Regulation Correspondent, Europe
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Nov 14, 2014

U.S. regulator says swaps rules need tweaks to preserve global market

LONDON (Reuters) – New rules aimed at making derivatives markets safer and more transparent need tweaking to stop the $690 trillion global market splitting up, a top American regulator said on Friday.

Several shallower pools of trading are emerging in what had been one deep, efficient market as brokers outside the United States seek to avoid having to comply with sometimes conflicting U.S. and home country rules.

Nov 14, 2014

G20′s Carney says bank crisis reforms ‘substantially complete’

LONDON (Reuters) – The job of fixing flaws that led to the 2007-09 financial crisis is largely done and the focus will turn to spotting new risks and rebuilding trust among regulators, a global watchdog set up by the Group of 20 (G20) leading economies said on Friday.

The Financial Stability Board (FSB) has coordinated the enforcement of rules forcing banks to hold more capital after many were bailed out by taxpayers in the crisis.

Nov 13, 2014

New British financial watchdog to open bank payments to competition

LONDON, Nov 13 (Reuters) – Britain’s newest regulator set
out on Thursday how it will wrest strategic direction of the 75
trillion pound ($118 trillion) payments sector from its big bank
owners to spur competition.

The payments system forms the vital plumbing that allowed
people and companies to make 21 billion transactions in 2013 via
online banking, cheques and cash machines.

Nov 12, 2014

Basel watchdog flags shake-up of bank capital calculations

LONDON (Reuters) – Global banking regulators have outlined how they will crack down on wide variations in the way big banks calculate the size of their capital buffers.

Regulators on the Basel Committee, which sets rules for the sector worldwide, worry that such variations undermine investor confidence in the capital ratios, a key measure of financial health.

Nov 11, 2014

UK caps interest on payday loans to stem “spiralling debts”

LONDON, Nov 11 (Reuters) – Interest charged on loans offered
by payday lenders in Britain will be capped from January to cut
the cost of short-term loans criticised for causing misery among
borrowers, the country’s financial watchdog said on Tuesday.

Payday lenders offer to tide borrowers over until they
receive their salary, and anti-poverty campaigners say the
sector has grown sharply in recent years as the cost of living
rises and some people struggle to have access to credit.

Nov 11, 2014

New bank rules proposed to end ‘too big to fail’

BASEL Switzerland/LONDON (Reuters) – Banks may have to scrap dividends and rein in bonuses if they breach new rules designed to ensure that creditors rather than taxpayers pick up the bill when big lenders collapse.

Mark Carney, chairman of the Financial Stability Board and Bank of England governor, said the rules, proposed on Monday, marked a watershed in putting an end to taxpayer bailouts of banks considered too big to fail.

Nov 10, 2014

New rules proposed to put an end “too big to fail” banks

BASEL, Switzerland/LONDON, Nov 10 (Reuters) – Global
regulators on Monday proposed new rules to ensure that bank
creditors rather than taxpayers pick up the bill when a big
lender collapses.

Mark Carney, chairman of the Financial Stability Board and
Bank of England governor, said the plans marked a watershed in
ending banks that are too big to be allowed to fail.

Nov 10, 2014

G20 proposes buffer to end too big to fail banks

LONDON, Nov 10 (Reuters) – The world’s biggest banks should
hold a buffer of bonds in case of a collapse so that government
bailouts are avoided, a global regulatory body proposed on
Monday.

The draft rule is the last major piece of banking reform put
forward by world leaders since the 2007-09 financial crisis
forced taxpayers to shore up undercapitalised lenders.

Oct 29, 2014

Britain’s Yorkshire Building Society fined 4 mln pounds for mortgage failings

LONDON, Oct 29 (Reuters) – Britain’s financial watchdog has
fined Yorkshire Building Society (YBS) 4.1 million
pounds ($6.6 million) for failing to deal properly with
thousands of customers who fell behind on their home loan
payments.

The penalty is the biggest fine for a building society and
Britain’s second-largest mortgage mutual is also paying 8.4
million pounds in redress to nearly 34,000 customers.

Oct 28, 2014

EU ambassadors urged to help break transaction tax deadlock

LONDON, Oct 28 (Reuters) – European Union ambassadors are
being urged to inject momentum into stalled plans for a tax on
financial transactions as a December deadline looms, an EU
document seen by Reuters showed.

A group of 11 of the bloc’s 28 member states, including
Germany, Italy and France, have agreed in principle to a
financial transaction tax (FTT) designed to make banks pay for
the taxpayer aid they received in the 2007-09 financial crisis.

    • 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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