Simmons & Simmons adds partner to lead its CLO practice in London
Simmons & Simmons has appointment structured credit specialist James Grand as a partner to lead its CLO practice

ESMA regulations could halt European issuance, says LMA
The European securitisation market is at risk of a “cessation of issuance and market disruption” unless the European Securities and Markets Authority (ESMA) allows a phased implementation of the new regulatory framework due to come into effect from January, according to the Loan Market Association (LMA)

Regulators suggest clampdown on UK loans
The Bank of England recently raised alarms about the state of the UK leveraged loan market, drawing parallels to the growth of the US sub-prime mortgage market

UK prepares derivative regs for no-deal Brexit
The UK Treasury is seeking to amend onshored European Market Infrastructure Regulation (EMIR) legislation as it battles to avoid the risk that the country will leave the European Union without an effective regulatory framework for over-the-counter derivatives, central clearing counterparties and trade repositories in the event of a no-deal Brexit

LSTA asks for return of CLO bond buckets as part of Volcker reform
The Loan Syndication and Trading Association is advocating the return of high yield bond baskets within US CLO portfolios in what could be another sign of the shackles being loosened on CLO regulation in the US

Derivatives margin threshold should be €100 billion notional not €8 billion, says Isda
A regulatory threshold that requires counterparties to post initial margin (IM) on derivatives trades if they hold €8 billion notional or more exposure should be raised to €100 billion, the International Swaps and Derivatives Association has argued

Isda extends deadline for derivatives benchmark consultation
The International Swaps and Derivatives Association has extended the fast-approaching deadline for its consultation on derivatives benchmark fallbacks, to allow more time for responses

Hard Brexit threatens systemic cliff edge for derivatives, warns joint paper
A no-deal Brexit could have a systemic effect on derivatives markets as it would immediately restrict EU 27 firms from transacting with UK entities and acting as clearing members to UK central counterparties, a group of major trade bodies has warned in a paper published today

Isda and Linklaters roll out test version of initial margin docs service
Five and a half months of partnership between the International Swaps and Derivatives Association and Linklaters has borne fruit, with the launch of a test version of an online tool that will allow firms to electronically negotiate and execute initial margin (IM) documentation

CLO managers give ESMA requirements a test run
This year has already broken records for the European CLO market, but a new dose of regulatory uncertainty could put that growth at risk

ESMA strikes European CLO market with new regulatory burdens
The European Securities and Markets Authority yesterday published its final report for the technical standard on disclosure requirements under securitisation regulation, outlining the new reporting requirements for European CLOs coming into effect from 1 January

Alarm sounds on margin rules as small funds look to make early inroads
A fast-approaching 1 September regulatory deadline for phase three market participants to apply initial margin (IM) to derivatives trades looks set to pass without serious mishap, according to lawyers and the International Swaps and Derivatives Association

CLO managers see risk retention hurdles as Brexit approaches
Barriers are emerging to UK-based CLO managers seeking risk retention compliance via both the sponsor and the originator route as the country edges closer to Brexit, sources say. 

They said it: My friend (not a fan of the president) said she would erect a statue of Trump if there was any further Volcker rule rollback
A US lawyer tells us that President Donald Trump is gaining admirers in the credit industry.

Risk retention financing given the green light by EBA
The European Banking Authority published the final draft of its regulatory technical standards for securitisations yesterday

IHS Markit obtains FCA approval as benchmark administrator under BMR
IHS Markit has been approved by the Financial Conduct Authority as an authorised benchmark administrator under the European Benchmark Regulation (BMR)

BDCs turn to CLO financing as effective alternative to bilateral leverage agreements
Business development companies now have the ability to take on an extra turn of leverage, but rating constraints mean they could end up using CLOs instead

Investors debate merits of bond buckets as regulators revisit Volcker rule
CLOs with bond buckets could return in the US as federal agencies have signalled their willingness to roll back certain parts of the Volcker rule

European-compliant CLOs try to sidestep US risk retention rules
CLOs complying with European risk retention have had to tweak their legal language to avoid coming under US rules, in what has become known as a ‘conditional sales’ approach

SEC aims to lower barriers to entry with new ETF proposals
The new proposals by the US regulator aim to facilitate greater competition and innovation in the $3.4 trillion ETF industry  by lowering barriers to entry

Unitranche deals set to grow with creation of uniformity
European direct lenders have been given a boost with the Loan Market Association establishing a new precedent unitranche intercreditor agreement to govern the relationship between credit funds and banks

Federal Reserve seeks comment on proposed Volcker rule changes
Amendments to the Volcker rule took another step forward yesterday after the Federal Reserve Board released a note requesting feedback on proposed changes to the rule

Past returns: KKR CLO was sign of things to come
Five years ago in Creditflux, we reported on KKR Credit pricing a US CLO that complied with European risk retention rules, in what was believed to be one of the first deals of its kind

Direct lender endorses PE fund guidelines after bringing in ex-ILPA CEO
Star Mountain Capital has endorsed ILPA’s (Institutional Limited Partners Association) private equity principles in a bid to promote transparency in the private equity fund industry