Regulation Correspondent, Europe
Huw's Feed
Nov 14, 2013

Financial Conduct Authority says swaps bill for banks still uncertain

LONDON (Reuters) – The full bill Britain’s banks must pay for mis-selling interest rate swaps won’t be known for some time, with lenders still not handling claims fast enough, a top regulator said.

Martin Wheatley, chief executive of the Financial Conduct Authority (FCA), said the bulk of the 3 billion pounds ($4.8 billion) banks have set aside so far for compensation is for redress for the amounts actually paid for the products.

Nov 14, 2013

UK watchdog says swaps bill for banks still uncertain

LONDON (Reuters) – The full bill Britain’s banks must pay for mis-selling interest rate swaps won’t be known for some time, with lenders still not handling claims fast enough, a top regulator said.

Martin Wheatley, chief executive of the Financial Conduct Authority (FCA), said the bulk of the 3 billion pounds ($4.8 billion) banks have set aside so far for compensation is for redress for the amounts actually paid for the products.

Nov 13, 2013

EU agrees deal on long-delayed insurance capital rules

LONDON (Reuters) – After years of delay, the European Union on Wednesday agreed new rules which will from 2016 force insurers to hold enough capital to keep policyholders safe.

Lawmakers from the European Parliament and officials from member states met in Brussels on Wednesday.

Nov 13, 2013

EU close to deal on long-delayed insurance capital rules

LONDON, Nov 13 (Reuters) – The European Union is close to
agreeing new rules which will force insurers to hold enough
capital to keep policyholders safe, after years of delay.

Lawmakers from the European Parliament and officials from
member states have set aside six hours from 1430 GMT on
Wednesday to nail down a deal. The bloc’s financial services
chief Michel Barnier was due to attend in person to nudge them
over the finishing line.

Nov 12, 2013

EU seeks to increase influence on global accounting rules

LONDON, Nov 12 (Reuters) – The European Union is seeking to
increase its influence over global accounting standards by
beefing up the agency that scrutinises new rules and in certain
cases tweaking how they are applied in the bloc.

The book-keeping standards, the bedrock of markets, are
written by the International Accounting Standards Board (IASB).
They apply in over 100 countries, including the EU, but not the
United States.

Nov 11, 2013

HSBC, JPMorgan top global banks capital surcharge list

LONDON (Reuters) – JP Morgan (JPM.N: Quote, Profile, Research, Stock Buzz) and HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz) topped the list of the world’s top 29 banks that must hold extra capital from 2016 because of their size and reach, the Financial Stability Board (FSB) said on Monday.

The FSB is the regulatory taskforce for the 20 biggest economies, whose leaders agreed in 2011 on extra capital requirements to keep top lenders stable in rocky markets.

Nov 7, 2013

Cyber attack “war game” to test London banks on November 12

LONDON (Reuters) – Thousands of staff across dozens of London financial firms will be put through a “war games” scenario on Tuesday to test how well they can handle a major cyber attack, people familiar with the matter said.

In one of the largest exercises of its kind in the world, the test dubbed “Waking Shark II” will bombard firms with a series of announcements and scenarios, such as how a major attack on computer systems might hit stock exchanges and unfold on social media.

Nov 7, 2013

EU executive rejects delay in derivatives reporting

LONDON, Nov 7 (Reuters) – Users of financial derivatives in
the European Union will have to report their trades from early
next year after the bloc’s executive vetoed a request from
regulators for a delay.

A delay would hinder the ability of regulators to spot
potentially destabilising risks building up in markets, the EU’s
executive European Commission said.

Nov 6, 2013

UK companies may have to publish financial risks

LONDON, Nov 6 (Reuters) – Britain’s listed companies may
have to publish details of risks that could put them out of
business and auditors will have to verify all the risks have
been properly disclosed, in reforms proposed by the accounting
watchdog.

The Financial Reporting Council (FRC) wants a cultural
change to end box-ticking exercises of the past. Its proposed
reforms follow the 2007-09 financial crisis which saw banks
being rescued by taxpayers despite accountants giving them a
clean bill of health just months before.

Nov 5, 2013

Derivatives industry under the gun to amend contracts

LONDON, Nov 5 (Reuters) – Central bankers and regulators
have increased the pressure on the $630 trillion derivatives
industry to alter how it operates to avoid a repeat of the
mayhem seen after Lehman Brothers collapsed.

Markets went into meltdown in Sept. 2008 as it was unclear
who was exposed to the stricken U.S. lender’s derivatives
holdings.

    • 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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