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Richards steps down from ICMA
09 January 2024
UK Reporter Sophie Downes

Paul Richards will step down and assume the position of senior advisor to the International Capital Market Association until the end of the year

FCA updates guidance on regulatory reporting for short sales and SFTs
28 July 2023
UK Reporter SFT

The UK financial regulator will extend temporary measures introduced in January 2022 relating to short sales reporting under UK RTS 22 and it will widen these provisions to SFT fields and other indicators

ISLA responds to HMRC on Stamp Duty and SDRT
28 June 2023
UK Reporter Bob Currie

In its consultation document, HMRC examines whether it is beneficial to adopt a single tax framework for securities transactions, rather than the current arrangement where these may fall into scope of Stamp Duty and Stamp Duty Reserve Tax frameworks

BoE and CFTC reinforce mutual supervision of cross-border CCPs
14 April 2023
US, UK Reporter SFT

Based on the 2020 MoU between the BoE and CFTC, the BoE has affirmed that it will continue to rely on CFTC’s supervision and oversight in the case of US-based CCPs that are “incoming” to the UK

Trade associations respond to PRA Basel Consultation
04 April 2023
UK Reporter Bob Currie

Industry bodies including ISDA, AFME and ISLA have published responses to the Prudential Regulatory Authority consultation on Basel 3.1 standards, warning against the impact of “disproportionate capital costs” on financing, liquidity and hedging

Tonic appoints Churchill as global head of delivery
17 March 2023
UK Reporter Carmella Haswell

Charles Churchill joins Tonic with more than 15 years of experience in consultancy and leadership positions. He will play a crucial role in Tonic’s ongoing expansion and will strengthen the firm’s capabilities in delivering capital markets projects

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

UK government launches consultation on short-selling practices
09 December 2022
UK Reporter Bob Currie

Through its review of the Short Selling Regulation, the government aims to gauge whether the UK’s approach to regulating the short selling of shares reflects the current circumstances of the post-Brexit UK market

Editor's picks
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European securities finance panel

Securities finance specialists reflect on macro events which have impacted the sector over the past 12 months, the opportunities this has created in European markets and where firms are investing to enhance their lending activities

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Securities Finance Technology Symposium goes digital

Securities Finance Times’ Technology Symposium, the market’s first full-day digital event, saw industry leaders assemble (virtually) to discuss the latest innovations in liquidity management, blockchain, collateral and regulatory compliance

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Two stories to tell

The US is seeing two sides to securities lending, while the supply side enjoys a story of growth, the demand side is telling a disappointing story

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Adapting to change

Leading market participants discuss how the European securities finance market is adapting and adjusting to the current changing environment

Features
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UK Short Selling: a regulatory update

Aniqah Rao, associate, markets regulation at the Alternative Investment Management Association (AIMA), summarises changes to short-selling rules designed to drive growth and competitiveness in the UK financial sector

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Entering a new era

ISLA’s CEO Andrew Dyson and first female chair Ina Budh-Raja speak with Carmella Haswell on the Association's three-year strategy as the industry undergoes an unprecedented period of transformative change

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A centralised system

The Know-Your-Client process is the backbone of a successful compliance and risk management programme, but market participants are voicing concern over the labour-intensive process. Transparency, centralisation and automation are key to tackling the complexity of KYC, writes Carmella Haswell

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Conducting the great transition

Regulators need to grasp the nettle and provide transparency for firms, as specificity becomes vital in improving data quality, according to MarketAxess' head of post-trade Chris Smith. He speaks to Carmella Haswell on the firm’s RRH migration, current trends and next steps

Interviews
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Vikesh Patel
Cboe Clear Europe

Cboe Clear Europe’s president Vikesh Patel discusses how regulation is redefining the clearing landscape and how the launch of the firm’s upcoming clearing service for SFTs contributes to its broader development strategy. Carmella Haswell reports

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Matthew Chessum
abrdn

Matthew Chessum, abrdn’s investment director for securities lending, collateral management and money markets, speaks to Bob Currie about plans to grow the fund manager’s lending programme, the fallout from GameStop and its steps to embrace sustainable development objectives

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Jonathan Lee
Kaizen Reporting

Once the final wave of SFTR went live in January, many operations teams stood down, but for Kaizen Reporting, the work was only just beginning. Jonathan Lee explains how his firm is bringing novel solutions to help financial firms tackle trade and transaction reporting data quality and how Brexit creates double jeopardy for regulatory compliance

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Alexander Westphal and Richard Comotto
ICMA

ICMA's Alexander Westphal and Richard Comotto, look back at the first year of SFTR reportig, including what the data does and doesn’t tells us about the market and areas for improvement for both regulators and market participants

Country profiles
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Trends in securities lending – Northern Trust’s perspective on 2020

With pandemics, Brexit and trade wars, the macroeconomic landscape is fast changing beyond all recognition. But, despite this, the case for engaging in securities lending remains the same

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Asia: On the rise

Industry leaders from the Asian securities lending sector discuss the region’s outperforming revenue, the effects of the coronavirus on behaviour and which markets will lead the pack in 2020

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Warning: Change ahead

Industry experts offer a run-down of everything to be cognisant of in the US market for 2020, from fixing the repo market and possible collateral rule changes, to revenue predictions and much more

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UK

Against a politically uncertain backdrop, the UK’s securities lending industry is seeing growth and preparing for the next wave of regulation, while the risks of a no deal Brexit continues to place pressure on financial services

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