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Issue 11
Dec 2016
GLOBAL FINANCIAL
MARKETS INSIGHT
dlapiper.com
GLOBAL FINANCIAL MARKETS INSIGHT ISSUE 11 / DEC 2016 1
Contents
4-5
UK digital banks open for business
The outlook for retail banking as the first
all-digital banks are licensed in the UK
6-7
Prepare for margining
An update on the new EU margin rules
and the ISDA 2016 Variation Margin
Protocol
8 - 12
What to consider when taking
security over bonds
Clarifications on the issues around
granting security over bonds and other
securities, with a particular focus on the
Euroclear system
13 - 14
Finance for funds
Alternatives in today’s finance market
for funds
15 - 18
How to ke
Issue 11 Dec 2016 GLOBAL FINANCIAL MARKETS I
Contents 4-5 UK digital banks open for business
Foreword As we come to the end of 2016 we reflect
UK digital banks open for business The outlook fo
Biometrics over passwords Consumers are understan
Prepare for margining An update on the new EU mar
The VM Protocol is a Questionnaire ■ Protoc
What to consider when taking security over bonds
The interplay between ICSDs and CSDs Cash Accoun
The majority of ICSD participants are financial i
Question 3: What are the usual steps for taking s
Question 5: If an ICSD becomes insolvent, what ri
Finance for funds Alternatives in today’s finance
In the credit and security agreements themselves,
How to keep securitised assets off balance sheet
Article 248 Implicit support 1. A sponsor institu
“Structured to provide support”? This is a key ph
If the originator or sponsor wishes to make a mar
What makes a bond “green”? Guidelines and market
■ Moody’s Investor Service (Moody’s) Green Bon
While the Climate Bond Initiative reported a drop
Back to the future of projects Ways in which the
Although the Autumn Statement, one of the two sta
Rise of the robot How the use of technology is ch
As well as increased efficiencies, machine-learni
ABS terms fix below-zero rates Positive fixes for
Cash-flow mismatches Negative interest rates may
FCA readies the UK for MiFID II A summary of the
Clients must agree to any charges on the account
Moreover, both the suitability and the appropriat
The appropriateness test is introduced for a wide
FCA shines a light on dark pools Findings from th
The FCA stated that at present, dark market volum
The FCA also identified the poor practice of in-h
Lehman decision clarifies ISDA meaning of “Defaul
He reached this conclusion as a matter of constru
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