BRUSSELS/LONDON, Feb 7 (Reuters) – European Union lawmakers
pressed ahead with new rules for derivatives on Thursday,
helping the bloc meet one global pledge to make markets safer as
it struggles to meet another on raising bank capital levels to
The European Parliament, meeting in Strasbourg, France,
decided not to proceed with a resolution which, if passed, would
have forced regulators to rethink long-awaited derivatives
regulation, triggering delay and uncertainty for markets.
LONDON, Feb 6 (Reuters) – A delay in European Union rules
making derivative financial instruments safer would tie the
bloc’s hands in talks with the United States to unify the way
the industry is regulated, a top supervisor said on Wednesday.
The European Parliament’s economic affairs committee
rejected a final version of the rules on Monday evening, saying
they would penalise firms that use derivatives to insure against
the risk of adverse price movements in raw materials.
LONDON, Feb 4 (Reuters) – A panel of European Union
lawmakers on Monday narrowly rejected a set of new derivatives
rules, potentially leading to months of uncertainty for users of
regulations instigated during the 2007-09 financial crisis in an
effort to make markets safer.
The European Parliament’s economic affairs committee meeting
in Strasbourg, France, voted 24-20 to rethink the rules, which
G20 countries had pledged to introduce after the crisis – in
which opaque derivatives played a part.
LONDON (Reuters) – A panel of European Union lawmakers has overwhelmingly backed a draft law throwing open the settlement of share and bond trades to competition if backed by closer scrutiny and other safeguards.
Settling trades, the final step in any deal in which ownership of a security is transferred to a buyer, relies on a multi-trillion euro system to swap legal title in return for payment.
LONDON, Feb 4 (Reuters) – National regulators across the
European Union have until the end of the month to show they are
not damaging the single market by being too heavy handed with
banks from elsewhere in the bloc, the EU’s executive European
Commission said on Monday.
It reminded them in a letter last Friday that the free
movement of capital is a founding tenet of the single market.
LONDON (Reuters) – Royal Bank of Scotland (RBS.L: Quote, Profile, Research, Stock Buzz) will next week agree a settlement with U.S. and British authorities for its part in a global rate rigging scandal, sources familiar with the situation told Reuters.
The bank is expected to be fined between 400 and 500 million pounds ($793 million) for the attempted rigging of the London interbank offered rate (Libor) and other benchmark interest rates. Details of the punishments will be revealed on Tuesday or Wednesday, the sources said.
LONDON, Feb 1 (Reuters) – Royal Bank of Scotland
will next week agree a settlement with U.S. and British
authorities for its part in a global rate rigging scandal,
sources familiar with the situation told Reuters.
The bank is expected to be fined between 400 and 500 million
pounds ($793 million) for the attempted rigging of the London
interbank offered rate (Libor) and other benchmark interest
rates. Details of the punishments will be revealed on Tuesday or
Wednesday, the sources said.
LONDON (Reuters) – A senior European Union official has cautioned Britain against seeking an “a la carte” membership of the European Union, warning that London should not dismantle what has already been signed up to.
Michel Barnier, the European commissioner in charge of overseeing the EU’s single market, told Reuters that while it was possible for countries to opt out of certain EU projects, it could not pick and choose from existing agreements.
LONDON, Jan 31 (Reuters) – Global regulators will review how
their rules are used by banks to determine the size of capital
buffers after an initial probe showed variations big enough to
The world’s biggest banks use their own models to tot up
risks, sparking calls from British and U.S. regulators for a
simpler system that does not rely on lenders’ own arithmetic.
LONDON (Reuters) – PricewaterhouseCoopers held the top spot in rankings for accounting income last year, a sector where fees were squeezed by increased regulatory scrutiny and competition, an International Accounting Bulletin survey said on Wednesday.
The closely watched annual survey showed that the “Big Four” accounting firms – PwC , DeloitteDLTE.UL , KPMG KPMG.UL and Ernst & Young ERNY.UL – took 67 percent of the total $165.4 billion (£104.7 billion) in fees which the sector earned in 2012, little changed from 2011.