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UMR prompts flight to cash and equities for phase four and five

Initial margin prompts shift to unconventional collateral

Custodians are already seeing a shift away from standard fixed income collateral for phase four and five firms. They’re now concerned that international legal differences in what’s eligible will slow the process

Sharon Kimathi, January 26 2018

Initial margin: industry begs regulators to reconsider scope

Investment firms and trade associations are still holding out for an amendment to the rules which will soon catch non-systemically important firms who post either very little or no margin

Sharon Kimathi, January 26 2018

The ETF market wants bespoke regulation

Trade associations and central banks are lobbying regulators for an ETF-specific regulation as investors worry about being exposed to risk they did not sign up for

Sharon Kimathi, January 26 2018

Prospectus Regulation drives shift to MTFs

The rules aren't fully effective yet, but they're already prompting some issuers to list on alternative venues over more tightly regulated markets. As senior bankers and lawyers explain here, confusion over risk factors and registration documents, plus the potential liability of getting it wrong, is scaring market participants off

Sharon Kimathi, January 26 2018

Mifid II: market disagrees over meaning of TOTV

Thirty lawyers, regulatory strategists and market structure specialists share their views on trade and transaction reporting in part two of our special report. Respondents from banks, trading venues and APAs are divided over the true meaning of traded on a trading venue, what systematic internalisers can and can’t do and how trading venues should make their data available

January 25 2018

Priips & Mifid product governance teething problems revealed

Several banks tell us their biggest gripes with the two new investor protection regimes that are forcing an overhaul of business models, from concerns over liability to sheer scope. The rules are applied inconsistently, with some banks disagreeing over the suitability of the exact same product for nonprofessional investors - leaving a huge margin for error

January 25 2018

Mifid II: LEI rule already sending issuers abroad

According to banks, trading venues and lawyers, a small detail in the new directive that requires all listed securities to have a legal entity identifier is already prompting regulatory arbitrage and sending non-EU issuers to exchanges in Hong Kong, Singapore and New York

January 25 2018

PRIMER: Hong Kong’s manager in charge regime

The new framework strengthens senior individual accountability for SFC regulated entities

Karry Lai, January 25 2018

How MAR’s market sounding rules are damaging deals

Almost two years after implementation, in-house lawyers, bankers and buyside firms reflect on the regime's impact on deals. Call recordings have caused a particular headache with some investors reluctant to provide full feedback, infuriating bankers, but general feeling is that the true impact won't be known until markets move and pre-soundings become even more important

January 25 2018

Market face roadblock to STS via a lack of pricing definition

STS: buyside wants clarity on pricing

Portfolio managers want more flexibility on the type of information provided pre-pricing under the Securitisation Regulation. Here they tell Practice Insight why the rules are impossible to meet in their current form

Sharon Kimathi, January 25 2018

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