Strategic ALM and integrated balance sheet management: the future of bank risk management By Professor Moorad Choudhry Abstract The traditional approach to asset-liability management (ALM) practice in banks operated as a reactive process following product origination by the customer-facing business. In the Basel III era a more proactive approach to ALM is required, in order […]

The European Securities and Markets Authority (ESMA) issued a first badge of position management controls under the Markets in Financial Instruments Directive (MiFID II). MFID II requires Member States to ensure that an investment firm or a market operator operating a trading venue which trades commodity derivatives apply position management controls. Investment firms or market […]

From today, one of the EU’s most ambitious set of financial reforms will be implemented. Markets in Financial Instruments Directive, or MiFID, II is an upgraded directive designed to offer greater protection for investors and inject more transparency into all asset classes: from equities to fixed income, exchange traded funds and foreign exchange. MiFID II […]

he European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) regarding commodity derivatives under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). The purpose of this document is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR in relation to commodity […]

The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) regarding data reporting under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). The purpose of this document is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR in relation to regulatory […]

The European Securities and Markets Authority (ESMA) has today opened a public consultation on a proposed amendment to the Regulatory Technical Standard (RTS 1) which details the implementation of the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). ESMA proposes to amend RTS 1 to clarify that systematic internalisers’ (SI) quotes should reflect […]