LONDON, Feb 4 (Reuters) – Tougher guidelines on financial
sector pay are under consideration by the UK watchdog, though
extending a cap on banker bonuses to the wider industry looks a
step too far, a top regulator told UK lawmakers on Tuesday.
Under new European Union rules, banker bonuses can be no
higher than an individual’s fixed salary, rising to double that
level if shareholder approval is obtained.
LONDON, Feb 4 (Reuters) – Britain’s financial watchdog said
it was unlikely to reach any conclusions this year in its probe
into potential manipulation of foreign exchange markets.
Benchmark foreign exchange rates are used to set the value
of trillions of dollars of investments and regulators are
looking at whether traders at some of the world’s biggest banks
colluded to manipulate the rates.
LONDON (Reuters) – Britain’s financial watchdog has issued its first warning notices of proposed action against two bankers for their part in alleged manipulation of benchmark interest rates.
The Financial Conduct Authority (FCA) did not name the people, stating only that it gave a warning notice to a submitter of benchmark interest rates for failings over a period of more than two years, and another warning to a manager at a bank for failings over more than three years.
LONDON, Feb 3 (Reuters) – Britain’s financial watchdog has
issued its first warning notices of proposed action against two
bankers for their part in alleged manipulation of benchmark
The Financial Conduct Authority (FCA) did not name the
people, stating only that it gave a warning notice to a
submitter of benchmark interest rates for failings over a period
of more than two years, and another warning to a manager at a
bank for failings over more than three years.
LONDON (Reuters) – European Union banks face their toughest probe yet in a bid to weed out the sector’s weaklings, the bloc’s chief watchdog said on Friday, announcing stress tests intended to help draw a line under the financial crisis.
More than half a decade since the start of the 2008-2009 credit crunch, and despite more than 1 trillion euros ($1.4 trillion) of state support, confidence in the sector remains fragile and the EU’s latest health checks are intended to settle any lingering doubts over its finances.
LONDON (Reuters) – Deloitte has pipped rival PwC to become the world’s top accountant by revenue in the face of rising pressure on fees and new rules boosting competition, a global survey showed.
The International Accounting Bulletin said Deloitte DLTE.UL, PwC PWC.UL, KPMG KPMG.UL and EY ERNY.UL, dubbed the Big Four, still dominate the sector with over two-thirds of the market, dwarfing the combined 33 percent share of mid-tier firms like BDO and Grant Thornton.
LONDON (Reuters) – A benchmark used in the $630 trillion market for swaps will be based on actual market transactions rather than quotes from banks this year in an effort to make it less vulnerable to rigging and to comply with new global transparency rules.
The blueprint from the International Swaps and Derivatives Association (ISDA) is the latest response to intense regulatory pressure being exerted on the financial industry to restore trust after rigging scandals.
LONDON, Jan 27 (Reuters) – A draft rule forcing companies to
put leases on their balance sheets is set to be eased after
fierce opposition from companies worried that investors would
take fright and that loans linked to leverage would be put at
The International Accounting Standards Board (IASB) and the
U.S. Financial Accounting Standards Board (FASB) have proposed a
single global book-keeping rule to increase transparency for
markets and make it easier to compare firms.
BRUSSELS/LONDON, Jan 27 (Reuters) – Europe will consider how
to challenge the dominance of its big banks this week, but any
new rules to isolate risky trading will take years to begin and
there will be no attempt to split off market betting from
In a blueprint expected on Wednesday, the European
Commission will outline how trading by banks can be walled off
from customers’ cash, but the debate among countries, many of
whom are sceptical of the need to change, starts only in 2015.
LONDON (Reuters) – Germany and France have attacked European Union plans to curb big banks, warning that this could jeopardize a delicate economic recovery, a paper seen by Reuters showed.
Next week, the European Commission will unveil a blueprint to challenge the power of big banks, tackling one of the biggest risks exposed by the 2007-2009 financial crisis.