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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.

Dec 10, 2013

U.S. regulators seek to curb Wall St trades with Volcker rule

WASHINGTON (Reuters) – U.S. regulators toughened key sections of the Volcker rule’s crackdown on Wall Street’s risky trades on Tuesday as they finalized one of the harshest reforms after the credit meltdown.

The rule – named after former Federal Reserve Chairman Paul Volcker, who championed the reform – generally bans banks from proprietary trading, or speculative trading for their own profits.

Dec 10, 2013

U.S. set to adopt Volcker rule to curb bank trading gambles

WASHINGTON, Dec 10 (Reuters) – U.S. regulators are set on
Tuesday to approve a rule to rein in risky trading by banks, a
crucial part of their efforts to reform Wall Street and prevent
another costly taxpayer bailout.

The Volcker rule, named after former Federal Reserve
Chairman Paul Volcker, who championed the reform, prohibits
banks from betting on financial markets with their own money, a
practice known as proprietary trading.

Dec 8, 2013

After vote, lawsuits likely next hurdle for Volcker rule

WASHINGTON, Dec 8 (Reuters) – When U.S. regulators adopt the
Volcker rule on Tuesday, they will make good on a promise by
politicians to rein in banks’ ability to gamble with their own

The coordinated action by five separate regulatory agencies
is seen sparking a court challenge as Wall Street tries once
again to avoid one of the harshest elements of the
post-financial crisis crackdown.

Dec 3, 2013

U.S. regulators plan December 10 vote Volcker rule vote

WASHINGTON (Reuters) – Wall Street banks will get the final decision about a controversial ban on betting with their own money next week after years of debate, as three U.S. regulators each announced meetings to vote on the Volcker rule.

The U.S. Federal Reserve and two other finance watchdogs – out of a total of five who need to approve the rule – said on Tuesday they planned to hold public meetings on December 10, in line with what some of them had signaled.

Nov 26, 2013

U.S. watchdog gives foreign banks more time on swap rules

WASHINGTON (Reuters) – The U.S. swaps regulator issued a temporary reprieve from its rules for foreign banks after closing a loophole that had allowed trading to continue outside regulated platforms in the United States.

Led by Gary Gensler, a former Goldman Sachs investment banker, the Commodity Futures Trading Commission has issued a slew of new requirements to get a grip on the $630 trillion swaps market after the devastating 2007-09 financial crisis.

Nov 26, 2013

JPMorgan, mortgages drag down third-quarter U.S. bank profits

WASHINGTON (Reuters) – Huge legal costs at JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) and slowing demand for mortgages as interest rates rose caused the first decline in bank profits since 2009, a third-quarter regulatory update said on Tuesday.

Higher interest rates lowered the value of fixed income assets and sapped demand for mortgage refinancing, the Federal Deposit Insurance Corporation said.

Nov 26, 2013

Litigation, mortgage demand weigh on U.S. bank profits in Q3 -FDIC

WASHINGTON, Nov 26 (Reuters) – Net income for U.S. banks
declined 3.9 percent year-on-year in the third quarter, a top
federal banking regulator said on Tuesday, weighed down by
litigation costs and a sharp drop in mortgage demand.

A $4 billion increase in litigation expenses at one
institution was the main cause for the drop, the Federal Deposit
Insurance Corp said. The agency did not name the bank.

    • 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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