Financial Regulatory Forum

Schwab faces ARS fraud charge, TD Ameritrade settles

New York State Attorney General Andrew CuomoBy Jonathan Spicer
NEW YORK, July 20 (Reuters) – New York’s attorney general, probing illegal marketing and sales of auction rate securities, intends to charge Charles Schwab Corp  with civil fraud and has reached a settlement with rival TD Ameritrade Holding Corp, his office said on Monday. (more…)

Iceland strikes deal to clean up banking mess

STOCKHOLM, July 20 (Reuters) – Iceland took a step towards clearing the debris of its financial meltdown on Monday, unveiling a deal with creditors of its failed banks and plans to capitalise the new ones. (more…)

Swiss minister to meet Clinton ahead of UBS deadline

U.S. Secretary of State Hillary Clinton    By Emma Thomasson
   ZURICH, July 19 (Reuters) – The Swiss foreign minister is due to meet U.S. Secretary of State Hillary Clinton on July 31, just days before a deadline to reach a settlement in a damaging U.S. tax case against UBS.

French watchdog warns London on OTC derivatives-FT

    LONDON, July 20 (Reuters) – Disagreements between Paris and London over the regulation of over-the-counter (OTC) derivatives markets could drive business to the United States, a top French regulator told the Financial Times on Monday.

UK Conservatives would scrap financial watchdog

Britain's shadow chancellor George Osborne LONDON, July 20 (Reuters) – British regulator the Financial Services Authority (FSA) should be abolished and the Bank of England put in full charge of regulating financial institutions, opposition Conservatives said.

Canada takes U.S. Steel to court over subsidiary cutbacks

OTTAWA, July 17 (Reuters) – The Canadian government took U.S. Steel Corp to court on Friday over production cutbacks at its Stelco subsidiary, Industry Minister Tony Clement announced. (more…)

U.S stimulus working, deficit can wait – Summers

Larry Summers   By Emily Kaiser
   WASHINGTON, July 17 (Reuters) – The Obama administration’s $787 billion stimulus package is working despite rising U.S. unemployment and stabilizing the economy must take precedence over tackling the bloated deficit, a top White House economic adviser said on Friday.


China’s forex reserves are ‘diversified,’ – central bank chief

By Zhou Xin and Simon Rabinovitch
BEIJING, July 17 (Reuters) – China’s $2 trillion stockpile of foreign exchange reserves, the world’s largest, is diversified despite the vast amount held in U.S. Treasuries, the Chinese central bank chief said on Friday.
Zhou Xiaochuan’s apparent satisfaction with China’s current dollar-heavy investment portfolio contrasted with calls he has made this year for a new super-sovereign currency to end the greenback’s dominance. (more…)

Obama broker proposal gets Wall Street backing

Wall Street TradersBy Kevin Drawbaugh
WASHINGTON, July 17 (Reuters) – A lobbying group for the U.S. securities industry said on Friday it supports an Obama administration proposal to hold brokers to a higher fiduciary standard — matching that of investment advisers — when they give personalized advice to clients. (more…)

US Congress gets pay bill as bank bonuses swell

   By Kevin Drawbaugh
   WASHINGTON, July 16 (Reuters) – With the smell of fat bonus checks again wafting down Wall Street, the Obama administration and Democrats in Congress on Thursday moved closer to a clampdown on U.S. corporate executive pay.