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Jan 24, 2014

Exclusive: Global regulators eye forex benchmarks after rigging probe

WASHINGTON (Reuters) – A powerful global financial regulator will scrutinize benchmarks used in currency trading, it said on Friday, a first sign that the largely unregulated market may be kept on a tighter leash after allegations of manipulation.

The Financial Stability Board, which coordinates regulation for the Group of 20 leading economies, is already working on a reform of interest rate benchmarks after the Libor interbank rate-fixing scandal.

Jan 23, 2014

IMF warns more work is needed to tackle big bank risk

WASHINGTON (Reuters) – Big banks still pose a threat to the world financial system because there is a general assumption that governments will come to their rescue in case of trouble, an International Monetary Fund executive said on Thursday.

“It is astonishing that officials in countries are still largely ill-equipped to deal with a Lehman Brothers-style bankruptcy, where assets and liabilities are scattered across multiple jurisdictions and entities,” Jose Vinals, tasked with financial oversight at the IMF, said in a blog post.

Jan 21, 2014

U.S. swaps regulator may revise rules to deal with data overload

WASHINGTON (Reuters) – The U.S. swaps regulator said it will seek help from the financial industry to cope with the raft of data it is receiving following the implementation of new regulations imposed in the wake of the financial crisis, and a commissioner said it may have to revise its rules.

The surge of new trading data has overwhelmed the Commodity Futures Trading Commission ever since early last year, when tougher rules to oversee the opaque and formerly unregulated derivatives market came into force.

Jan 3, 2014

Swaps regulator Gensler: banker turned Wall Street scourge

WASHINGTON, Jan 3 (Reuters) – As Gary Gensler wraps up his
last day as the head of the U.S. Commodity Futures Trading
Commission on Friday, he leaves behind a long list of ardent
admirers of his tough-nosed reforms and passionate critics who
believe he has injured well-functioning markets.

Once a swaps trader at Goldman Sachs and then a
Treasury Department official known for his role in rolling back
bank rules in the late 1990s, the 56-year-old surprisingly
became the regulator Wall Street feared most in the wake of the
financial crisis.

Dec 28, 2013

U.S. bank watchdogs to consider Volcker rule tweak

WASHINGTON, Dec 27 (Reuters) – U.S. bank regulators said on
Friday they would consider allowing banks to hold on to certain
complex securities despite a new rule limiting risky
investments.

The announcement came after lenders warned in a lawsuit of
hefty losses from the so-called Volcker rule.

Dec 25, 2013

Report chastises U.S. EPA for retreat on Range pollution charges

WASHINGTON (Reuters) – The U.S. Environmental Protection Agency was criticized in an internal report for dropping charges that Range Resources Corp was polluting drinking water while “fracking” for natural gas.

Range is using the hydraulic fracturing technique in Parker County, Texas where one homeowner complained in August 2010 that he could set his drinking water on fire.

Dec 24, 2013

U.S. watchdog tells American Express to refund duped clients

WASHINGTON, Dec 24 (Reuters) – U.S. regulators fined
American Express on Tuesday over deceptive and
misleading practices in selling credit card add-on products, and
forced it to repay a total of $59.5 million to duped customers.

The U.S. Consumer Financial Protection Bureau said the
company and two subsidiaries had engaged in unfair billing
tactics and deceptive marketing, affecting more than 335,000
customers from 2000 to 2012.

Dec 21, 2013

U.S. permits some foreign swaps rules, EU still unhappy

WASHINGTON, Dec 20 (Reuters) – The United States granted
foreign banks a reprieve from some of its new rules for risky
derivatives, putting itself on a collision course with overseas
regulators who want more reliance on home-country rules.

The U.S. swaps regulator laid out which of its new rules
foreign banks have to comply with if they trade with American
clients, or even if they deal with customers in their own
country from an office in the United States.

Dec 16, 2013

U.S. swaps regulator names Wetjen acting head

WASHINGTON, Dec 16 (Reuters) – The U.S. derivatives
regulator on Monday said Commissioner Mark Wetjen would bridge a
leadership gap at the agency just as it starts to oversee the
$630 trillion swaps market for the first time.

Wetjen, a Democratic member of the Commodity Futures Trading
Commission since October 2011, was once considered a candidate
to lead the agency, but his name dropped off the short list
early this year.

Dec 11, 2013

U.S. finalizes Volcker rule, curbing Wall Street’s risky trades

WASHINGTON (Reuters) – U.S. banks will no longer be able to make big trading bets with their own money after regulators finalized on Tuesday a rule shutting down what was a hugely profitable business for Wall Street before the credit crisis.

The measure known as the Volcker rule was a late addition to the 2010 Dodd-Frank Wall Street reform law and seeks to ensure that banks can’t make speculative trades that are so large and risky that they threaten individual firms or the wider financial system.

    • 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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