Regulation Correspondent, Europe
Huw's Feed
Jul 9, 2014

UK launches competition review into institutional banking

LONDON, July 9 (Reuters) – Britain’s financial watchdog is
launching a broad “exploratory” review of competition in
wholesale financial markets to check if they operate effectively
to aid the economy and give their institutional, corporate and
government customers a good deal.

The Financial Conduct Authority (FCA) was set up just over a
year ago as part of Britain’s post-financial crisis shake up of
supervision to protect consumers better and increase competition
in markets.

Jul 7, 2014

Top banks face wait for detail of new buffer to protect against bailouts

LONDON, July 7 (Reuters) – Details of a new buffer of bonds
to shield taxpayers from having to rescue a big bank won’t
become clear for at least a year or more, a global banking
regulator said on Monday.

Lenders like Goldman Sachs, Deutsche Bank and HSBC are
waiting to see how big the new cushion of bonds must be. The
cushion represents an added cost and the wait will prolong
regulatory uncertainty that is casting a cloud over valuations
in the banking sector.

Jul 7, 2014

More new banks line up to take on Britain’s big high street lenders

LONDON, July 7 (Reuters) – Britain’s regulators have given
the green light to five new banks since easing rules a year ago
for new entrants to challenge the handful of lenders who
dominate the high street.

The Bank of England and the Financial Conduct Authority also
said on Monday that a further more than 25 potential banking
applicants have been interviewed as regulators face pressure
from lawmakers to increase competition in banking.

Jul 7, 2014

EU regulators to use common scorecard to measure bank risks

LONDON (Reuters) – European Union banking supervisors will use a common “scorecard” from 2016 to check if lenders can stay in business, use reliable IT systems and hold enough capital to pay potential fines, the bloc’s main sector regulator said on Monday.

The proposed scorecard is part of a welter of reforms in the banking sector intended to shield taxpayers from having to rescue lenders, as they had to in the 2008-09 financial crisis.

Jul 4, 2014

EU banks watchdog advises lenders to shun bitcoins

LONDON, July 4 (Reuters) – Banks in the European Union
should refrain from offering customer accounts in virtual
currencies like bitcoins until regulatory safeguards are in
place, the bloc’s banking watchdog said on Friday.

The EU’s executive European Commission responded by saying
it was imperative to look quickly at possible regulation.

Jul 3, 2014

A capital markets union could be next thing in EU’s in-tray

LONDON, July 3 (Reuters) – The European Union may seek to
tighten its grip over financial markets to help find funds to
boost economic growth, a move that could stoke anti-EU sentiment
in Britain, the EU’s largest financial centre.

Bankers and policymakers say capital markets union is seen
as a logical step after the euro zone completes banking union.

Jul 3, 2014

Barclays sets up academy to improve training, culture

LONDON, July 3 (Reuters) – Barclays, trying to
restore its reputation after a series of scandals, has created a
Compliance Career Academy in partnership with Cambridge
University to improve staff training.

Barclays was the first bank to be fined for the alleged
rigging of benchmark interest rates, which resulted in a $450
million fine and cost Bob Diamond, the bank’s CEO at the time,
his job. It was fined 26 million pounds ($44.24 million) in May
this year for manipulating gold prices, and last week New York’s
attorney general filed a lawsuit alleging fraud in its “dark
pool” trading venue.

Jul 3, 2014

A capital markets union could be next in EU in-tray

LONDON, July 3 (Reuters) – The European Union may seek to
tighten its grip over markets to help find funds for economic
growth – a move that could stoke anti-EU sentiment in Britain,
the EU’s largest financial centre.

Bankers and policymakers say that while the idea of a
capital markets union is embryonic, it is seen as a logical step
after the euro zone completes its milestone banking union.

Jul 2, 2014

UK watchdog says no evidence that gold price is rigged

LONDON, July 2 (Reuters) – Collusion among banks in setting
the gold price benchmark was possible but there is no evidence
of this, a senior British regulator said on Wednesday when
answering lawmakers’ questions on the trustworthiness of the
gold market.

Gold prices and other benchmarks have come under scrutiny,
with banks fined $6 billion for rigging the Libor interest rate,
used to price a range of financial products. Allegations are
also emerging of potential rigging of currency markets.

Jul 1, 2014

Bank of England studies fallout from annuities reform

LONDON, July 1 (Reuters) – The Bank of England (BoE) is
asking insurers how they can stay in business after the British
government scrapped a rule forcing people to buy their most
successful product, an annuity pension.

Finance minister George Osborne stunned Britain’s pensions
industry in March when he announced the rule change, the biggest
reform of pensions in a generation to give savers a choice on
how to use money saved during their working lives.

    • 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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