Representing financial market professionals based in France

Brèves

26/11/2018
Events

Conférence Choc démographique et Marchés, 12 décembre 2018

L'AMAFI organise avec Revue Banque, un débat public sur le thème : Choc démographique : un défi pour les marchés mercredi 12 décembre à 17h30

Renseignements et inscription

 

 

 

 

27/11/2018
Events
27/11/2018
News

Brexit – Access to central counterparties

Derivatives perform a critical function by enabling companies and investors to hedge their risks. Right now, though, the only effective clearing solutions for many of these products are located in the United Kingdom. Given this situation and the prospect of a hard Brexit, and assuming a transitional solution is not implemented, it is important to assess how an inability to access UK central counterparties (CCPs) after 29 March might affect the capacity to finance the economy and financial stability.

This was the focus of a position paper published by AMAFI  mid-October (AMAFI / 18-59), which sought to raise the awareness of the issue to European decision makers. This concern seems to have been taken into account by Commissioner Valdis Dombrovskis, who said in an interview with the Financial Times in late October that the Union would have to temporarily recognise UK CCPs if no agreement was reached. This decision was then repeated in a communication published by the European Commission on readiness for the UK exit. Meanwhile, ESMA published a release in late November in which it said that it supported the Commission’s approach and that it had already begun working with UK CCPs to prepare for their temporary recognition on 30 March 2019.

27/11/2018
News

Prudential treatment of investment firms

In late September, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) adopted a report on the prudential treatment of investment firms. The Parliament took into account  several requests made by AMAFI, notably concerning remuneration arrangements and assurance that the future framework for investment firms would be equivalent from a risk perspective to that applicable to credit institutions under the CRD and CRR. Other aspects, such as the possibility of conducting supervision on an exclusively consolidated basis, have not yet been addressed. As part of work led by its Board, AMAFI has sent the French authorities proposed amendments to the report (AMAFI /18-65).

27/11/2018
News

Contrat de liquidité

Par sa décision 2018-01 publiée tout début juillet, l’AMF a modifié, au terme de plusieurs mois d’échanges avec l’Association, la pratique de marché admise dans le cadre de laquelle les contrats de liquidité sont mis en œuvre en France (cf. Info AMAFI n° 136). Depuis lors, l’Association a articulé ses travaux autour de deux grands axes.

Le premier pour mettre à jour le Contrat-type AMAFI de liquidité dont la nouvelle version a été publiée fin novembre (AMAFI / 18-67). Bien que les évolutions résultant de la décision AMF ne soient pas si nombreuses, elles ont néanmoins nécessité divers échanges, tant avec le Groupe Contrat de liquidité qu’avec les services de l’AMF. Suivra courant décembre la mise à jour de la note de commentaires qui l’accompagne afin de donner aux utilisateurs du Contrat type les éléments d’appréciation qui paraissent utiles.

Le second axe de travail se traduit par l’élaboration d’une note AMAFI afin, d’une part, d’apporter certaines clarifications, face notamment à des ambiguïtés susceptibles de naître de la décision AMF et, d’autre part, de définir une typologie non exhaustive des situations justifiant le non respect de certaines restrictions, et permettant ainsi de simplifier autant que possible la documentation à produire dans les situations où la décision AMF le demande. Des échanges sont en cours sur ce point avec les services de l’AMF.

03/12/2018
News

ICSA – OECD gathering

The International Council of Securities Associations (ICSA) met with the Organisation for Economic Cooperation and Development (OECD) for the first time in Paris in late September. ICSA’s delegation, led by its chairman, Pierre de Lauzun, held talks with Greg Medcraft, head of the OECD’s Financial and Enterprise Affairs Directorate, and his team. The aim was to gain a better understanding of the work being done by the OECD to identify potential cooperation opportunities. Director Medcraft explained the priorities for his directorate, which  include blockchain, infrastructure financing and sustainable finance. Based on the discussions, ICSA can now determine how best it can contribute actively to the OECD’s work. 

 

05/12/2018
Events