ESMA supplies required MiFID/MiFIR systematic internaliser figures

Investment firms dealing on own account when executing client orders over the counter (OTC) on an organised, frequent, systematic and substantial basis are subject to the mandatory systematic internaliser (SI) regime.

ESMA has decided to compute the total volume and number of transactions executed in the EU in order to help market participants in the performance of the SI test since that data is essential for the operation of the SI regime and is not otherwise easily available.

On a temporary basis, the results of the data for the SI calculations will be published on the ESMA website in spreadsheet format. Under the section “Current data for the systematic internaliser calculations” the files with the calculations based on the most recent period will be published, while under the section “Historical data for the systematic internaliser calculations” the previously published files based on previous periods will be available.

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Trump-weary Deutsche Bank wants out but sees no good options – Reuters

Deutsche Bank AG is looking for ways to end its relationship with President Donald Trump after the U.S. elections, as it tires of the negative publicity stemming from the ties…

Deutsche Bank has about $340 million in loans outstanding to the Trump Organization, the president’s umbrella group that is currently overseen by his two sons… which are against Trump properties and start coming due in two years, are current on payments and personally guaranteed by the president…

The German bank, which first started lending to Trump in the late 1990s, has been dragged into congressional and other investigations into the real estate mogul-turned-politician’s finances and alleged Russia connections.

The loans, which are against Trump’s golf course in Miami, and hotels in Washington and Chicago, are such that the Trump Organization has only had to pay interest on them so far, and the entire principal is outstanding …They come due in 2023 and 2024…

The businesses backing the loans face challenges. The coronavirus-driven economic slowdown has hit the travel industry, including hotels. Moreover, last month Reuters reported that Trump’s plan to make money by developing houses and hotels on his golf courses, including the one involving the Deutsche Bank loan, had not panned out so far.

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Germany says EU pragmatism needed on London finance links – Reuters

A senior German government official said on Friday he was “deeply concerned” about the lack of progress in trade talks between the European Union and Britain, given the heavy reliance of German companies on funding from London’s financial hub.

London is Europe’s biggest financial centre, but faces being largely cut off from the bloc when Britain’s post-Brexit transition arrangements expire on Dec. 31.

Britain and the EU have entered an intensive phase in talks on a free trade deal, though EU access for financial firms in Britain is being dealt with separately by Brussels.

German corporates, for all that I can tell, rely massively on wholesale financing offered from the City of London, so in that sense we will have to maintain pragmatism, no matter what happens,” Deputy Finance Minister Joerg Kukies told an online event …

“One of our lessons learned from the Wirecard scandal is that we do want to strengthen particularly market supervisory powers of European institutions,” Kukies said, referring to the collapse of the German payments firm.

 “We want to look at best practices in the U.S. and other regions of the world to see how markets supervision at the central level can help avoid some of the problems that we had.”

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VTB Capital – London becomes a MiFIR Systematic Internaliser for bonds

Latest ESMA update: 30/10/2020 

  • Entity name: VTB Capital plc SI

Asset class service name: BOND (Bonds)

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Johnson will wait for US election result before no-deal Brexit decision – Guardian

Senior figures in European governments believe Prime Minister Johnson is waiting for the result of the US presidential election before finally deciding whether to risk plunging the UK into a no-deal Brexit, according to a former British ambassador to the EU.

Ivan Rogers, who was the UK’s permanent representative in Brussels from 2013 to 2017, told the Observer that a view shared by ministers and officials he has talked to in recent weeks in several European capitals, is that Johnson is biding his time – and is much more likely to opt for no deal if his friend and Brexit supporter Donald Trump prevails over the Democratic challenger, Joe Biden.

In Washington there are plenty of foreign policy advisers around Biden who worked in the Obama administration and have not forgiven Johnson for his “part-Kenyan” comments. The camp sees Johnson as part of the same populist phenomenon that brought Trump to power. And from the Democrats’ point of view, the UK outside the EU will make it less important as a partner on the world stage.

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