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CSDR penalties “bigger than expected”, says BoE Securities Lending Committee
30 January 2023 UK
Reporter: Bob Currie

The Committee notes that concerns around settlement efficiency have prevailed for many years and CSDR penalties have not resulted in a significant improvement since enactment of the settlement discipline regime in February 2022

Cboe Clear Europe granted permanent recognition as non-UK CCP
13 January 2023 UK
Reporter: SFT

The Amsterdam-based clearing house reports that it is the first non-UK CCP to be granted permanent recognition by the Bank of England, having been a participant in the UK’s Temporary Recognition Regime from 2020

BoE finalises unwind of £19.3 billion gilts purchase made to restore stability after UK mini-budget
12 January 2023 UK
Reporter: Bob Currie

The Bank began the sell-off of these temporary holdings on 29 November through a series of reverse enquiry windows, yesterday completing the sale of £12.1 billion in long-dated conventional gilts and £7.2 billion in index-linked gilts

MarketAxess names Concannon as CEO
09 January 2023 US
Reporter: Carmella Haswell

Chris Concannon will become the firm’s new CEO on 3 April 2023, taking the reins from current CEO and chairman Richard McVey

BoE Money Markets Committee reflects on settlement inadequacies for sec finance trades
22 December 2022 UK
Reporter: SFT

The Money Markets Committee cited an informal market survey indicating that settlement rates for closing leg trades were as low as 85 per cent, with lack of available stock and illiquidity in corporate bond markets the primarily reasons for fails

Banks must apply a prudent approach when providing funding to LDIs, says BoE
14 December 2022 UK
Reporter: Bob Currie

In its latest Financial Stability Report, the Bank of England finds that the UK banking sector is resilient to a further economic downturn, but it recognises a need to monitor the build up of stress in LDI funds and the NBFI sector

Mirae Asset Securities appointed clearing broker for Cboe’s trading platform
06 December 2022 US
Reporter: Carmella Haswell

The New York-based institutional capital markets platform will ensure anonymity on Cboe’s US treasuries trading platform, with all trades facing Mirae and settling against the FICC

FWB and Eurex Deutschland welcome Dannheimer to management board
15 November 2022 Germany
Reporter: Jenna Lomax

The Exchange Councils of the Frankfurt Stock Exchange and Eurex Deutschland have appointed Melanie Dannheimer as a member of their management boards

FCA to deploy expanded technology solutions
31 October 2022 UK
Reporter: Carmella Haswell

In a speech by FCA chief executive Nikhil Rathi, the authority highlighted a need for better regulatory and risk reporting as the organisation releases its Big Tech consultation paper and announced its work with the BoE on a future framework for AI

RMA: BoE remains in a tough spot as it navigates inflation
14 October 2022 RMA Conference 2022
Reporter: Carmella Haswell

The first panel of the day brought together experts to share their thoughts on the global macro environment and the risk this brings to the securities finance industry

BoE launches Temporary Expanded Collateral Repo Facility
10 October 2022 UK
Reporter: Carmella Haswell

The Bank of England has launched a Temporary Expanded Collateral Repo Facility to avoid dysfunction in core funding markets, in line with the bank’s financial stability objective

ESMA announces data reporting agencies that it will supervise directly
13 July 2022 EU
Reporter: Bob Currie

Following publication of derogation criteria under the European Commission Delegated Act in March, ESMA has identified nine data reporting service providers that it will directly regulate