LONDON (Reuters) – Global regulators meet in London next month to try to tighten their grip on markets after banks were fined billions of dollars for manipulating interest rates and currencies, Britain’s top financial supervisor said.
The hefty penalties on British, American and Swiss banks have forced authorities to rethink regulation for a chunk of the market hitherto left to discipline itself, said Martin Wheatley, chief executive of the Financial Conduct Authority (FCA).
LONDON, May 22 (Reuters) – A push towards a capital markets
union in the European Union will continue regardless of a
planned referendum in Britain on its membership of the
28-country bloc, EU financial services chief Jonathan Hill said
London is the bloc’s biggest financial centre and regarded
as a core part of Hill’s efforts for a pan-EU effort to increase
the ability of markets to raise finance, to drive economic
growth in Europe as banks rein in lending.
LONDON (Reuters) – Britain’s market watchdog said it will use its competition powers for the first time to check whether customers are getting adequate choice and value for money in wholesale banking services.
The main focus will be on the primary market where companies issue bonds and shares to raise funds for financing expansion and getting advice on mergers, the Financial Conduct Authority (FCA) said on Friday.
LONDON, May 22 (Reuters) – Britain’s market watchdog said it
will use its competition powers for the first time to check
whether customers are getting adequate choice and value for
money in wholesale banking services.
The main focus will be on the primary market where companies
issue bonds and shares to raise funds for financing expansion
and getting advice on mergers, the Financial Conduct Authority
(FCA) said on Friday.
BRUSSELS/LONDON, May 21 (Reuters) – New European Union rules
to crack down on speculation in food and other commodity prices
risk being watered down during final negotiations over detail,
campaigners said on Thursday.
Following the United States’ lead, the 28-country bloc will
set limits on how big a position traders can hold in grains, oil
and other commodities to avoid undue influence over prices.
LONDON, May 21 (Reuters) – New rules to make senior managers
and board members of banks and insurers directly accountable for
their actions are about increasing clarity, not witch hunts,
Bank of England Deputy Governor Andrew Bailey said on Thursday.
Britain will roll out its new Senior Managers’ Regime this
year, seen by the BoE as an essential step to help pin
responsibility for reckless behaviour on individuals.
LONDON (Reuters) – Banks should provide customers with the means to create one-off passwords from August to make buying over the Internet safer, European Union banking regulators said on Thursday.
The European Banking Authority announced details of its plans over the coming years to make e-commerce safer, breaking new ground for the watchdog in the retail payments sector.
LONDON, May 20 (Reuters) – European Union plans to make its
capital markets more efficient at raising funds for the economy
could also help deepen euro zone monetary integration and create
a new breed of European industrial champions, France has said.
A public consultation on EU plans for a Capital Markets
Union (CMU) has just ended and the bloc’s financial services
chief Jonathan Hill is due to respond in September on what will
be his priority measures.
LONDON (Reuters) – Curbing mainstream banking links to “shadow banks” will bolster confidence in the financial system while still allowing funding for the economy, European Union regulators said on Monday.
The 2007-09 financial crisis prompted policymakers to shine a spotlight on the hitherto largely unregulated sector, which creates credit as do banks.
LONDON, May 17 (Reuters) – Regulators are worried that
patchy application in Europe and beyond of new rules to solve
the problem of banks that are “too big to fail” could make it
harder to avoid a repeat of the mayhem that followed the
collapse of Lehman Brothers.
They point to likely inconsistencies in how banks will be
treated under the rules that are being written, not only between
European authorities in and outside the euro zone but also in
jurisdictions further afield such as the United States.