40 posts categorized "Capital Markets"

Individual Accountability in UK Banking | Details of Senior Management and Certification Regimes Emerge

Posted by Financial Services UK on 31/07/2014 at 5:20 PM in Banking, Capital Markets, EMEA Centre for Regulatory Strategy, Investment Management Permalink Comments (0)

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The PRA and FCA have published a major consultation paper on the overhaul of the Approved Persons Regime (APR) for banks, building societies, credit unions, and PRA-designated investment firms in the UK. The new framework will make senior individuals more explicitly accountable for specific issues through ‘statements of responsibility’, and a wider range of staff will be subject to a regime of certification and codes of conduct.

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What should a compliance monitoring plan look like for a consumer credit firm?

Posted by Financial Services UK on 30/07/2014 at 12:28 PM in Banking, Capital Markets Permalink Comments (0)

Compliance monitoring
As part of the consumer credit authorisation process the Financial Conduct Authority (FCA) will require all consumer credit firms to detail their compliance monitoring programme and attach a compliance monitoring plan as part of their application pack. This blog post highlights the key areas for consideration for consumer credit firms to contemplate when developing their monitoring plan.  

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Preparing for the SSM | How should Eurozone banks mind the (capital) gap?

Posted by Financial Services UK on 2/07/2014 at 4:28 PM in Banking, Capital Markets, EMEA Centre for Regulatory Strategy Permalink Comments (0)

SSM mind the capital gap

The next few months will barely feel like a summer holiday for Eurozone banks. As banks in the single currency area prepare for the European Central Bank (ECB) to take over banking supervision under the Single Supervisory Mechanism (SSM), the balance sheets of the largest banks are being reviewed and stressed as part of the ECB’s comprehensive assessment. In October, the results – based on an asset quality review (AQR) and EU-wide stress test - will be revealed. 

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London Office Crane Survey: Gearing up for the next phase of construction

Posted by Financial Services UK on 18/06/2014 at 12:39 PM in Banking, Capital Markets, Insurance, Investment Management Permalink Comments (0)

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We have recently launched the summer instalment of the Deloitte Real Estate London Office Crane Survey. This is our flagship report (released bi-annually) which has been monitoring office construction activity in Central London for almost twenty years. The level of construction is widely used as a measure of economic activity - counting the number of cranes / construction sites across Central London is a relatively easy and accurate way to benchmark London’s economic health.

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Countdown to MiFID II go-live date begins

Posted by Financial Services UK on 13/06/2014 at 3:36 PM in Capital Markets, EMEA Centre for Regulatory Strategy, Investment Management Permalink Comments (0)

Clock for MiFID blog
The revised Markets in Financial Instruments Directive (MiFID II) and new Regulation (MiFIR) were published yesterday in the Official Journal and will enter into force on 2 July. This is an important milestone as it officially starts the countdown to the 2017 go-live date, establishing the various deadlines that firms, member states, national competent authorities (NCAs) and the European Securities and Markets Authority (ESMA) will need to meet.

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Shaping up for the SSM | How banks can prepare for the new supervisory regime

Posted by Financial Services UK on 8/05/2014 at 5:31 PM in Banking, Capital Markets, EMEA Centre for Regulatory Strategy Permalink Comments (0)

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In six months’ time, the Single Supervisory Mechanism (SSM) will take effect, with the European Central Bank (ECB) taking charge of prudential supervision in the Eurozone. The project to establish the SSM has been ambitious, especially against a tight time schedule, but the ECB confirmed in its latest SSM Quarterly Report on the operational implementation of the SSM that progress was on track and the SSM would start on schedule, on 4 November. Banks now need to turn in earnest to preparing for the new supervisory regime, under which they will no longer be able to deal only with a local supervisor.

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Measuring banks’ resilience | EBA and Bank of England publish details of stress testing exercises

Posted by Financial Services UK on 30/04/2014 at 6:53 PM in Banking, Capital Markets, EMEA Centre for Regulatory Strategy Permalink Comments (0)

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Large European banks now know a lot more about what's expected of them in the forthcoming stress testing exercise, coordinated by the European Banking Authority (EBA). The stress scenario will be more severe than in previous exercises, and supervisory scrutiny more intense. The exercise has been some time in the planning and banks now need to take action. The outcome of the recent US Federal Reserve’s stress testing exercise highlights the potential dangers of shortcomings in banks' approaches to stress testing, quite apart from the numerical outcome of the test.

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ESAs outline details on EMIR margin requirements for non-cleared OTC derivatives

Posted by Financial Services UK on 17/04/2014 at 4:16 PM in Capital Markets, EMEA Centre for Regulatory Strategy, Investment Management Permalink Comments (0)

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Earlier this week, the European Supervisory Authorities (ESAs) published the much anticipated consultation paper and draft regulatory technical standards (RTS) setting out of risk-mitigation techniques for OTC derivative contracts not cleared by a CCP under Article 11 of the European Market Infrastructure Regulation (EMIR). 

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EMIR Risk Mitigation Techniques | Less than one month to evidence compliance

Posted by Financial Services UK on 11/04/2014 at 5:58 PM in Capital Markets, Investment Management Permalink Comments (0)

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30 April 2014: this is the deadline that the Financial Conduct Authority (FCA) has set for firms to demonstrate compliance with the Risk Mitigation Techniques requirements for non-centrally cleared derivatives set out in the European Markets Infrastructure Regulation (EMIR). This leaves firms just over two weeks not only to ensure that they have processes and controls in place to comply fully, but also that those processes and controls are documented to a standard that will satisfy the regulator. Many firms may be failing to meet one or even both of those targets.

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The new costs of trading OTC derivatives

Posted by Financial Services UK on 3/04/2014 at 12:49 PM in Banking, Capital Markets, EMEA Centre for Regulatory Strategy, Investment Management Permalink Comments (1)

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Firms currently in the midst of implementing the European Market Infrastructure Regulation
(EMIR) will be left with little doubt that the cost of doing business in over-the-counter (OTC) derivatives is set to increase. But to date there has been little clarity as to the size of the increase in costs and how they will differ for a cleared trade versus a non-cleared trade. In our paper ‘OTC Derivatives – The new cost of trading’, we explore how much more expensive cleared and non-cleared OTC derivative transactions will become as a result of the EU OTC derivative reform package; how the structure of OTC derivative markets is set to change; and what strategic challenges arise for firms.

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