RBC Caribbean

RBC Caribbean

Fighting back from the brink

Hourican's battle

Hourican's battle

Saving Bank of Cyprus

Financial regulation: special focus



Mark Carney, governor of the Bank of Canada  Michel Barnier, European commissioner for the internal market and services
SEC chairman Mary Schapiro Jamie Dimon Charles Dallara, managing director of the IIF


L-R: Mark Carney; Sheila Bair; Michel Barnier; Mary Schapiro; Jamie Dimon; Charles Dallara


"I had a discussion with a very senior regulator recently who told me: 'Look, I know we’ve gone too far too fast on some of this and that we’ve made some errors, but I’m afraid I don’t know how to stop this process’. Now that’s quite scary." 


Volcker rule: special focus


Sideways: Courage, stout regulators!
August 2015
The dismissal of Martin Wheatley, head of the UK’s Financial Conduct Authority, by Chancellor George Osborne was widely interpreted as a step towards less intrusive regulation of the financial industry.

Regulation: Too early to tell on too-big-to-fail
August 2015
Five years on, Dodd-Frank is suffering from a quiet crisis of credibility.

Derivatives regulation: Compliance and rocket science
August 2015
The looming criminal prosecution of a derivatives trader highlights the compliance challenges facing HFT firms.

EU reforms run into regulatory conflict
August 2015
Draft bill to split off prop trading; national discretion allowed.

Off Message: Canny comms get results for HSBC
August 2015
Quietly, but forcefully, the bank is getting its message across to UK government and regulators.

Time running out in APA compliance challenge
July 2015
Final implementation of MiFID II is now just under 18 months away, yet the systems required to comply with the APA regime for pre- and post-trade reporting have not yet been built. Time is running out for the industry to assess the implications of these rules and to build the systems to comply, says Chris Leonard-Appleton at Thomson Reuters.

Universal standard sought for real-time payments
July 2015
ISO 20022 – the messaging standard that underpins the Single Euro Payments Area (Sepa) regulation and other regional payment systems – initially emerged for securities messages and is now considered the best option for completing real-time payments. However, the upfront costs involved to implement the standard is moderating the pace of global adoption.

Australia: Big four face capital question
July 2015
Second tier set to cash in on APRA move; Suncorp already making waves.

Winners and losers emerge from fragmented FX swap rules
June 2015
Inertia around the mandating of FX activity on swap execution facilities (SEFs) by the Commodity Futures Trading Commission (CFTC) continues to favour Europe as a trading location.

European regulators battle with derivatives reporting
June 2015
A review of EMIR reporting is under way as the industry lobbies regulators to move to single-sided reporting for OTC derivatives and remove the reporting requirement for exchange-traded derivatives. What’s more, cross-border harmonization of derivatives regulation is way off.

No appetite for more exchange trading in FICC markets – FCA
June 2015
As the Bank of England (BoE) prepares to publish its final report on fair and effective FICC markets on Wednesday, a senior official acknowledges there is little support to extend exchange trading beyond what is mandated by the G20.

Payments companies increase focus on AML following Ripple Labs' fine
June 2015
Payments platform Ripple Labs' fine for neglect of anti-money-laundering measures was a watershed moment for the payments industry, as it was the first time a company in the sector had been found to fall outside of compliance in the US.

FX survey 2015: Rebuilding foreign exchange
June 2015
The $5.6 billion of fines handed out to six leading foreign exchange banks will not be the end of the crisis afflicting FX, but it might be the beginning of the end. The people at the top of the industry are starting to think more deeply about what will drive success in the FX markets of the future. How can foreign exchange rebuild its zest, and its reputation?

BIS moves to end confusion over conflicting FX codes of conduct
May 2015
The Bank for International Settlements (BIS) has formed a new FX working group to settle the problem of conflicting codes of conduct for FX market practitioners, promising to draw the best from all six existing codes to create a single document that will be universally applicable.

G-Sib regulation: Sensible answer to the wrong question
May 2015
The Financial Stability Board’s proposals to identify global systemically important banks (G-Sibs) and demand they hold extra risk weighted capital at subsidiaries deemed 'material' is going to be costly for the 30 G-Sibs that have been picked out.

Regulation and new players in focus for BNP Paribas
May 2015
Regulatory hurdles, globalization and digitization continue to transform the transaction-services industry, according to Marc Carlos, head of corporate trade and treasury solutions EMEA at BNP Paribas.

European finance: The pros and cons of bank consolidation
May 2015
Europe remains chronically overbanked, and its banks are resolutely underperforming. Surely the answer lies in M&A? But with regulatory uncertainties still distracting boards and chief executives, the low-hanging fruit of European finance is likely to remain unpicked for now.

Regulation: The price of research in the wake of Mifid II
May 2015
Mifid II forbids the free provision by banks of any benefit to asset managers that induces business, and that will have a big impact on bond research.

