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Securities Financing Transaction Regulation in Shadow a While Longer

Consideration of the Securities Financing Transactions Regulation (SFTR) by the European Parliament, originally due to take place at the Parliament’s plenary session on 6 October, has been delayed.  According to the Parliament’s updated procedure file, the matter will now be considered at the next plenary session to be held from 26 to 29 October 2015, […]

Emerging From the Gloom: Shadow Banking In Sharp Relief

Introduction “Shadow banking” refers to that part of the financial system which extends credit but is fully or partially outside the regular banking sector, i.e. non-bank credit intermediation.  Despite the real benefits associated with shadow banking, the financial crisis of 2007-2008 highlighted a number of risks, particularly a heavy reliance on short-term wholesale funding, lack […]

Repo Comes Under the Microscope

Introduction On 29 January 2014, the EU Commission published a legislative proposal for a regulation on reporting and transparency of securities financing transactions[1] (SFTs) and associated FAQ document. The EU Commission is concerned that efforts to reform the structure of EU banks (in the form of the Liikanen proposals) could drive a substantial subset of […]

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