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Cards Wire 17 segments
CSSF CSSF Luxembourg Source document ↗
CSSF Luxembourg Markets & Infrastructure ✓ 15 claims 30 Oct 2026

CSSF finalises guidance raising weekly liquid asset expectations for money market funds

The CSSF has published final guidance on money market fund weekly liquid asset levels, coordinated with the European Commission, the French AMF and the Central Bank of Ireland. It follows a consultation that closed in August and carries a three-month implementation period. This item covers what the final text confirms, who it binds and the timetable managers now face.

  • The final Guidance was published on 30 October 2026, following a consultation that ran from 8 June 2026 to 3 August 2026.
  • The CSSF coordinated the guidance with the European Commission, the French AMF and the Central Bank of Ireland.
  • The expectations align with market resilience levels in the European Commission's 2026 report on the adequacy of Regulation (EU) 2017/1131 (MMFR).
  • The CSSF proceeded with only slight clarifications after broadly supportive feedback and set a three-month implementation period.
  • A feedback statement and responses from eleven stakeholders, including ALFI, EFAMA, IMMFA and ICI, are attached.
Source document
BUND Deutsche Bundesbank Source document ↗
Germany Deutsche Bundesbank Markets & Infrastructure ✓ 14 claims 30 Oct 2026

Bundesbank paper traces 2025 dollar slide to US credibility shock, not tariffs alone

This discussion paper from two Bundesbank researchers uses high-frequency data and a volatility-based econometric method to explain why the dollar fell and long-term Treasury yields rose after the April 2025 US tariff announcement, despite an initial risk-off reaction. It compares that episode with the 2018-2019 trade war to isolate distinct shocks driving currency and bond markets.

  • The paper examines the US tariff announcement of 2 April 2025, which included a 10% baseline tariff on imports from 180 countries plus a reciprocal component.
  • Researchers identify two structural shocks: a safe-haven shock and a separate US Institutional Credibility shock, using a heteroskedastic VAR model on high-frequency asset price data.
  • The safe-haven shock explains most of the April 2025 equity price fall and volatility spike, while the US Institutional Credibility shock explains the subsequent dollar depreciation and rise in long-term US Treasury yields.
  • The August 2019 tariff escalation, by comparison, was largely explained by safe-haven shocks, with term spreads compressing and the dollar appreciating as in a typical risk-off episode.
  • The paper concludes the April 2025 episode was not simply a larger version of 2019 but involved an additional mechanism tied to rising Treasury risk premia.
Source document
ECB European Central Bank Source document ↗
European Union European Central Bank Markets & Infrastructure ✓ 19 claims 30 Oct 2026

ECB forecasters raise 2026-27 inflation outlook on energy prices

The ECB's Q4 2026 Survey of Professional Forecasters shows near-term inflation and growth expectations revised upward, driven mainly by energy prices. This matters for anyone tracking the ECB's policy trajectory, since longer-term anchoring at 2.0% suggests the Governing Council may read this as a transitory shock rather than a structural shift.

  • Headline HICP inflation expectations stand at 3.0% for 2026, 2.6% for 2027 and 2.0% for 2028, revised up by 0.3 and 0.4 percentage points for 2026 and 2027 respectively.
  • Longer-term inflation expectations for 2031 remain anchored at 2.0% for both headline and core inflation.
  • Real GDP growth expectations were revised up to 1.0% in 2026, with 1.3% expected in both 2027 and 2028.
  • Unemployment rate expectations rose slightly to 6.4% for 2026 before declining gradually to 6.1% in the longer term.
  • The survey was conducted between 2 and 7 October 2026 and received 52 responses from experts at financial and non-financial institutions in Europe.
Source document
ECB European Central Bank Source document ↗
European Union European Central Bank Markets & Infrastructure ✓ 26 claims 29 Oct 2026

ECB confirms Europe's move to T+1 settlement on 11 October 2027

ECB board member Piero Cipollone used a keynote to an EU T+1 Industry Committee event to pin down the date, sequencing and supporting infrastructure for Europe's shift from T+2 to T+1 securities settlement, and to frame it within the Eurosystem's broader tokenisation work. For treasury, operations and post-trade teams, this is the clearest public statement yet of what the Eurosystem will change and when.

