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Apr 2, 2014

U.S. regulators warn banks about rise in cyber-attacks

WASHINGTON (Reuters) – A group of top U.S. regulators on Wednesday warned about the threat of rising cyber-attacks on banks’ websites and their cash machines, urging the industry to put proper measures in place to guard against fraud.

The Federal Financial Institutions Examination Council (FFIEC) said it had seen a rise of so-called denial-of-service attacks on banks’ websites, which were sometimes a cover for criminals to commit fraud.

Mar 31, 2014

U.S. Treasury unit to support CFTC on swaps data

WASHINGTON, March 31 (Reuters) – A U.S. Treasury Department
unit said Monday it had signed a formal agreement with the
Commodity Futures Trading Commission to help it sort out a raft
of derivatives data and get a better handle on the global $690
trillion market.

The CFTC, which oversees futures and swaps, has complained
it still is not getting a full and clear picture of what is
happening in the derivatives market because the data it receives
from market participants is not adequate.

Mar 29, 2014

Fed to review stress test procedures after correction

WASHINGTON (Reuters) – The Federal Reserve on Saturday said it was reviewing the procedures of a closely watched exam banks must pass each year to prove their robustness after it had to correct the results.

The U.S. central bank, which regards these so-called stress tests as an increasingly important tool in safeguarding the health of the financial industry after the crisis, could tweak its procedures as a result, a spokeswoman said.

Mar 27, 2014

U.S. fines Morgan Stanley for not segregating client funds

WASHINGTON (Reuters) – The Commodity Futures Trading Commission on Thursday fined Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) $490,000 for violating rules that require futures brokers to protect clients by keeping their money segregated from other funds on the bank’s books.

Morgan Stanley’s futures trading unit transferred some $16 million from a segregated client account in 2013, and it also mixed segregated funds and its own money during a six-month period in 2012.

Mar 26, 2014

Fed bars shareholder payout plans from Citi, four other banks

WASHINGTON (Reuters) – The U.S. Federal Reserve on Wednesday rejected Citigroup’s planned payout to shareholders because of shortcomings found in its annual check-up of the financial health of the country’s biggest banks, the second time Citi was dealt a blow in the so-called stress tests.

Citi was among five banks that the Federal Reserve blocked from going through with planned payouts because of results from the stress tests.

Mar 26, 2014

U.S. banks brace for second Fed health check in a week

WASHINGTON (Reuters) – U.S. banks will tell shareholders on Wednesday how much they plan to pay out after the U.S. Federal Reserve unveils whether they can afford the cost and still be robust enough to weather the next crisis.

It is part of a two-step annual regulatory check-up of the health of the largest U.S. banks. Last week, the Fed said that all but one of 30 banks had passed a model run of a simulated crisis similar to 2007-09 credit meltdown.

Mar 25, 2014

Exclusives: Market operators hinder CFTC as it seeks to monitor swaps – sources

WASHINGTON (Reuters) – Market operators’ failure to cooperate to provide the Commodity Futures Trading Commission with adequate data is preventing the regulator from effectively monitoring the global swaps market, according to sources familiar with the matter.

They said it means the CFTC, which is the derivatives market regulator, has yet to meet a major goal it was set after the credit crisis: to get on top of what is happening in the opaque $690 trillion market so that it can be confident of preventing another blowup.

Mar 25, 2014

Market operators hinder CFTC as it seeks to monitor swaps-sources

WASHINGTON, March 26 (Reuters) – Market operators’ failure
to cooperate to provide the Commodity Futures Trading Commission
with adequate data is preventing the regulator from effectively
monitoring the global swaps market, according to sources
familiar with the matter.

They said it means the CFTC, which is the derivatives market
regulator, has yet to meet a major goal it was set after the
credit crisis: to get on top of what is happening in the opaque
$690 trillion market so that it can be confident of preventing
another blowup.

Mar 24, 2014

Tera Exchange announces first Bitcoin derivative

WASHINGTON, March 24 (Reuters) – TeraExchange said on Monday
it had constructed a swap based on the bitcoin virtual currency,
a step that would bring the emerging payment system under the
oversight of U.S. regulators for the first time.

The contract, created on behalf of two clients, was a
bilateral swap privately negotiated between them. The
counterparties had not acted on the agreement, but were expected
to do so soon, the company said.

Mar 21, 2014

U.S. swaps regulator gives EU firms more time to meet rules

WASHINGTON, March 21 (Reuters) – The U.S. derivatives
regulator on Friday gave European trading platforms more time to
register and meet strict new rules to make the market more
transparent, in anticipation of comparable rules abroad.

The delay was issued by the agency in a so-called no-action
letter after an agreement the Commodity Futures Trading
Commission struck with the European Union in February, which
will in practice affect firms in London only.

    • 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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