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Feb 19, 2014

Fed adopts tough capital rules for foreign banks

WASHINGTON (Reuters) – The Federal Reserve on Tuesday adopted tight new rules for foreign banks to shield the U.S. taxpayer from costly bailouts, ceding only minor concessions despite pressure from abroad to weaken the rule.

Foreign banks with sizable operations on Wall Street such as Deutsche Bank and Barclays had pushed back hard against the plan because it means they will need to transfer costly capital from Europe.

Feb 18, 2014

U.S. Fed issues tough final capital rule for foreign banks

WASHINGTON, Feb 18 (Reuters) – The U.S. Federal Reserve on
Tuesday released the final version of tight new capital rules
for foreign banks, giving them a year longer to meet the
standard and applying it to fewer banks than in a first draft.

The reform is designed to address concerns that U.S.
taxpayers will need to foot the bill if European and Asian
regulators treat U.S. subsidiaries with low priority when
rescuing one of their banks.

Feb 16, 2014

Foreign banks bracing for tough U.S. Fed capital rules

WASHINGTON (Reuters) – Overseas banks look set to win only minor concessions when the Federal Reserve signs off on new capital rules next week, as they become increasingly resigned to the fact that the cost of doing business in the United States will go up.

The Fed, whose board of governors meets on Tuesday, will require overseas banks to hold as much capital in the United States as their local rivals.

Feb 12, 2014

U.S. banks OK to trade on European derivatives platforms

WASHINGTON (Reuters) – The U.S. derivatives regulator said on Wednesday that Wall Street banks can trade on European platforms that are not registered with the U.S., a decision expected to mainly affect the London market.

The Commodity Futures Trading Commission’s announcement came just days before tougher rules governing the $630 trillion unregulated derivatives markets will take effect. The markets were at the center of the recent financial crisis, and the agency is now forcing much of the trading onto regulated platforms in an effort to make them safer.

Feb 12, 2014

Bitcoin hit by denial of service attacks as regulators prepare clampdown

WASHINGTON/NEW YORK (Reuters) – Bitcoin is being hit by attacks from unknown computer hackers who are sending “mutated” lines of code into the program that runs the virtual currency, a spokeswoman from its main trade organization said in a statement on Tuesday.

The attacks are responsible for problems experienced by two bitcoin exchanges that caused them to temporarily halt withdrawals by customers who stored bitcoins in digital wallets provided by the exchanges, the Bitcoin Foundation said in a statement.

Feb 12, 2014

New York planning a reality check for virtual currencies

WASHINGTON/NEW YORK (Reuters) – New York’s financial regulator on Tuesday revealed new details on how the state plans to govern virtual currencies such as bitcoin, just as problems in the nascent market took a turn for the worse.

Benjamin Lawsky, superintendent of New York’s Department of Financial Services, expects to adopt consumer disclosure rules, capital requirements and a framework for permissible investments with consumer money.

Feb 11, 2014

New York regulator lists possible new bitcoin rules

WASHINGTON/NEW YORK (Reuters) – New York’s financial regulator on Tuesday revealed new details of his agency’s plans to govern virtual currencies such as bitcoin to protect consumers and combat money laundering.

Benjamin Lawsky, superintendent of New York’s Department of Financial Services, expects to adopt consumer disclosure rules, capital requirements and a framework for permissible investments with consumer money.

Feb 10, 2014

Commodity groups launch next attack on U.S. position limits rule

WASHINGTON, Feb 10 (Reuters) – A group of commodity firms
came out against a new U.S. rule to curb market speculation in a
letter on Monday, after banks successfully shot down an earlier
version of the position limits rule in court.

The new rule by the Commodity Futures Trading Commission
attracted well over 100 comment letters by industry participants
after the agency – which regulates swaps and futures – launched
it in November.

Feb 10, 2014

U.S. regulator tells banks to improve derivatives data

WASHINGTON (Reuters) – The U.S. derivatives watchdog on Monday chided the industry for providing gappy data on the $630 trillion market, highlighting a rising concern for regulators around the world.

The Commodity Futures Trading Commission has repeatedly said that a deluge of swaps trading is overwhelming its computers since reporting started a year ago, and that it still cannot adequately monitor risk.

Feb 7, 2014

JPMorgan’s Masters abruptly quits group advising regulator

WASHINGTON (Reuters) – Blythe Masters, who heads JPMorgan’s (JPM.N: Quote, Profile, Research, Stock Buzz) commodities business, has left a group advising the U.S. derivatives regulator only a day after she joined it, the agency said on Friday.

JPMorgan declined to comment on the about-face by Masters, one of the most prominent women on Wall Street.

    • About Douwe

      "I head up the Financial Services team in London. We're 20 journalists, covering M&A, IPOs, restructuring, banking, real estate, investment management, hedge funds and private equity. I've worked for Reuters in Zurich, Frankfurt and Amsterdam."
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