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<br /> Issue 11<br /> Dec 2016<br /> GLOBAL FINANCIAL<br /> MARKETS INSIGHT<br /> dlapiper.com<br /> GLOBAL FINANCIAL MARKETS INSIGHT ISSUE 11 / DEC 2016 1<br /> Contents<br /> 4-5<br /> UK digital banks open for business<br /> The outlook for retail banking as the first<br /> all-digital banks are licensed in the UK<br /> 6-7<br /> Prepare for margining<br /> An update on the new EU margin rules<br /> and the ISDA 2016 Variation Margin<br /> Protocol<br /> 8 - 12<br /> What to consider when taking<br /> security over bonds<br /> Clarifications on the issues around<br /> granting security over bonds and other<br /> securities, with a particular focus on the<br /> Euroclear system<br /> 13 - 14<br /> Finance for funds<br /> Alternatives in today’s finance market<br /> for funds<br /> 15 - 18<br /> How to ke<a title="GFMI 11 - December 2016 - FINAL - Landscape page 1" href="http://viewer.zmags.com/publication/cd9bf238?page=1"> Issue 11 Dec 2016 GLOBAL FINANCIAL MARKETS I</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 2" href="http://viewer.zmags.com/publication/cd9bf238?page=2"> Contents 4-5 UK digital banks open for business </a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 3" href="http://viewer.zmags.com/publication/cd9bf238?page=3"> Foreword As we come to the end of 2016 we reflect</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 4" href="http://viewer.zmags.com/publication/cd9bf238?page=4"> UK digital banks open for business The outlook fo</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 5" href="http://viewer.zmags.com/publication/cd9bf238?page=5"> Biometrics over passwords Consumers are understan</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 6" href="http://viewer.zmags.com/publication/cd9bf238?page=6"> Prepare for margining An update on the new EU mar</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 7" href="http://viewer.zmags.com/publication/cd9bf238?page=7"> The VM Protocol is a Questionnaire ■ Protoc</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 8" href="http://viewer.zmags.com/publication/cd9bf238?page=8"> What to consider when taking security over bonds </a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 9" href="http://viewer.zmags.com/publication/cd9bf238?page=9"> The interplay between ICSDs and CSDs Cash Accoun</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 10" href="http://viewer.zmags.com/publication/cd9bf238?page=10"> The majority of ICSD participants are financial i</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 11" href="http://viewer.zmags.com/publication/cd9bf238?page=11"> Question 3: What are the usual steps for taking s</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 12" href="http://viewer.zmags.com/publication/cd9bf238?page=12"> Question 5: If an ICSD becomes insolvent, what ri</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 13" href="http://viewer.zmags.com/publication/cd9bf238?page=13"> Finance for funds Alternatives in today’s finance</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 14" href="http://viewer.zmags.com/publication/cd9bf238?page=14"> In the credit and security agreements themselves,</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 15" href="http://viewer.zmags.com/publication/cd9bf238?page=15"> How to keep securitised assets off balance sheet </a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 16" href="http://viewer.zmags.com/publication/cd9bf238?page=16"> Article 248 Implicit support 1. A sponsor institu</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 17" href="http://viewer.zmags.com/publication/cd9bf238?page=17"> “Structured to provide support”? This is a key ph</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 18" href="http://viewer.zmags.com/publication/cd9bf238?page=18"> If the originator or sponsor wishes to make a mar</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 19" href="http://viewer.zmags.com/publication/cd9bf238?page=19"> What makes a bond “green”? Guidelines and market </a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 20" href="http://viewer.zmags.com/publication/cd9bf238?page=20"> ■ Moody’s Investor Service (Moody’s) Green Bon</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 21" href="http://viewer.zmags.com/publication/cd9bf238?page=21"> While the Climate Bond Initiative reported a drop</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 22" href="http://viewer.zmags.com/publication/cd9bf238?page=22"> Back to the future of projects Ways in which the </a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 23" href="http://viewer.zmags.com/publication/cd9bf238?page=23"> Although the Autumn Statement, one of the two sta</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 24" href="http://viewer.zmags.com/publication/cd9bf238?page=24"> Rise of the robot How the use of technology is ch</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 25" href="http://viewer.zmags.com/publication/cd9bf238?page=25"> As well as increased efficiencies, machine-learni</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 26" href="http://viewer.zmags.com/publication/cd9bf238?page=26"> ABS terms fix below-zero rates Positive fixes for</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 27" href="http://viewer.zmags.com/publication/cd9bf238?page=27"> Cash-flow mismatches Negative interest rates may </a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 28" href="http://viewer.zmags.com/publication/cd9bf238?page=28"> FCA readies the UK for MiFID II A summary of the </a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 29" href="http://viewer.zmags.com/publication/cd9bf238?page=29"> Clients must agree to any charges on the account </a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 30" href="http://viewer.zmags.com/publication/cd9bf238?page=30"> Moreover, both the suitability and the appropriat</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 31" href="http://viewer.zmags.com/publication/cd9bf238?page=31"> The appropriateness test is introduced for a wide</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 32" href="http://viewer.zmags.com/publication/cd9bf238?page=32"> FCA shines a light on dark pools Findings from th</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 33" href="http://viewer.zmags.com/publication/cd9bf238?page=33"> The FCA stated that at present, dark market volum</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 34" href="http://viewer.zmags.com/publication/cd9bf238?page=34"> The FCA also identified the poor practice of in-h</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 35" href="http://viewer.zmags.com/publication/cd9bf238?page=35"> Lehman decision clarifies ISDA meaning of “Defaul</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 36" href="http://viewer.zmags.com/publication/cd9bf238?page=36"> He reached this conclusion as a matter of constru</a> <a title="GFMI 11 - December 2016 - FINAL - Landscape page 37" href="http://viewer.zmags.com/publication/cd9bf238?page=37"> DLA Piper is a global law firm operating through </a>