Regulation

AIMA, the MFA and NAPFM argue through their legal action that the SEC’s "defective rulemaking process" produced flawed, inconsistent rules relating to short selling and short position reporting that will harm investors and the markets

The Bank of International Settlements reports that after-tax profits for largest internationally active banks had grown to a record €279 billion at end of H1 2023, while LCR coverage has improved to 137 per cent for G-SIBs

The UK financial conduct regulator has written to company heads outlining weaknesses in their controls to prevent financial crime and instructing that they must take necessary steps to address these shortcomings

Following the Credit-Suisse-UBS merger, these steps include strengthening the G-SIB recovery and resolution framework and reinforcing the supervisory framework, invention powers and resources accorded to FINMA

The UK central bank now has further powers to limit CCP discretionary payments to employees and shareholders, with these powers limited to five years’ duration and with consideration to be given to their impact on CCP hiring and staff retention

The amendments aim to enhance the rule framework regarding retail fully paid securities lending, as well as to address inconsistencies in the existing financing rules

The consultation report, Streamlining Variation Margin in Centrally Cleared Markets, outlines eight practices for promoting effective VM processes and transparency between CCPs, clearing members and their clients