Europe News
The latest industry and regulatory news affecting Europe and the U.K.
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FAQs on switch to 'SONIA First' for GBP Exchange Traded Derivatives from June 17
As part of a 'SONIA first' initiative, the Bank of England and FCA are encouraging all market participants and liquidity providers in the sterling exchange traded derivatives market to switch the default traded instrument to SONIA instead of LIBOR from 17 June
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FIA EPTA publish Principles on Sustainable Finance and ESG
FIA EPTA, representing Europe’s leading non-bank market makers and liquidity providers, published its new Principles on Sustainable Finance and ESG. FIA EPTA strongly believes that non-bank market makers and liquidity providers can play an important role in the transition towards a more sustainable financial ecosystem. The new Principles reflect the commitment by FIA EPTA and its members to support the success of Sustainable Finance and ESG initiatives at all levels of the capital markets. The principles further clarify how market makers and liquidity providers can and will contribute to achieving Europe’s Sustainable Finance goals.
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CCP12, EACH, FIA and ISDA publish a paper to address CPMI/IOSCO category 1 topics
In the report “Central counterparty default management auctions – Issues for consideration", the Committee on Payments and Market Infrastructures (CPMI) and the Board of the International Organization of Securities Commissions (IOSCO) described issues for further industry work to consider the design and conduct of default management auctions. This paper, developed by CCP12, EACH, FIA, and ISDA, addresses several terminology and operational issues where there is broad industry consensus to support further development.
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FIA responds to second FCA consultation on UK regulation for MiFID investment firms
On 28 May 2021, FIA responded to the second FCA consultation on a new UK prudential regime for MiFID investment firms (CP21/7).
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Response by FIA EPTA to the FCA’s second Consultation Paper on a new UK prudential regime for MiFID investment firms
The FIA European Principal Traders Association (FIA EPTA) appreciates the opportunity to provide feedback to the Financial Conduct Authority (FCA) on its second Consultation Paper regarding the implementation of the new UK prudential regime for MiFID investment firms. This document constitutes FIA EPTA’s response to the FCA’s Consultation Paper on a new UK prudential regime for MiFID investment firms (CP21/7).
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FIA EPTA, ISDA and FIA joint response to the European Commission's targeted consultation on the functioning of the European Supervisory Authorities
The Associations consider that supervisory convergence and the removal of cross-border impediments should be the primary focus of the ESAs. Should further direct powers be considered for ESMA, the Associations support a targeted approach and suggest several areas where ESMA has a strong and direct role to play. The Associations have been fully supportive of the creation of the ESAs, which have played a crucial role in developing EU financial markets and we applaud the ESAs for all their achievements over the past 10 years. The ESAs will continue to be vital in the furtherance of an effective Capital Markets Union (CMU), and we will be working closely with the European Commission and the ESAs on an ongoing basis to continue to evolve safe and efficient EU capital markets.
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FIA supports 12 month extension to QCPP transitional period
FIA has responded to the European Commission’s consultation on the Implementing Regulation to extend the qualifying central counterparty (QCCP) transitional period under the Capital Requirements Regulation II (CRR). FIA fully supports the extension, which will avoid disruption to international financial markets.
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FIA, ISDA and FIA EPTA support supervisory convergence for European Supervisory Authorities
FIA, ISDA and FIA EPTA have jointly responded to the European Commission's targeted consultation on the functioning of the European Supervisory Authorities, which seeks to take stock of supervisory convergence and how the EU’s single rulebook works in practice. The results of the consultation will feed into a report reviewing the ESAs.
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Customers must choose where to clear euro derivatives, panellists say
Clients are ready to clear in both London and Frankfurt, but UK access should not be cut off, speakers say at FIA event
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UK/EU – Rebuilding a relationship
The Brexit divorce was a long-drawn-out process which laid bare tensions over how best to oversee derivatives markets and enable continued cross border market access. The MoU between the UK and the EU is now complete but mutual equivalence appears a long way off.
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