EU financial markets", ESMA said. ESMA is seeking views for a cost/benefit analysis of moving to at least T+1, though few believe it will not go ahead given advances in technology, regulatory pressure, and gravitational pull of Wall Street. EFAMA, a European funds industry body, says the move on Wall Street will require changes to existing IT systems for European firms and U.S. investors who trade European shares. There is already talk of moving to the next stage after T+1: instant or simultaneous settlement.

Persons: Carlo Allegri, ESMA, Pete Tomlinson, Richard Knox, Charlie Geffen, Geffen, AFME's Tomlinson, Huw Jones, Alison Williams Organizations: New York Stock, REUTERS, European, EU, U.S, Federal Reserve, Association for Financial Markets, Bankers, SWIFT Institute, CLS, Financial, UK, Thomson Locations: Manhattan, New York City , New York, U.S, European Union, Britain, Switzerland, Europe, United States, Canada, London, Brussels, Luxembourg, Madrid, Mainland China

☆ World War One cemeteries, Rwanda genocide sites, Argentine torture center declared UNESCO World Heritage
▼ + stars: | 2023-09-20 | by ( Geert De Clercq | ) www.reuters.com time to read: +3 min

So far, the Auschwitz-Birkenau concentration camp in Poland and the Hiroshima Peace Memorial in Japan have been the only memorial sites inscribed on the United Nation's cultural agency's closely watched World Heritage list. At a meeting of the UNESCO World Heritage Committee in Riyadh, Saudi Arabia, on Wednesday, UNESCO member states agreed to add the World War One and Rwanda sites to the list, after adding the Argentina torture memorial on Tuesday. The World War One sites encompass a series of military cemeteries, battlefield burial grounds and memorials between the north of Belgium and the east of France. The 139 sites trace the outline of World War One's Western Front and hold the remains of tens of thousands of soldiers of several nationalities. The World Heritage Committee's annual meeting ends on Monday.

Persons: Rima Abdul, Malak, Geert De Clercq, Leslie Adler Organizations: Navy Mechanics School, UNESCO, Memorial, United, UNESCO World Heritage, Wednesday, Twa, ESMA, Navy School of Mechanics, Thomson Locations: Argentina's, PARIS, Belgium, France, Argentina, UN, Auschwitz, Poland, Hiroshima, Japan, Riyadh, Saudi Arabia, Rwanda, Europe, Buenos Aires, UNESCO

☆ The global treasures in the running for UNESCO’s World Heritage status
▼ + stars: | 2023-09-15 | by ( Tamara Hardingham-Gill | ) edition.cnn.com time to read: +9 min

This year, the UNESCO World Heritage Committee is reviewing nominations from both 2022 and 2023, with participants from across the world attending the session in Riyadh, Saudi Arabia to examine almost 50 contenders. According to UNESCO, sites must be of “outstanding universal value” to be included on the World Heritage List. So far, the World Heritage Committee has inscribed approximately 1,157 sites in 167 different countries onto the World Heritage List. Seo Heun Kang/UNESCO World Heritage Nomination OfficeOnly those countries that sign the convention creating the World Heritage Committee and list are permitted to nominate sites. Gordion, the capital city of ancient Phrygia in Ankara, Turkey, is also nominated for a place on the UNESCO World Heritage List.

Persons: John E, Seo Heun Kang, Bale, Gordion, Mustafa Ciftci, Midas, Morten Rasmussen, Sarah Langrand, Dominique Marck, Bani Ma’arid, Bani Ma'arid, Hamad Al Qahtani, Koh Ker, Mount Pelée, Canada Bale, Francesca Street Organizations: CNN, UNESCO, United Nations Educational, Cultural Organization, UNESCO World Heritage, Heritage, World, Anadolu Agency, Danish Agency for Culture, Fine Arts Department, de Nîmes, National Center for Wildlife, Architectural Museum, Kazan Federal University, Khinalig, Tunisia ESMA Museum, Clandestine Center of Detention, Wooden Posts, Greece Historic Center of Guimarães Locations: Gaya, Denmark, Thai, Ohio, Riyadh, Saudi Arabia, Hancock, United States, Goryeong, South Korea, Addis Ababa, Phrygia, Turkey, Ankara, B.C.E, Madagascar, Si Thep, Thailand, Si, Nîmes, France, Gorokhovets, Russia, Vladimir Oblast, Erfurt, Germany, Cambodia, Khmer, Courland, Latvia, Kaunas, Lithuania, Ab’aj, Guatemala, India, Karakum, Tajikistan, Menorca, Spain, Ethiopia, Iran, Klondike, Canada, Czech, Odzala, Kokoua, Congo, Mount, Northern Martinique, Benin Ha Long, Ba Archipelago, Vietnam, Forests, Azerbaijan, Jericho, Palestinian Territories, Kazan, Tunisia, Argentina, Belgium, Suriname Royal, Netherlands, Anatolia, Bisesero, Rwanda, Yogyakarta, Indonesia, Masouleh, Turan, Kazakhstan, Turkmenistan, Uzbekistan, Northern Apennines, Italy, Tajikistan Highlands, Mongolian, Mongolia, Greece, Portugal