  • Europe will move to T+1 securities settlement on 11 October 2027, halving the trade-to-settlement window to one day.
  • T2S changes, including to the night-time settlement process, are planned for June 2027 ahead of the October migration.
  • Pontes, live since 21 September, will extend operating hours by mid-2027 and move to 24/7/365 availability in 2028, with immediate settlement finality targeted as early as next year.
  • The Eurosystem has accepted DLT-based marketable assets as eligible collateral since 30 March and is assessing extending eligibility to assets outside currently eligible settlement systems.
  • Appia aims to deliver a blueprint for an integrated European tokenised finance ecosystem by 2028, with a consultation report published on 28 October.
Source document
ECB European Central Bank Source document ↗
European Union European Central Bank Markets & Infrastructure ✓ 27 claims 29 Oct 2026

ECB holds rates as inflation hits 3.8% on energy price shock

The ECB left its three key rates unchanged at its October meeting as an intensifying energy shock pushes headline inflation further above the 2% target while clouding the growth outlook. This statement sets out the Governing Council's reasoning and the risks it is weighing before its next move.

  • Inflation rose to 3.8% in September from 3.2% in August, with energy inflation up to 18.9% from 14.3%.
  • Inflation excluding energy rose to 2.3% in September from 2.1% in August, and services inflation rose to 3.2% from 3.0%.
  • The unemployment rate remained at 6.4% in August, with compensation per employee growth slowing to 3.3% in the second quarter from 3.6% in the first.
  • Bank lending rates for firms remained at 3.8% while the cost of market-based debt for firms rose to 4.1% in August from 4.0% in July.
  • Credit standards for loans to firms tightened in the third quarter, according to the ECB's latest bank lending survey, while corporate loan demand declined.
Source document
ECB European Central Bank Source document ↗
European Union European Central Bank Markets & Infrastructure ✓ 16 claims 29 Oct 2026

ECB holds deposit rate at 2.50% as energy shock clouds inflation outlook

The ECB's Governing Council met on 29 October 2026 and left its three key interest rates unchanged. This briefing covers the stated rationale, the balance of risks the Council identified, and what its data-dependent stance signals for the coming meetings. Relevant for treasury, markets and governance teams tracking euro area financing conditions.

  • The deposit facility, main refinancing operations and marginal lending facility rates remain unchanged at 2.50%, 2.65% and 2.90% respectively.
  • The Governing Council said the energy shock's increased magnitude and duration, and its indirect and second-round effects, are likely to drive up inflation and lower growth.
  • Financing conditions have tightened since the Governing Council's last meeting, which is likely to weigh on inflation and growth.
  • The APP and PEPP portfolios are declining as the Eurosystem no longer reinvests principal payments from maturing securities.
  • The Governing Council confirmed it is not pre-committing to a particular rate path and will proceed meeting by meeting.
Source document
AFM AFM Netherlands Source document ↗
European Union AFM Netherlands Markets & Infrastructure ✓ 13 claims 28 Oct 2026

AFM tells firms to start T+1 testing as EU rulebook is finalised

The AFM relays ESMA's message that the European regulatory framework for T+1 settlement is now complete and the burden has shifted to implementation. With roughly a year to go before the 11 October 2027 go-live, firms are urged to finish their preparations, test operational readiness across the chain, and meet the first binding obligations that take effect in December 2026.

