Sovereign ratings must be published between 9 pm and 11 pm Friday
European markets watchdog ESMA told ratings agencies to publish sovereign reports only within a narrow window from 9-11 pm London time on Friday, according to Reuters.
The prior regulations required publication after the markets of the native country were closed. In practice that mean many reviews were published between 5-6 pm London time.
The ESMA didn't like that US markets were still open at that time and could react. They say the new guidelines create a 'level playing field'.
So much for the late-afternoon euro trade. Ratings changes haven't been an EUR driver for years anyway.
