Regulation Correspondent, Europe
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Apr 24, 2015

Swiss expect deal with EU over clearing house

LONDON, April 24 (Reuters) – The European Union is expected
to give the green light for Switzerland’s securities clearing
house to keep operating inside the 28-country bloc, a senior
Swiss markets official said on Friday.

Without EU agreement that Swiss financial rules are equally
strict as the bloc’s own standards, customers using the London
Stock Exchange and other platforms across Europe could face
higher costs.

Apr 24, 2015

EU to scrutinize global accounting rules more closely

LONDON (Reuters) – The European Union will play an active role in a review of the accounting principles which underpin the way books are checked for companies around the world, France’s top accounting standards official has said.

Listed firms in the 28-nation EU must use book-keeping rules from the International Accounting Standards Board (IASB), which is reviewing the concepts underpinning its rules.

Apr 23, 2015

‘A low fix today old bean’: Deutsche’s casual requests to rig the market

LONDON (Reuters) – Deutsche Bank traders sent casual messages to colleagues politely asking them to rig global interest rate benchmarks, as a six-year criminal campaign of fraud became routine practice at Germany’s biggest bank, British regulators said on Thursday.

Deutsche (DBKGn.DE: Quote, Profile, Research, Stock Buzz) was fined $2.5 billion by British and U.S. authorities and its UK subsidiary admitted criminal wire fraud on Thursday for manipulating interest rate benchmarks used to price trillions of dollars worth of global securities.

Apr 22, 2015

EU markets watchdog to look deeper into digital currency investments

LONDON (Reuters) – The European Union’s markets watchdog is examining trading investments based on digital currency systems like bitcoin, saying it is unclear whether ownership is legally enforceable.

The European Securities and Markets Authority (ESMA) said the databases or “block chains” which record every transaction ever conducted in such cryptocurrencies were already being used to issue and trade some securities, bypassing regulated stock exchanges and central securities depositories.

Apr 22, 2015

UK watchdog fines BoA’s Merrill Lynch $20 million for reporting failures

LONDON (Reuters) – Britain’s markets regulator has fined Bank of America Merrill Lynch a record 13.2 million pounds ($20 million) for failing to report transactions properly over seven years.

The Financial Conduct Authority (FCA) said on Wednesday that Bank of America’s Merrill Lynch International arm incorrectly reported 35 million transactions and failed to report another 121,387 transactions between November 2007 and November 2014.

Apr 21, 2015

EU mounts fresh bid to end U.S. re-insurance collateral rule

LONDON, April 21 (Reuters) – The European Union will mount a
fresh bid to persuade the United States to free up the billions
of euros in collateral it requires foreign re-insurers to set
aside against policies.

EU states agreed on Tuesday to give the bloc’s executive
European Commission a mandate to negotiate a regulatory pact
with the United States.

Apr 21, 2015

Basel watchdog curbs bank capital discretion for supervisors

LONDON (Reuters) – Global regulators have jettisoned a string of national “waivers” from bank capital rules to help restore credibility in benchmark ratios published by lenders.

Regulators have found wide variations in the amount of capital banks hold against a similar set of loans, denting investor confidence in published capital ratios and hit valuations in the sector.

Apr 20, 2015

EU finance ministers asked to set capital markets union priorities

LONDON (Reuters) – Setting clear priorities would generate momentum for the European Union’s “capital markets union” plan to lift growth, EU president Latvia has proposed.

The CMU project aims to increase the amount of funds raised by stock, bond and other markets for companies to grow. The 28-country bloc relies heavily on banks for funds, which has been difficult since the financial crisis as lenders focus on building up capital defenses.

Apr 20, 2015

Draft EU rules on broker commission a setback for asset managers

LONDON (Reuters) – Efforts by banks and asset managers to dilute planned European Union rules on paying for research on stock picks are being rebuffed by the bloc’s executive, a draft EU document showed.

The European Commission is writing rules to implement an update of the EU’s securities trading law known as MiFID II.

Apr 17, 2015

Home from Brussels, Hill assures Britons EU is close to them

LONDON (Reuters) – European Union policymakers are much more favorable to British interests and ideas than many Britons think, Prime Minister David Cameron’s nominee to the EU executive told an audience from the City of London on Friday.

Three weeks before an election in which Cameron has tried to fend off Eurosceptics by promising a referendum on leaving the EU if voters return him to power, Jonathan Hill, EU financial services commissioner, said he had been struck since arriving in Brussels how much common ground there was with London.

    • About Huw

      "Huw is based in London and covers European regulatory issues and global rulemaking bodies such as the G20, Financial Stability Board, IOSCO, IASB and the Basel Committee. He has covered EU regulation in Brussels, the emergence pan-European stock markets, and has also been a Wall Street reporter in New York."
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