  • The EU moves to T+1 settlement on 11 October 2027, settling trades one business day after the trade date instead of two.
  • ESMA regards the regulatory framework as complete following publication of the final technical standards and guidelines.
  • The first new obligations for transaction allocations and confirmations take effect on 7 December 2026.
  • ESMA urges firms to assess operational readiness and begin testing across the trading and settlement chain as soon as possible.
  • The change affects banks, investment funds, investment firms, pension providers and insurers.
Source document
CSSF CSSF Luxembourg Source document ↗
CSSF Luxembourg Markets & Infrastructure ✓ 13 claims 26 Oct 2026

CSSF tells Luxembourg firms to begin T+1 testing with first deadline on 7 December 2026

The CSSF says the regulatory framework for the EU's move to T+1 settlement is now complete and is pressing market participants to start testing across the settlement chain. The communiqué sets out a phased compliance timetable that begins well before the 2027 switch, with the first binding obligations on allocations and confirmations landing in December 2026.

  • The EU switches to T+1 settlement on 11 October 2027, with compliance phased ahead of that date.
  • Investment firms and their clients must comply with new allocation and confirmation requirements from 7 December 2026, with further deadlines on 1 July 2027 and 11 October 2027.
  • From 7 December 2026 the revised ESMA guidelines require mandatory use of electronic, standardised communication channels, international messaging standards and machine-readable methods, except during temporary technical disruptions.
  • The framework is built on the amended RTS on settlement discipline and revised ESMA Guidelines, drawing on recommendations from the 2025 EU T+1 Industry Committee.
  • ESMA and national competent authorities will now move from rule-making to monitoring compliance with the new obligations.
Source document
ECB European Central Bank Source document ↗
European Union European Central Bank Markets & Infrastructure ✓ 20 claims 26 Oct 2026

Euro area firms report wider bank loan financing gap in Q3 2026 SAFE

The ECB's quarterly SAFE survey tracks how euro area firms, mostly SMEs, experience bank lending conditions. This round shows rates and collateral terms tightening further while loan availability fell faster than financing needs. A large sample composition change means the usual price and inflation expectation readings need caution this quarter.

  • A net 46% of firms reported higher bank loan interest rates in Q3 2026, up from 42% in Q2, with large firms reporting increases more often (net 55%) than SMEs (net 38%).
  • Bank loan availability declined by a net 5% in Q3 2026, compared with a net 1% decline in Q2, while financing needs fell by only a net 2%.
  • The resulting bank loan financing gap indicator stood at a net 2%, versus a net 3% in the previous quarter, meaning availability contracted faster than demand.
  • Collateral requirements tightened to a net 14%, up from 10% in the prior round, even as other financing cost increases (fees, charges, commissions) eased to a net 27% from 31%.
  • The survey sample changed substantially this round, with first-time respondents forming the majority of 12,822 enterprises surveyed, complicating interpretation of selling price and inflation expectation data.
Source document
DBS Deutsche Bundesbank — speeches Source document ↗
Germany Deutsche Bundesbank — speeches Markets & Infrastructure ✓ 22 claims 23 Oct 2026

Germany's current account surplus falls to €10.3bn in August, down €11.5bn

The Bundesbank's monthly balance of payments release shows a sharp narrowing of Germany's current account surplus in August 2026, alongside a swing to net capital exports. The figures matter for anyone tracking German external demand, trade flows and cross-border capital movements, including portfolio reallocation and Bundesbank TARGET balances.

  • Germany's current account surplus fell to €10.3 billion in August 2026, a decline of €11.5 billion on July.
  • The goods account surplus dropped by €7.5 billion to €13.1 billion as receipts fell more sharply than expenditure.
  • The services deficit widened by €3.1 billion to €11.5 billion, with declines in other business services and intellectual property charges a significant factor.
  • Net capital exports totalled €16.1 billion in August, reversing net capital imports of €6.4 billion recorded in July.
  • Cross-border portfolio investment shifted to net capital exports of €19.0 billion from net capital imports of €34.4 billion the previous month.
Source document
CSSF CSSF / Banque centrale du Luxembourg Source document ↗
CSSF / Banque centrale du Luxembourg Markets & Infrastructure ✓ 13 claims 23 Oct 2026

Luxembourg external assets rose 614 billion euros in second quarter of 2026

The Banque centrale du Luxembourg has published its quarterly international investment position statistics, tracking the stock of external financial assets and liabilities held by the jurisdiction's residents. This release gives compliance and treasury teams a reference point on the scale and composition of Luxembourg's cross-border financial exposures as of end-June 2026.

