A certain excitement spread through the securities lending market during August 2012. A new set of guidelines from ESMA (European Securities and Markets Authority) that govern securities lending for UCITS (Undertakings for Collective Investments in Transferable Securities) and ETFs (Exchange-Traded Funds) were published. These guidelines, due to come into force in February 2013, had the laudable objective of strengthening and harmonizing regulatory practices, but one particular aspect was jumped on and, unfortunately, misinterpreted.
Posts Tagged: ESMA
No “Silly Season” for Securities Lending
The time known as the “Silly Season” is upon us. An annual tradition, the Silly Season marks that time in the year where nothing of note is happening. As a result, our newspapers usually contain bizarre stories that would never normally get any airtime and people realize that as our politicians are all on holiday, [...]
Capital Markets Regulatory Compliance: An Olympian Task
With the London Olympics in full swing, one can’t help but think of the state of our industry and the challenges ahead. When it comes to regulation and compliance for the capital markets, we certainly face an Olympian task…
Trouble Ahead? New Short Selling Regulations from ESMA
The first half of this year has seen a flurry of activity among regulators as they battle to construct new regulatory regimes that reduce risk, increase efficiency and bring a new level of transparency to volatile markets. Driving this volatility is a series of unknowns, ranging from the longevity and stability of the euro to …
HOW REAL-TIME CAN RISK MANAGEMENT BE?
This blog post also appears on ATMonitor. The regulatory push towards real-time trading risk management was addressed in a panel session at the 2012 SunGard Industry Seminar in London. The discussion pulled together of a lot of useful information for participants, but ultimately didn’t generate too much controversy. It seems that the regulators are for [...]
REGULATION AND COMPLIANCE: HERE TO STAY
This blog post also appears on ATMonitor. The overarching objective of increasing market resilience and stability during periods of turmoil is shared by most, if not all, market actors. But that is where the agreements seem to end. How to achieve this, and how successful the regulators can hope to be is something that could [...]
INTRADAY DATA FOR SECURITIES LENDING – CAN IT BENEFIT EVERYONE?
One thing is certain: regardless of your market position or industry, the best trades can only be achieved when you have the most accurate, up-to-date data available…
REGULATORY SPOTLIGHT: ESMA GUIDELINES ON ECONOMIC OWNERSHIP
This blog post also appears on Finextra. The common English saying, “possession is 9/10ths of the law” can often be applied when facing small, everyday challenges such as, “Who really booked this meeting room for 3:00 p.m.?” Those sitting in the room tend to win the argument. The European Securities and Markets Authority has been [...]
REGULATORY SPOTLIGHT: ESMA GUIDELINES ON MARKET ABUSE AND SURVEILLANCE
Contributor: Magnus Almqvist, senior product specialist, SunGard’s capital markets business This blog post originally appeared on TabbFORUM. The passage of the Dodd Frank Act, the Market Abuse Directive (MAD) and MiFID, as well as the newly issued Guideline 2012/122 from the European Securities and Markets Authority (ESMA), which covers algorithmic and direct market access (DMA) [...]
REGULATORY SPOTLIGHT: ESMA GUIDELINES ON AUTOMATED TRADING
This blog post also appears on Finextra. While discussions about the final contents of MiFID 2 seem set to continue for some while yet, the European Securities and Markets Authority has anticipated some important MiFID 2 issues in a set of Guidelines issued on February 24, 2012: Guidelines on systems and controls in an automated [...]
