Marking the major events that are shaping the global capital markets

Wednesday, March 7, 2012

The European Commission formally proposes a regulatory framework for CSDs

"Settlement is a crucial process for the securities markets and the financing of our economy. The numbers speak for themselves: in the European Union, transactions worth over one quadrillion Euro were settled by CSDs in the last two years. Today's proposal will introduce common standards across the Union for securities settlement and ensure a true single market for the services provided by national CSDs."

Michel Barnier, EU Commissioner for Internal Market and Services

Wednesday, October 2, 2013

SEF rules effective

Thursday, May 16, 2013

Thursday, January 17, 2013

Liquidity Coverage Requirement

In response to concerns about the impact on the real economy, the BCBS proposed a minimum phasing-in of the LCR over 5 years starting with 60% of the LCR in 2015, rising progressively to reach 100% in 2019. Regulators have shortened this to 100% by 2018.

Monday, January 7, 2013

Basel III: The Liquidity Coverage Ratio and Liquidity Risk Monitoring Tools

BCBS publishes final rules on liquidity coverage ratio, intended to ensure that banks have an adequate stock of unencumbered high-quality liquid assets (HQLA) that can be converted into cash easily and immediately in private markets to meet their liquidity needs for 30 calendar days under stressed liquidity conditions.

Saturday, October 10, 2009

CEBS's statement on stress testing exercise

CEBS publishes results of first EU-wide bank stress testing exercise: it finds banks’ aggregate Tier 1 capital ratios of 9%, exceeding the 4% minimum required under Basel rules at the time.

Read more about bank stress testing.

Thursday, December 16, 2010

Basel III rules on capital treatment for counterparty credit risk in bilateral trades published

"A landmark achievement that will help protect financial stability and promote sustainable economic growth. The higher levels of capital, combined with a global liquidity framework, will significantly reduce the probability and severity of banking crises in the future."

Mr Nout Wellink, Chairman of the Basel Committee on Banking Supervision and President of the Netherlands Bank

Thursday, January 21, 2010

Volcker Rule, which effectively bans proprietary trading in commercial banks proposed as an addition to the Dodd Frank Wall Street Reform Act

"We simply cannot accept a system in which hedge funds or private equity firms inside banks can place huge, risky bets that are subsidised by taxpayers and that could pose a conflict of interest."

President Obama

Friday, July 23, 2010

CEBS publishes results of 2010 EU-wide stress testing exercise

Aggregate Tier 1 ratio falls from 10.3% in 2009 to 9.2% by the end of 2011, compared to the regulatory minimum of 4%.

Wednesday, December 8, 2010

European Commission consults on MiFID

European Commission first consults on reviews to the Markets in Financial Instruments Directive three years after it was originally brought into force to address rapid changes in market structure and technology and meet G20 commitments to reform made after the Financial crisis. (December 2010)


Thursday, January 13, 2011

Common rules for Central Securities Depositories (CSDs) and securities settlement

As part of its ongoing efforts to create a sounder financial system, the European Commission publishes its first consultation on on a common regulatory framework for the institutions responsible for securities settlement, called Central Securities Depositories (CSDs).

Friday, July 15, 2011

Results of the 2011 EU-wide stress test

EBA publishes results of 2011 EU-wide stress tests: Although credit was given to banks that raised capital in the run up to the tests, eight banks had a tier 1 ratio of less that 5%.

Wednesday, June 1, 2011

Capital treatment for bilateral counterparty credit risk finalised by the Basel Committee

Rules eased to reduce the capital required to be held against exposure to low-rated counterparties against the risk of loss caused by changes in their credit spread if downgraded.

Thursday, August 16, 2012

European Market Infrastructure Regulation (EMIR) enters into force

European equivalent of the Dodd Frank act, EMIR, comes into force - although technical standards are still to be finalised on a number of provisions. 

Find out more on progress implementing EMIR and next steps.

Wednesday, September 30, 2015

European Commission publishes CMU action plan

ʺI want to knock down barriers to make it easier for capital to flow freely across all 28 Member States.ʺ

Jonathan Hill, Commissioner for Financial Stability, Financial Services and Capital Markets Union

Monday, September 28, 2015

ESMA publishes final set of technical standards on MiFID, MAR and CSDR

“The magnitude of this change should not be underestimated. But the past has taught us that change is needed in order to make markets more transparent, efficient, and safer to invest in. This will entail a certain cost but we should not forget the other side of this equation, which is the great benefits safer and sounder markets will bring to everybody.”

Steven Maijoor, ESMA Chair

Thursday, December 18, 2014

ESMA consults on technical standards to implement the detail of CSDR

Friday, December 19, 2014

ESMA consults on technical standards on MiFID and MiFIR

Tuesday, July 21, 2015

Deadline for fully implementing the Volcker Rule provisions on proprietary trading

Find out more about the Volcker Rule.