  • Luxembourg's external financial assets increased by 614 billion euros quarter-on-quarter to reach 14,350 billion euros at end-June 2026.
  • External financial liabilities increased to 14,329 billion euros over the same period, leaving a net international investment position of 21 billion euros.
  • Direct investment assets rose slightly to 5,218 billion euros, mainly owing to investment funds, while direct investment liabilities fell to 3,683 billion euros, driven by captive financial institutions.
  • Portfolio investment assets increased by 542 billion euros to 6,991 billion euros, and portfolio investment liabilities increased by 523 billion euros to 8,768 billion euros, the latter comprising 101 billion euros of transactions and 423 billion euros of price and exchange effects.
  • Other investment liabilities rose by 70 billion euros to reach 1,539 billion euros at end-June 2026, while other investment assets reached 1,766 billion euros.
Source document
ECB European Central Bank Source document ↗
European Union European Central Bank Markets & Infrastructure ✓ 25 claims 23 Oct 2026

Euro area consumers see inflation ticking up, growth outlook deteriorating

The ECB's monthly Consumer Expectations Survey tracks euro area households' views on inflation, income, growth and housing, feeding directly into policy analysis. This release covers September 2026 fieldwork and shows a notable widening gap between rising price expectations and weakening growth sentiment, worth watching for anyone tracking consumer demand or credit conditions.

  • Median perceived inflation over the past 12 months rose to 3.6% in September from 3.5% in August, with 12-month-ahead expectations up to 3.1% from 3.0%.
  • Expectations for economic growth over the next 12 months fell to -1.5% in September from -1.2% in August.
  • Expected unemployment rate 12 months ahead increased to 11.3% from 11.0%, with the bottom income quintile expecting 13.6% versus 9.7% for the top quintile.
  • Expected mortgage interest rates in 12 months' time stayed at 4.9%, while home price growth expectations rose to 3.5% from 3.4%.
  • The net percentage of households reporting tighter credit access, both over the past 12 months and expected ahead, increased compared with August.
Source document
CFSH Croatian Financial Services Supervisory Agency (HANFA) Source document ↗
European Union Croatian Financial Services Supervisory Agency (HANFA) Markets & Infrastructure ✓ 16 claims 21 Oct 2026

HANFA flags T+1 settlement switch as EU completes regulatory framework

Croatia's HANFA relays an ESMA notice marking completion of the regulatory framework for the EU's shift to T+1 securities settlement. It sets out an interim deadline in December 2026 and urges market participants to begin testing now, a year ahead of the full transition.

  • The EU will move to a T+1 settlement cycle on 11 October 2027.
  • Investment firms and their clients must align allocation and confirmation processes with new requirements by 7 December 2026.
  • From 7 December 2026, use of electronic and standardised communication channels and international messaging standards becomes mandatory.
  • Machine-readable communication methods are required except in cases of temporary technical difficulties.
  • ESMA's Regulatory Technical Standards and revised Guidelines on standardised procedures and communication protocols now complete the regulatory framework.
Source document
DBS Deutsche Bundesbank — speeches Source document ↗
Germany Deutsche Bundesbank — speeches Markets & Infrastructure ✓ 24 claims 20 Oct 2026

German households' financial assets rose €335 billion in Q2 2026 on market gains

The Bundesbank's quarterly financial accounts show a sharp rebound in household wealth after a weak first quarter, driven largely by valuation gains in shares and funds. The release also breaks down real returns by wealth group and reports a recovery in corporate external financing, giving compliance and treasury teams a read on household balance sheet health and financing trends.

