Johan JOLY

UK EMIR Refit Goes Live Today! The second phase of the EMIR refit module, the UK EMIR refit, has officially gone live today. Much like its EU counterpart, the UK EMIR refit maintains a strong focus on data quality, clarity on rules and guidance, and the standardization of trade repository operations. In the spirit of continuous improvement, the FCA has taken a cautious approach post EU EMIR refit go-live, enhancing industry guidance through periodic Q&A sessions. https://lnkd.in/dXEJC4nH This proactive stance has been instrumental in addressing common challenges and issues observed post-go-live of the EU EMIR refit. UK firms can draw on the insights and lessons from the EU EMIR refit to reduce exceptions and facilitate a smoother transition, particularly in areas such as level modification, event date accuracy, delta field population, valuation amount & clearing status, valuation timestamp and execution timestamp. As we navigate the initial stages of the UK EMIR refit go-live, some challenges are to be expected. However, rest assured that our team of experts at Kroll is here to support you with any post-go-live issues. #fca #emirrefit #emir #regulatoryreporting #derivatives #regreporting #ukemir

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Second resolvability assessment makes for major banks to be better prepared for major idiosyncratic or systemic deterioration.

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Week 22: After a tougher week for fixed income RM Funds see excellent opportunities within credit to exploit after the weakness seen post UK CPI within UK credit and fixed income. The back up in yields is now offering tremendous value for money: 5 year yields touched 3.4% on 27th Dec and at one point last week touched 4.3%. We (still)do not believe we see the wides of last year/Overall in credit we (still) favour the front end with 1 year IG offering circa 5.4% and we are u/w longer dated A & BBB credit which is offering 80-130bp over gilts. Spreads have begun to widen over recent weeks, RM Funds suspect this will continue over the coming months. Sector positive: Natgrid rights issue shows the defensive nature and size of the assets the SVS RM Infrastructure bond allocates into.

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Six years and seven months since MiFID unbundling was introduced to the UK market sees the [re-] introduction of bundled payments as an option - on August 1 2024. As part of a large London based equities team at the coalface of MiFID II unbundling throughout the implementation stage - followed by four years at the UK's financial services regulator supervising wholesale asset managers – I offer you unique insight and perspective on today’s policy statement from the FCA. The Kroll team and I are ready to assist - whatever payment ‘option’ you might be considering – or pre-disposed to. #mifid2unbundling; #paymentoptionality #investmentresearch #FCA

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How inflation steals your money and how to protect yourself https://lnkd.in/eHX52i3s #debt #inflation #ukeconomy #globaldebt #assetprotection

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 FCA EMIR REFIT 🚀 'ERR...': Not just a filler on calls, but the 'Entity Responsible for Reporting.' 🤔 Check out this useful article by Point Nine on this field https://lnkd.in/eixEmmSp #refit #ukrefit #EMIR #regtech #regulatoryreporting #transactionreporting

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⏰ Dear LinkedIn network, please have a look at the freshly published Credit Benchmark UK Default Risk Outlook (published on 24 July) 🔦 The recent UK Default Risk Outlook report indicates that credit default risk for UK companies is expected to plateau by mid-2025. This follows a projected increase in default rates during the second half of 2024. Factors influencing this trend include potential delays in Bank of England rate cuts due to higher inflation or post-election FX volatility. 🔎 Key Takeaways: 🏭 * Industry Impact: Higher Default Rates: Basic Materials, Telecoms, and Technology sectors are expected to see a significant increase in default rates (>10%) by Q2 2025. Moderate Increase: Industrials, Corporates, Financials, and Consumer Industries are forecasted to experience a moderate rise (5-10%). Stable Sectors: Healthcare and Oil & Gas sectors are expected to show little to no change in default rates. 🌍 * Economic Context: The UK's new Labour administration aims to boost private sector investment through public-private partnerships, particularly in infrastructure projects. This strategy could lead to positive long-term outcomes, despite short-term balance sheet pressures. 📈 * Market Stability: The range of potential UK default rates varies widely, with larger industry projections skewed lower, leaving room for possible post-election credit upgrades if the bond and currency markets remain stable. Read the full analysis below and here: https://lnkd.in/gzYj6CYK

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2.50pm - 3.40pm - Leaders in lending Moderator: Roy Zimmerhansl of Pierpoint Alpha Community, Panellists: Sabine Farhat of Murex, Eileen Herlihy of J.P. Morgan, Adnan Hussain of HSBC .....more to come https://lnkd.in/e4kqncMB As market and regulatory pressures intensify, especially in short-term funding and leverage, the future of the repo and securities lending markets remains uncertain. Panellists will explore the adequacy of the Securities Financing Transaction (SFT) platform, the impact of active versus passive investing, and the growing role of distributed ledger technology (DLT) and digital assets in transforming market practices. They will also delve into new and emerging markets, alongside the rise of retail brokerage as the industry's final frontier.

