Oct 11 2024 33 mins
◆ T+1 is coming but is it worth the hassle?
◆ Despite appearances, bank bond issuers are not getting it all their own way
◆ Where the EU slots into the reshuffled SSA pack
The UK has launched a draft framework for settling securities trades a day after deals are done — T+1 settlement. The EU is expected to follow, with both markets aiming to catch-up the US, which cut settlement time down to one day in May. But not everyone is thrilled at the prospect as they face up to the burden of paying for everything required to make it happen.
In the FIG market, banks seemingly have the upper hand over investors but there was plenty this week to suggest that they cannot simply do whatever funding they want at a price of their choosing. We look at the treacherous undercurrents at work.
Finally, we revisit a story from last week's show where we explored how the landscape of the European government bond market is changing. Well, no story about the SSA market is complete without considering where the EU fits in. In the week in which it executed another blockbuster syndication, we investigate where the jumbo-sized issuer sits — something it has been urging the market to consider for a long time, itself.