Financial Regulatory Forum

Standard Chartered case may not set model for targeting other banks

By Aruna Viswanatha and Brett Wolf

WASHINGTON/ST. LOUIS, Sept. 5 (Thomson Reuters Accelus) - Benjamin Lawsky’s surprise move against Standard Chartered in an Iran sanctions case may have stunned the banking world, but it is unlikely to expand the scope of a series of similar U.S. cases against European banks that are still in the pipeline.
Lawsky, the New York state bank regulator, stunned the British bank, its shareholders and other U.S. authorities when he moved ahead last month with his own case against Standard Chartered, accused of hiding transactions involving Iran, which is under U.S. trade and economic sanctions. (more…)

Hungary watchdog fines Deutsche Bank for FX deals

    BUDAPEST, April 22 (Reuters) – Hungary’s financial market regulator PSZAF has fined Deutsche Bank London 90 million forints ($458,100) for high volume spot forint foreign exchange transactions on Oct. 15, 2008 which weakened the exchange rate, the watchdog said on Thursday. (more…)

U.S. trial over credit-default-swaps tests laws on insider trading

By Grant McCool

NEW YORK, April 7 (Reuters) – Were conversations between a bond salesman and a trader over credit default swaps a case of illegal insider trading? Or were they just part of the sharing of information that typically occurs in negotiations over high-yield bonds?

That depended on who was arguing in court on Wednesday as a trial began of Deutsche Bank AG bond salesman John-Paul Rorech and former Millennium Partners hedge fund portfolio manager Renato Negrin on civil insider trading charges.

The trial is a signature case for the U.S. Securities and Exchange Commission, its first enforcement involving credit default swaps, financial instruments used to insure against the default of debt issuers. Legal experts consider the case a test of whether regulators can make insider trading cases in the unregulated market for the swaps.

FACTBOX – Britain makes arrests in insider dealing probe

LONDON, March 24 (Reuters) – A raid on top banks and a hedge fund on Tuesday as part of an insider dealing investigation sent shockwaves through London’s financial centre, as British authorities try to establish their crime-fighting credentials.

It was the fifth set of arrests carried out by the Financial Services Authority (FSA) into insider dealing in the past two years. Here are key facts and recent events:

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Deutsche Bank bonus-tax bill points to 2 billion pound windfall for UK

Bonus baby

Bonus baby

LONDON/FRANKFURT, Feb 4 (Reuters) – Deutsche Bank has set aside 225 million euros ($312 million) to pay a one-off tax on bonuses in London, signalling Britain will land a hefty windfall from the levy but fall short of some lofty estimates.

Germany’s biggest bank was the first to say how much it will pay the British taxman. Its figure signalled Britain will raise at least 2 billion pounds — or four times early indications — from the controversial levy, based on conservative estimates.

Top-end estimates that the windfall could total over 5 billion pounds look likely to prove too high.

Major global banks split on regulation battle

By Lisa Jucca and Martin Howell

DAVOS, Switzerland, Jan 29 (Reuters) – The world’s top financiers are at odds about how to fight back against a global push for tougher financial regulation, with commercial and investment banks struggling to reach common ground.

Top executives from Wall Street and Europe’s leading banks have been holding behind-the-scenes talks at the World Economic Forum in the Swiss ski resort of Davos, sources close to the negotiations said, but a deal has proved elusive.

Wall Street’s largest and some major European investment banks argued in favour of a tough common front against politicians who are calling for much tougher measures to regulate the industry in the wake of the financial crisis.

Deutsche Bank raises salaries as bonus tax looms

    FRANKFURT, Jan 19 (Reuters) – Deutsche Bank <DBKGn.DE> is raising fixed salaries for staff and cutting variable pay, Germany’s flagship lender said on Tuesday as regulators and politicians pursue a clampdown on bonuses.
   Deutsche Bank said the move arose from a review to ensure pay “remains competitive”.  (more…)

G20 tries to roll back moral hazard in banks

An office worker leaves an Australia and New Zealand Bank mortgage centre in central Sydney September 1, 2009.   By Huw Jones
ST ANDREWS, Scotland, Nov 6 (Reuters) – Finance ministers from the world’s big economies launch difficult discussions this weekend on how to deal with banks whose failure could destabilise economies. Any blueprint is likely to take many months to thrash out.

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EU “cookie-cutter” bank overhaul policy under fire

European Commissioner in charge of Competition Neelie Kroes delivers a speech at a conference on State Aid Private Enforcement in Brussels October 19, 2009. REUTERS/Sebastien Pirlet    By Edward Taylor and Kirstin Ridley
FRANKFURT/LONDON, Nov 3 (Reuters) – Neelie Kroes’s campaign to shrink banks and launch vast asset sales has angered bankers, who accuse the firebrand European competition commissioner of kicking the industry when it’s down.Investment bankers close to some of the bailed-out lenders blame Kroes for undermining attempts to rebuild the once-lucrative industry by forcing massive, near-simultaneous asset sales, while banning acquisitions.

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Dutch government, Deutsche Bank in ABN AMRO deal

By Ben Berkowitz and Edward Taylor
AMSTERDAM/FRANKFURT, Oct 20 (Reuters) – Deutsche Bank AG agreed in principle to buy some ABN AMRO assets from the Dutch state in a deal which should clear the way for a merger of nationalised banks ABN and Fortis Bank Nederland.

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