Regulation

New proposed rules address the Commission’s new requirements for including margin in the broker-dealer reserve formulas, as well as highlighting the similarities between the Agent Clearing Service and other agent clearing models.

Despite a year of consultation on tweaking the mechanism or significantly increasing penalty rates, European watchdog confirms only a ‘moderate’ increase will occur after considering industry feedback.

Migration aligns with the UK’s proposed switch, with ESMA pointing to the efficiency and resiliency benefits of the move.

“It’s been a great honour to serve with [SEC staff], doing the people’s work, and ensuring that our capital markets remain the best in the world,” said Gary Gensler, chair of the US Securities and Exchange commission in a recent speech.

A disparate and fragmented European Union is thwarting the continent’s ability to compete effectively with the largest markets in the world. But a new political impetus has reinvigorated the consolidation agenda, with a view to challenging national frameworks and bringing growth back to the region, writes Chris Lemmon. 

A statement from ESMA comes a day after Task Force recommendations, claiming a coordinated approach across Europe is “desirable” while stressing the urgency in avoiding prolonging the negative impacts of settlement misalignment.

A new report emphasises the need for the EU to coordinate closely with the UK in H2 2027 for a switch to a T+1 settlement cycle, while also detailing the need for a maximum possible notice period for transition and a temporary suspension of cash penalties over the implementation period.

The US Securities and Exchange Commission (SEC) concluded that Cumberland DRW had operated as an unregistered dealer in more than $2 billion of crypto assets offered and sold as securities.