Article reports on a Financial Times interview with French President Emmanuel Macron warning of a potential EU collapse if the bloc fails to embrace financial solidarity amid the current Covid-19 pandemic. Article includes comments from David Clark, EVIA, noting how Macron's comments reflect a differing approach to European financial and budget management rather than the political unity that led to the EU in the first place. Clark, added that it is right to assert that there should be federal capital-raising capacity, but a path needs to be found for both state and EU funding to operate alongside each other in markets under strict budgetary rules.
Article reports that the European Securities and Markets Authority (ESMA) announced a four week extension for feedback to its Mifid II/Mifir review report on the transparency regime for non-equity instruments and the trading obligation for derivatives, in light of markets participants’ current focus on crisis management due to Covid-19. Article includes comments from Alex McDonald, EVIA, discussing the advantages to a longer extension which will include a better assessment of the impact of the current shutdown in the review. Additionally, McDonald noted that many of the review’s structural considerations including the Consolidated Tape Provider, open access, commodity market changes and FX markets are the particular focus for EVIA members.
Article reports that The Basel Committee on Banking Supervision and the International Organization of Securities Commission (IOSCO) have agreed to extend the deadline by one year, for completing the final two implementation phases of the margin requirements for non-centrally cleared derivatives in light of significant challenges posed by Covid-19. Article includes comments from Alex McDonald, EVIA, discussing how financial markets participants have shredded assets in favour of USD cash, in order to meet margin calls.
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