Josina Kamerling, head of regulatory outreach at CFA Institute for the Europe, Middle East, and Africa region, reports on EU policy issues. She covers the May European Parliament election results, including commentary on the next European Commission president, the makeup of parliamentary committees, and how these developments will affect the implementation of the Markets in Financial Instruments Directive (MiFID).
For more information on these topics, listen to parts one, two and three of this podcast series:
Central counterparties need to work on implementing effective resolution regimes, and "authorities must take steps to ensure that CCPs do not themselves become a source of systemic risk," according to a Financial Stability Board discussion paper. The paper is open for comment until Feb. 1. Futures & Options World (subscription required) (15 Nov.)
UK Prime Minister Theresa May says that despite the resignation of two Cabinet ministers and vocal opposition from her party to a draft Brexit agreement, she is determined to "see this through." A change in course on Brexit would subject the country to "deep and grave uncertainty," she says. Politico (15 Nov.)
Libor is likely to be discontinued, and other benchmarks are available, but Libor alternatives aren't being written into financial contracts. Banks say there is too much uncertainty to reference alternative benchmarks, despite regulators' frustration the process is moving slowly. Practice Insight (15 Nov.)
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