☆ EU states consider easing post-Brexit derivatives clearing plan
▼ + stars: | 2023-09-14 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

But the Spanish EU presidency wants to water this down. Under the draft law, EU securities watchdog ESMA would determine minimum clearing thresholds. The European Parliament is also finalising its own position, before it meets with EU states to thrash out a final text. EU clearing customers "shall clear at least proportions" of euro derivatives in an active account, the compromises say, specifying no minimum clearing figure from the outset. If not enough clearing is being done in the EU within 18 months, ESMA should specify the proportion of clearing that each customer must undertake through their EU accounts, the compromises say.

Persons: Dado Ruvic, Lawmakers, Huw Jones, Alexander Smith Organizations: REUTERS, European Commission, European Union, EU, London Stock Exchange, Deutsche Boerse's Eurex, Reuters, Thomson Locations: Britain, London, Frankfurt, Spanish, EU

☆ Bosnian girl creates 'folklore Barbie' as film wins doll new fans worldwide
▼ + stars: | 2023-08-16 | by ( Daria Sito-Sucic | ) www.reuters.com time to read: +2 min

[1/5] Esma Gljiva, an 11-year-old Bosnian girl, shows dolls that she dresses in traditional Bosnian costumes, hoping that her folklore Barbie will reach many, as the frenzy surrounding the launch of the "Barbie" movie spreads across the world, in Sarajevo, Bosnia and Herzegovina, August 15, 2023. Acquire Licensing Rights Read moreSARAJEVO, Aug 16 (Reuters) - A Bosnian girl is making traditional Balkan costumes with headdresses and decorative aprons for Barbie dolls, hoping to create interest in her folklore Barbie as the new "Barbie" movie wins fans worldwide. Eleven-year-old Esma Gljiva from Sarajevo started her project more than a month ago after seeing poor quality figures in a souvenir shop. Esma has yet to see the Barbie movie, but her friends and family say she embodies the spirit of female independence and entrepreneurship that dominates the film. She says she would name her dolls the "Bosnian Barbie dolls"and she is planning costumes for a Bosnian folklore Ken.

Persons: Barbie, Esma, Ken, Daria Sito, Alexandra Hudson Organizations: Reuters, Christian, Alexandra Hudson Our, Thomson Locations: Bosnian, Sarajevo, Bosnia, Herzegovina, SARAJEVO, Bulgaria, Czech Republic, Turkmenistan, Norway, Britain, Adana

☆ 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.

☆ Global derivatives industry defends CDS after banking blow-ups
▼ + stars: | 2023-03-30 | by ( Marc Jones | ) www.reuters.com time to read: +3 min

Credit default swaps (CDS) are derivatives that offer insurance against the risk of a bond issuer - such as a bank - not paying their creditors. European Union markets watchdog ESMA said on Thursday that it, together national regulators, had been "looking into the recent market movements, including in the CDS market". Clearing of individual bank or company CDS is also available at LCH’s CDSClear and ICE Clear Credit. Overall, the credit derivatives market is also far smaller than it was before the 2008 crisis. "The credit derivatives market continues to play a critical role, particularly during times of volatility," Malia said.

☆ EU calls for fast-track crypto capital rules for banks
▼ + stars: | 2023-02-20 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Feb 20 (Reuters) - Tough capital rules for banks holding cryptoassets must be fast-tracked in the European Union's pending banking law if Europe wants to avoid missing a globally-agreed deadline, the bloc's executive has said. The global Basel Committee of banking regulators from the world's main financial centres has set a January 2025 deadline for implementing capital requirements for banks' exposures to cryptoassets such as stablecoins and bitcoin. "Banks have expressed interest in trading crypto-assets on behalf of their clients and to provide crypto-assets-related services." Basel's standards are applied in the EU with a law, and a delay could mean that banks have to wait longer to enter the cryptomarket as separate EU rules for trading cryptoassets come into force in 2024. To enforce Basel's crypto rules, the EU could either propose a new law, or expand the banking law it is now finalising as called for by the European Parliament.

