LONDON, Feb 20 (Reuters) – A European bank industry body has
made substantial progress in shielding the Euribor interest rate
benchmark from rigging by traders, two EU regulators on
The European Securities and Markets Authority (ESMA) and the
European Banking Authority (EBA) published guidelines a year ago
as they sought to restore public confidence in Euribor, the Euro
Interbank Offered Rate.
LONDON, Feb 18 (Reuters) – Britain’s top fund managers
pledged on Tuesday to be fully open with customers over how
their money is spent on investment research in an attempt to
limit a looming regulatory crackdown.
Managers pay brokers commission to cover trading fees and
research, and are allowed to pass on these costs to their own
customers, who already pay an annual management fee to the
LONDON, Feb 17 (Reuters) – European Union lawmakers have
delayed new rules to regulate money market funds used by big
companies to park billions of euros after they clashed over how
tough the changes should be.
The funds are also used by banks for short-term funding and
the most contested element is a requirement for one type of
fund, known as constant net asset value (CNAV), to hold a cash
buffer equivalent to 3 percent of assets.
LONDON (Reuters) – Germany and France will lead a face-saving bid this week to revive a flagging project to tax financial transactions in 11 euro zone countries and allay fears it could hamper economic recovery.
The tax is expected to be scaled back from an original plan to introduce it from January to raise 35 billion euros ($48 billion) annually to make banks pay back some of the money received in the 2007-09 financial crisis.
LONDON (Reuters) – European Union rules to regulate financial benchmarks like Libor will probably be delayed for months, a senior lawmaker said, because a key vote next week is likely to be postponed.
The European Parliament’s economic affairs committee was due to vote on a draft law on Monday. But center-left and Green lawmakers want a study of the costs and benefits of a deal on the rules that EU politicians put together. Such studies can take weeks.
LONDON (Reuters) – A part of Britain’s pensions market is disorderly with insurers maximizing profits and failing to give the best deal, according to a watchdog review that drew criticism for ruling out immediate reforms.
The Financial Conduct Authority’s review of annuities, where a pot of money saved over a working life is swapped for an annual income until death, found too little competition.
LONDON (Reuters) – The savings of the European Union’s 500 million citizens could be used to fund long-term investments to boost the economy and help plug the gap left by banks since the financial crisis, an EU document says.
The EU is looking for ways to wean the 28-country bloc from its heavy reliance on bank financing and find other means of funding small companies, infrastructure projects and other investment.
LONDON, Feb 12 (Reuters) – The savings of the European
Union’s 500 million citizens could be used to fund long-term
investments to boost the economy and help plug the gap left by
banks since the financial crisis, an EU document says.
The EU is looking for ways to wean the 28-country bloc from
its heavy reliance on bank financing and find other means of
funding small companies, infrastructure projects and other
LONDON, Feb 12 (Reuters) – The European Commission and the
U.S. Commodity Futures Trading Commission said they have agreed
a common approach for swaps contracts so they can be traded on
electronic platforms to aid transparency and reduce risk.
World leaders called for the rules to shine a light on the
$700 trillion market for credit default swaps and interest swaps
found at the heart of the 2007-09 financial crisis.
LONDON (Reuters) – The Bank of England has seen no evidence to back media allegations that it condoned or was aware of manipulation of reference rates in the foreign exchange market, it said on Tuesday.
The central bank discussed with top London currency dealers their process for setting foreign exchange benchmark rates at a meeting in April 2012, more than a year before a global investigation into alleged manipulation.