Wednesday, February 18, 2015

European Commission proposes new regulatory framework for a Capital Markets Union

"Our aim is to revive markets on a more sustainable basis, so that simple, transparent and standardised securitisation can act as an effective funding channel to the economy."

Jonathan Hill, Commissioner for Financial Stability, Financial Services and Capital Markets Union

Thursday, January 1, 2015


Securities must be settled a maximum of two days after trading "T+2", except where activity is outsourced to a public entity (e.g. under T2S).

Find out more about the T+2 requirements.

Friday, October 31, 2014

Basel III: the net stable funding ratio

BCBS publishes rules on net stable funding ratio, designed to reduce systemic risk by requiring banks to maintain a stable funding profile in relation to their on- and off-balance sheet activities to manage risk caused by disruptions in their regular sources of funding.

Sunday, October 26, 2014

EBA publishes 2014 EU-wide stress test results

EBA publishes results of 2014 EU-wide stress tests using the Basel definitions of common equity tier 1 to align with the introduction of the new Basel III requirements - it found aggregate common equity tier was was 7.6%.

Thursday, April 17, 2014

CSDR rules effective

Thursday, June 12, 2014

Final text of MiFID II and MiFIR published

"The new rules will improve the way markets function... establish a safer, more transparent and more responsible financial system and restore investor confidence in the wake of the financial crisis."

Michel Barnier, EU Commissioner for Internal Market and Services

Wednesday, July 23, 2014

Final CSDR text published

New rules applied to over 32 national and cross-border European CSDs holding almost €39 trillion of securities at the end of 2012.

Read the European Commission's responses to frequently asked questions on CSDR.

Tuesday, January 14, 2014

Challenges in implementing Volcker Rule

U.S. Authorities adopt revised final regulations, after signficant delays, multiple rounds of comment including 17,000 responses, and a lawsuit brought by community banks over provisions for specialised securities.

Monday, June 30, 2014

Reporting obligations under Volcker Rule

U.S. banking entities with trading assets and liabilities (excluding certain U.S. government obligations) that over the previous consecutive four quarters exceeded $50 billion or more, on a global basis, will be required to file reports regarding their proprietary trading activity monthly. Foreign banking entities with trading assets and liabilities of the combined U.S. operations of the foreign banking entity (including all subsidiaries, affiliates, branches and agencies operating, located or organised in the United States and excluding certain U.S. government obligations) of $50 billion or more will also be required to file such reports. Banking entities with trading assets and liabilities of $25 billion or more will be required to submit these reports on April 30, 2016 and banking entities with trading assets and liabilities of $10 billion or more will be required to make such reports on December 31, 2016. Thereafter, such reports for banking entities with less than $50 billion (but more than $10 billion) in trading assets and liabilities will be required to be filed on a quarterly basis.

Friday, November 20, 2015

MEPs write to European Commision in support of a one year delay to MiFID II

Find out what this means for you.

Sunday, September 18, 2016

EU Member states must apply CSD sanctions in local law

Wednesday, September 18, 2019

European Commission to publish review of CSDR

Hear more about the impact of CSDR on trading venues.

Friday, January 1, 2016

All securities must be settled a maximum of two days after trading

Sunday, January 17, 2016

Deadline for CSDs based outside the EU to apply for authorisation by the relevant national competent authority

Saturday, December 31, 2016

EBA to conduct next EU-wide stress testing exercise in 2016

Wednesday, January 3, 2018

MiFID II and MiFIR expected to come into force

More on the impact of MiFID II.

Monday, January 1, 2018

Minimum standard net stable funding ratio applies

Learn more about the net stable funding ratio.

Thursday, May 1, 2014

European Capital Markets Forum 2014

"Handling the Euro crisis [was] a high wire act. Well, MiFID was like trying to ride a bucking bronco on a high wire."

Keynote address: Sharon Bowles MEP, Chair of ECON Committee

Thursday, June 18, 2015

European Capital Markets Forum 2015

This year's event built on the discussions of the 2014 forum – on the real implications of MiFID II, of increased post-trade transparency, and of the most efficient methods of interpreting and managing differences in global regulation – and addressed the issues surrounding liquidity in today’s market. Discover more about the 2015 European Capital Markets Forum.

Read the keynote speech - Debt, credit and the UK economy: A view from Westminster.


Thursday, March 17, 2016

European Capital Markets Forum 2016

Details on the 2016 forum to be published shortly.

Find out more about the Capital Markets Forum.

Monday, January 1, 2018

The year of MiFID II

“One of the key measures in MiFID is the improvement to the quality and consolidation of post trade data in the equity markets. The implementation of a consolidated tape and controls on those who publish trade reports will help address the concerns of the industry around post trade transparency in more fragmented markets… Regulators have a wider and richer range of information about trading activity through an expanded scope of transaction reporting.”

David Lawton, Director of Markets, FCA