Market feedback on HMT’s call for input on the regime is still being reviewed, but sources maintain that tax changes will be central to any meaningful reform
The new regime aims to separate prudential requirements for banks and investment firms, but market participants denounce excessive complexity and a ‘copy-and-pasting’ of CRR/CRD rules
The cessation of Eonia has ushered in a new era for the euro market, where participants now look to solidify risk-free rate use and further build liquidity
With Libor now gone in most tenors, market participants’ attention turns to synthetic rate use and to the US dollar transition, although some follow-up work remains in other currencies
