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ICAS
October Newsletter - Issue 37/2019
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Announcements
EBA
Publishes the regular Basel III capital monitoring report and an update on the compliance of EU banks with liquidity measures
02 October 2019
The European Banking Authority ("EBA") published two reports, which monitor the impact of implementing the final Basel III reforms and the current implementation of liquidity measures in the EU. The EBA Basel III capital monitoring report is the latest in a regular exercise using the methodology of the Basel Committee of Banking Supervision and is not comparable to the broader Call for Advice report published in July 2019. The present report includes an assessment of the impact of the full implementation (to 2027) of the Basel III package on EU banks based on data as of 30 June 2018. The report on liquidity measures evaluates the liquidity coverage requirements currently in place in the EU. Overall, the EBA estimates that the Basel III reforms, once fully implemented, would determine an average increase by 19.3% of EU banks' Tier 1 minimum required capital.  The liquidity coverage ratio ("LCR"), which was fully implemented in January 2018, stood at around 149% on average in June 2018, well above the minimum threshold of 100%. For more information please press here.
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ESMA
Consults on the commercial terms for providing client clearing services under EMIR
03 October 2019
The European Securities and Markets Authority ("ESMA"), the EU’s securities markets regulator, has published a consultation paper ("CP") on draft technical advice to the European Commission ("EC") on specifying the conditions under which commercial terms are to be considered fair, reasonable, non-discriminatory and transparent ("FRANDT") where clearing service providers offer clearing services to clients. For more information please press here.
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EIOPA
Updated technical documentation and parallel publication of the monthly calculation of the technical information related to the risk-free interest ("RFR") term structure
01 October 2019
The European Insurance and Occupational Pensions Authority ("EIOPA") published updated technical documentation of the methodology to derive EIOPA's risk-free interest rate term structures. The new risk-free rate methodology reflects changes in the main market data provider. It also includes updates due to the depth, liquidity and transparency assessment ("DLT") of the financial market instruments used in the calculation of the term structures. For more information please press here.
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Other Alerts
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ESMA
Consults on Market Abuse Regulation review
03 October 2019
The ESMA has published a consultation paper on the provisions of the Market Abuse Regulation ("MAR") as requested by the European Commission. For more information please press here.
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Market News
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Bloomberg Professional
IMO 2020 clean shipping rules already disrupting oil refiners
03 October 2019
"The shipping industry has largely avoided the anti-pollution mandates that have affected automobiles and the manufacturing industry for decades, but that free ride is scheduled to come to an end with the start of new rules by the International Maritime Organization." For more information please press here.
 
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Bloomberg 
U.S. stock futures slip, bonds edge up before jobs: Markets wrap
04 October 2019
"U.S. equity futures drifted lower and European stocks pared a gain as investors awaited jobs numbers for clues on whether the Federal Reserve will cut rates this month to bolster the world’s largest economy. Government bonds including Treasuries edged higher." For more information please press here.
 
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Financial Times
A hard Brexit is a threat to the euro as well as sterling
04 October 2019
"Taking out some kind of insurance for single currency assets looks a smart course of action." For more information please press here.
 
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Reuters
Fed policymakers "open" to rate cut as risks to outlook rise
04 October 2019
"Two Fed policymakers signaled they are open to delivering another rate cut after a report showed the growth in the vast U.S. services sector is slowing, but the Fed’s No. 2, speaking late in the day, gave little away on his own thinking." For more information please press here.
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Cryptocurrencies
MarketWatch
Major backers of Facebook’s Libra may be getting cold feet
01 October 2019
"Cracks are forming in the coalition Facebook Inc. assembled to build a global cryptocurrency-based payments network. Visa Inc. V, +1.79%, Mastercard Inc. MA, +1.44%   and other key financial partners that signed on to help build and maintain the Libra payments network are reconsidering their involvement following backlash from U.S. and European government officials, according to people familiar with the matter. Wary of attracting regulatory scrutiny, executives of some of Libra’s backers have declined Facebook’s requests to publicly support the project, the people said." For more information please press here.
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Bloomberg Professional
Bitcoin maturing process accelerating; Growth spurt almost done
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03 October 2019
"Bitcoin’s price cage will keep narrowing with an upward bias and declining volatility into year-end, in our view. Strides in maturation are expected, with the transition from 2018’s bear market complete and the realization that the youthful parabolic rally days are done. We expect the first-born crypto to perform more like gold. The trend is up in the quasi-currency — revisiting support at the end of 3Q favors gains in 4Q. For most other crypto-assets, underperformance is the predominant theme likely to prevail." For more information please press here.
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Regulatory Reporting Solutions
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Treppides Regulatory Reporting offers extensive reporting solutions under EMIR, MIFID, CRD IV, FATCA, CRS, REMIT towards MiFID II / MiFIR and CRS in all EU/ESMA jurisdictions like Cyprus (CySEC) and UK (FCA) and soon will also comply with foreign jurisdictions such as ASIC DTR. 

Contact us directly at info@treppidesrr.com to discuss your tailor made solution.
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