Send us a text◆ UK rule change cheers covered bonds... ◆ ... as it shelves Taxonomy plans amid wider transition shift ◆ Digital markets: what makes a swap smart The UK is going for growth and is making a regulatory revamp part of that programme. Chancellor of the exchequer Rachel Reeves said this week in her Mansion House speech that "in too many areas, regulation still acts as a boot on the neck of businesses" and that she was part of a government that has "swept away" regulations.Whether it has or not can be debated but there were two key regulatory developments in the UK for the capital markets this week. The first was a decision to set-up an equivalence regime for covered bonds. We explain why that is such a boost for the asset class.Secondly, the UK said it would not produce a green taxonomy. We examine why that might be and what the benefits and costs are. This is particularly pertinent as the transition to a low carbon economy evolves. We also discuss how that pursuit is changing and how it affects the capital markets.Finally, with news of an agency issuer and a bank entering into a digital smart swap contract, we discuss what they are, what problems they solve, as well as some that they don't.

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