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Interesting consultation out from HMT about whether rules are needed to govern the acceptance of physical cash in the UK . A few countries around the world are looking at this type of issue..https://buff.ly/48zrIeN

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Have you taken our 4 mins trader test? Today I'll be personally going through the scores to see if any of you have got what it takes to be a part of a major Futures desk. This will end by end of play today - Wednesday 14th August at 5pm London time Follow the 1,2,3 and change your life. 1. Take the 4 mins test and get a score and assessment 2. Book me in for a discovery call in the link in the comments 3. Start your journey to create the real currency of value. More TIME. https://lnkd.in/eAgpZcgy

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It can’t get worse can it ? After a banking crisis, Low interest rates .. Economic stagnation Brexit Covid War in the Ukraine Huge increases in National Debt Inflation as a cumulative result of all of the above It can’t get worse. Can it? If we look at the above list there is one aspect that shows that it can. Brexit. From 2000, wage growth .. note wage growth .. not actual wages has remained pretty static as all of these major economic influences impacted the real value of earnings to the working and middle classes. In addition the U.K. poverty level failed to improve. So what happened? Brexit happened A protest vote by a population fed up with their elected representatives being unable to improve their living standards . It couldn’t get any worse ? could it? . LETS TAKE BACK CONTROL . What happened ? Things got worse. Not only economically but also in the way people felt about the “ political class “ often people with a degree in Politics , philosophy and economics or Law followed by a period as a “SPAD” a special advisor to a politician before they themselves get elected. In short we end up with politicians, who lack experience of real life who end up showing how real they are by entering a jungle and showing how adept they are in normal life by eating bugs. Is it any wonder that we concentrate on the corruption rather than the good that politicians can and do deliver? Many in Scotland feel the same way. Things can’t get worse ? Corruption in Westminster (and Scotland), a generation held back by lack of opportunity and salaries that have not kept up with the rising costs of housing, heating, travelling, and raising a family. Is the solution Scexit? Scottish independence. I think I understand the finger pointing at Westminster, pockets of corruption and it being out of touch. People throughout the U.K. feel that way, it’s not just Scotland. I’ve asked the question of those promoting Scexit How much pain ? For how long? And who will suffer ? I’m not suggesting that independence for Scotland would be anything other than a long term success. Most countries leaving the UK eventually get there, some don’t. Transition is usually painful. I don’t get the argument that says. Go for it. We will sort it out in the end. It can’t be any worse than we have! Maybe it could be worse for the next 10-20 years if we make that transition. So combined with the last 20 years we could see an entire generation of Scot’s seeing a lifetime of economic setback. That may be a price worth paying. Others in the history of Scotland have paid the price of social change , some did well others did badly What are the opportunities? Who would benefit? How much pain ? For how long? And who will suffer ? Let’s all ensure that Scotlands future is more than a slogan on a big red bus. We all know how that ended.

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Banks offloading loan books to private credit funds In February 2024, Barclays PLC entered into an agreement with Blackstone Credit & Insurance to sell approximately $1.1 billion of its currently outstanding credit card receivables under Barclays Bank Delaware (BBDE). This strategic move is part of Barclays's plan to reduce its risk-weighted assets (RWAs) and create additional lending capacity for BBDE. It's the first agreement in the bank's broader plan of leveraging strategic partnerships to execute risk transfer agreements and reduce capital requirements. Under the terms of the agreement, BBDE will retain the legal title on Barclays-branded credit card accounts in the U.S. and continue to service them for a fee. Moreover, BBDE plans to utilize the proceeds from the sale to fund its lending activities. As banks look to optimize their balance sheets, such forward-flow arrangements may become more popular. It will be interesting to see if Indian financial institutions, where securitization of financial assets is still in its infancy, begin to optimize their capital structure with similar deals.  #Barclays #Blackstone #FinancialMarkets #Securitization #RiskManagement

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Following the publication of the BoE’s second resolvability assessment of the eight major UK banks, we have put together a set of initial reflections. Whilst the assessment has a positive tone, work is still expected across different areas such as data and MI, modelling, testing and assurance, to further demonstrate that resolution strategies can be operationalised. Additionally, in anticipation of the third RAF assessment, there is an increased focus on restructuring planning, where firms are expected to: - further enhance their data capabilities in relation to the timely identification and assessment of restructuring options, - develop holistic cross-functional/ cross resolvability barrier testing exercises to support the execution of the restructuring strategy and - design robust assurance frameworks to ensure capabilities remain relevant over time. #eyfinancialservices #bankrestructuring #raf #bankofengland #rrp #resolutionplanning #businessreorganisationplanning #brp #brptesting Saleem Malik Joanne Smith Etienne Michelin Steve Wynn Keri Elborn Bogdan Ioan Amanda Smith

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Regulatory Horizon Edition 10 is here! Discover the latest insights into global financial regulations, from ESG and cybersecurity to Consumer Duty impacts and operational resilience. As Jamilia Parry, Capco’s Global Head of Financial Crime, Risk & Finance, puts it: "Effectively managing risk, maintaining resilience, and ensuring compliance have always been vital priorities for the financial services and energy industries. The stakes today are higher than ever before." Download the full newsletter now and stay ahead in this rapidly evolving landscape: https://okt.to/q4b8gF

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Given this is the biggest change to payment messaging it's great to see things are moving at pace. ➡️ 26% of cross border flow now sent as MX, progress is being made, but we are just 12 months away from the coexistence end date. As part of the banking community's long-awaited migration from Swift MT payment message types to #ISO20022 payment standards, we're taking the following steps: ➡️ preparing to migrate flow to Lloyds Bank Gem® to process #ISO20022 natively ➡️ engaging with ISO 20022 working groups and partners ➡️ maximising the value of operational optimisation and client propositions post November 2025 ➡️ supporting the industry throughout the migration

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