  • Households' financial assets reached €9,831 billion at end-Q2 2026, up €335 billion on the quarter, mainly from €258 billion in valuation gains.
  • Capital market investments contributed €202 billion of valuation gains and investment fund shares rose €33 billion through new purchases.
  • The less wealthy half of households recorded a negative real return of around -0.7% despite a slight improvement, while the aggregate real total return rose to about 3.2%.
  • Households' debt ratio fell to 47.5% as liabilities grew to €2,192 billion on €12 billion of additional borrowing.
  • Non-financial corporations' external financing rose to €77 billion, combining €39 billion in borrowing and €14 billion in debt securities issuance, while share issuance fell to €15 billion with net redemptions on balance.
Source document
ESMA ESMA Source document ↗
European Union ESMA Markets & Infrastructure ✓ 18 claims 18 Oct 2026

ESMA completes T+1 rulebook, sets 7 December 2026 as first compliance deadline

ESMA has published the final piece of the regulatory framework for the EU's move to T+1 securities settlement, confirming an 11 October 2027 switchover. The briefing matters because the first binding obligation arrives sooner, on 7 December 2026, when investment firms and their clients must meet new allocation and confirmation requirements. This covers what is now fixed and what firms must do next.

  • The EU will switch to T+1 settlement on 11 October 2027, with the regulatory framework now complete.
  • From 7 December 2026, investment firms and their clients must comply with new allocation and confirmation requirements.
  • Those requirements mandate electronic, standardised communication channels, international messaging standards and machine-readable methods, except during temporary technical disruptions.
  • ESMA has published the RTS and revised Guidelines on standardised procedures and messaging protocols, and published a final report under reference ESMA74-2119945926-3749.
Source document
ECB European Central Bank Source document ↗
European Union European Central Bank Markets & Infrastructure ✓ 24 claims 18 Oct 2026

ECB securities financing survey records fourth straight quarter of easing credit terms

The ECB's quarterly SESFOD survey covers how 26 large banks set credit terms in euro-denominated securities financing and OTC derivatives markets. This round shows a fourth consecutive quarter of slight easing, concentrated in pricing, alongside rising valuation disputes in parts of the derivatives market. It is a useful read on how dealers are pricing counterparty risk heading into a period of geopolitical uncertainty.

  • Overall credit terms and conditions eased slightly for all counterparty types for a fourth consecutive quarter, mainly through price terms.
  • Non-price terms eased slightly for banks and dealers but tightened slightly for hedge funds, whose use of leverage increased slightly.
  • Demand for securities financing rose across most collateral types, led by equities at a net 27% of respondents, while haircuts fell for most bond collateral and asset-backed securities.
  • Initial margin requirements decreased slightly for FX, interest rate, equity and several credit derivative types, while valuation disputes increased for several derivative types, particularly credit derivatives.
  • Results are based on responses from 26 large banks, comprising 14 euro area banks and 12 with head offices outside the euro area.
Source document
FINA Finanstilsynet Norway Source document ↗
Finanstilsynet Norway Markets & Infrastructure ✓ 15 claims 16 Oct 2026

Norway's FSA tells market to start T+1 testing ahead of EU 2027 shift

Finanstilsynet is pressing Norwegian securities market participants to begin testing systems now for the EU's move to T+1 settlement, even though the underlying EU regulation has not yet been incorporated into Norwegian law. The notice sets out phased deadlines and points firms to EU industry roadmaps and ESMA guidance.

  • The EU will shorten the standard settlement cycle to T+1 with effect from 11 October 2027.
  • The European Commission's amendments to the settlement discipline regulation (EU) 2018/1229 were published 14 October 2026, with key allocation and confirmation communication requirements applying from 7 December 2026.
  • Finanstilsynet expects Norwegian firms to prepare on the same timeline as EU market participants even though the changes are not yet part of Norwegian law.
  • ESMA has updated its guidelines on allocation and confirmation procedures, which Finanstilsynet will apply in its supervision from the EU implementation date.
  • Firms seeking testing information can contact test leader Pål Albert Lindkjølen at Norges Bank.
Source document