☆ Britain's post-Brexit asset management revamp eyes liquidity, tokenisation
▼ + stars: | 2023-02-20 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Until Britain's departure from the European Union in 2020, rules for the UK funds sector were written in Brussels. The sector has fallen short in dealing with stresses in recent years in Britain and elsewhere due to inadequate liquidity, prompting scrutiny globally. "The regulatory framework contains rules around liquidity management. "But the growth of the fund industry means that liquidity management in funds is also relevant to the good functioning of markets," the discussion paper out for public consultation said. The FCA said it wants to see fund managers complying with liquidity stress testing guidelines issued by the EU's securities watchdog ESMA, which will be converted into UK rules.

☆ Britain begins post-Brexit asset management revamp, focus on liquidity
▼ + stars: | 2023-02-20 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Feb 20 (Reuters) - Britain set out plans on Monday for a post-Brexit review of its rules for the 11 trillion pound ($13.2 trillion) asset management sector, with a focus on bolstering liquidity after a near meltdown in funds used by pension schemes last September. Until Britain's departure from the European Union, rules for the UK funds sector were written in Brussels. "The regulatory framework contains rules around liquidity management. "But the growth of the fund industry means that liquidity management in funds is also relevant to the good functioning of markets," the discussion paper said. The FCA said it wants to see fund managers carrying out effective liquidity management by complying with stress testing guidelines issued by the EU's securities watchdog ESMA.

☆ Analysis: Frankfurt 'STIRs' up euro clearing battle with London
▼ + stars: | 2023-01-20 | by ( Huw Jones | ) www.reuters.com time to read: +5 min

LONDON, Jan 20 (Reuters) - Frankfurt expands derivatives clearing on Monday in an early test of how well European Union ambitions to lure trillions of euros of business from London could work in practice. Clarus Graphic on Swaps Clearing'TAKE YEARS'ESMA will calibrate how much of each of the three specified derivatives contracts banks must clear in the bloc. The other two are euro credit default swaps (CDS), also cleared by ICE in London and Chicago, and euro interest rate swaps (IRS), dominated by London Stock Exchange Group's LCH in London. Brussels is allowing EU banks to continue clearing in London until June 2025, though industry officials say an extension is inevitable given the time it could take for enough clearing to shift given banks' hostility. ICE said that by the third quarter of last year, ICE in Chicago cleared 88% of euro CDS instruments, with 8% at ICE in London, and 4% at LCH.

☆ Analysis: EU avoids sledgehammer to crack euro clearing nut - for now
▼ + stars: | 2022-12-07 | by ( Huw Jones | ) www.reuters.com time to read: +6 min

EU financial services chief Mairead McGuinness has likened ending the bloc's heavy reliance on London for clearing euro contracts to weaning the EU off Russian gas so that Brussels builds "open strategic autonomy" in capital markets to safeguard financial stability. This will help build a more efficient market that makes relocation of clearing from London attractive, McGuinness said. Industry officials note EU based clearing liquidity in this contract would effectively need to be built up from scratch, which could take time. These conditions would mean that in practice EU banks will still be clearing some derivatives in London after June 2025. Nevertheless, EU banks still face systems changes to report and track how much is being cleared, a cost that UK and U.S. banks won't face.

☆ 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.

☆ Frankfurt steps up efforts to shift euro clearing from London
▼ + stars: | 2022-11-01 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

LONDON, Nov 1 (Reuters) - Deutsche Boerse's (DB1Gn.DE) derivatives division stepped up efforts on Tuesday to attract a bigger slice of multi-trillion euro derivatives clearing from London to its base in Frankfurt ahead of anticipated European Union legislation. More than 600 clearing members and buy-side clients have been signed up by Eurex Clearing for swaps clearing, but many of the accounts are inactive. LSEG has repeatedly said there has been no material shift in volumes from London to Frankfurt, and some 75% of euro interest rate swaps are traded among non-EU counterparts in any case. Banks say privately that mandating a shift in euro clearing would hit EU banks most as they benefit from LCH's multi-currency pool, while Eurex focuses on the euro. Global banks say they can also shift clearing to U.S. clearers which have open ended permission from Brussels to serve customers in the EU.

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