'Game is up’ for bank DTAs in Europe
May 2015
Vestager calls for clarity on use in bank capital; CRD IV loophole may close for southern Europe.

Dubai: DFSA makes example of Deutsche
May 2015
Regulator hands bank biggest fine yet; Dubai shakes off 'anything-goes’ tag.

Regulation: Banks brace for Basel interest-rate risk push
May 2015
Fears of Pillar 1 capital charge; Rules may hit earnings and concentrate risk.

Don't kill off banks' internal risk models
May 2015
In recent years, policymakers in Europe have promoted alternative rating agencies, investigated the culture and practices of the big three, and, in the US, removed references to CRAs outright in the Dodd-Frank Act. What’s more, the Basel committee is reviewing the role of sovereign credit ratings in shaping banks’ risk-exposures.

Financial institutions: GE sheds assets to sidestep G-Sifi status
May 2015
A big motivation behind GE’s move is the potential to shed its G-Sifi status, something that institutional buyers of such assets are acutely concerned by too.

NDF growth challenged by buy-side concerns, product competition
May 2015
Non-deliverable forwards (NDFs) have experienced impressive growth in recent years, providing a solution to the problem of trading spot FX in many emerging markets (EMs) where currencies are not deliverable. Regulatory and liquidity concerns, combined with competing FX products, have moderated buy-side enthusiasm.

Basel attacks on credit ratings misfire
April 2015
The Basel Committee on Banking Supervision’s (BCBS) proposals to reduce lenders' reliance on external credit ratings and boost the risk sensitivity of exposures through new metrics could trigger a slew of unintended consequences, according to a Fitch report.

TLAC: what you should know
April 2015
All about the proposed total loss-absorbing capacity requirements.

Regulatory and cost concerns crimping BPO adoption
April 2015
Bank payment obligations (BPOs) could transform the transaction-services industry, but there is still caution in the market over associated costs and regulation.


Circuit breakers: Does FX need a kill switch?
March 2015
Foreign-exchange broker FXCM’s CEO calls for wider adoption of circuit breakers on FX platforms to prevent another Swiss franc shocker as seen on Black Thursday, but critics question whether it is the right solution and even suitable for an over-the-counter (OTC) market such as FX.

FEMR consultation highlights scale of regulatory challenge in FX
March 2015
In its fair and effective markets review, the Bank of England has acknowledged end-users are largely ill-suited to the task of combating market misconduct in FICC markets. But opinion remains deeply divided over how best to strengthen oversight in wholesale markets, and which regulatory body should lead the charge.

Capital Markets Union: Make do and mend
March 2015
Jonathan Hill has eschewed grand ambition for practical reality in his CMU green paper.

Regulation: Philippines remains a tough nut to crack
March 2015
The country’s banking industry is growing fast. New laws designed to encourage foreign investment make it easier for offshore firms to wholly purchase local lenders. But there are plenty of barriers to entry aside from regulation.

Does Europe need its own private placement market?
March 2015
Private placements have usurped securitization as Europe’s great SME financing hope. The financial markets support EU commissioner Jonathan Hill’s Capital Markets Union initiative to promote it. But the thriving US market will be hard to compete with, let alone replicate. Which leaves two questions: Can the EU build it? And, even if it can, will issuers and investors come?

Brazil's education still smart despite regulatory blow
March 2015
Tarpon takes control of Abril for R$1.3 billion; new regulation might limit numbers of higher students.

Regulatory capital: Banks spread the search for tier-2 buyers
March 2015
Rabo and BPCE pioneer samurai deals; Japanese investors see big risks at euro banks.

Bank regulation: 'Basel IV’ sparks banker fury
March 2015
Basel wants end to use of credit ratings; further regulatory changes deplored.

Treasurers voice fears over EU MMF regulation
February 2015
Yield-hungry treasurers are keeping a close eye on the progress of the European Commission’s proposed changes to money market funds rules, and fear changes to net asset valuations and the role of credit agencies.

Banking clubs extend global reach
February 2015
International banking alliances offer a number of benefits to treasurers – from FX hedging to cash pooling – while Sepa and the rise of non-bank payment providers have yet to diminish their allure.

Fragmented payments landscape undermines Asean integration
February 2015
While corporates are gearing up for southeast Asian trade integration, a balkanized regime for processing cross-border payments is undermining the intra-regional push.

New FX trading standard sees slow adoption
February 2015
Despite its extension to FX last year, market participants acknowledge it is likely to be some time before they feel the full impact of the liquidity-enhancing trading enablement standardization initiative (TESI).

Turkey: New rules prompt Vakifbank tier-2 move
February 2015
Basel III law opens up funding; investors bring $1 billion book.

Australia: More questions than answers in the Murray Report
February 2015
Everyone was a little nervous at the contents of the first inquiry into the nation’s financial services industry in over 25 years. It isn’t as traumatic as most feared, but it leaves some important issues unanswered.

Banks urged to improve compliance-burden cooperation
February 2015
Onerous KYC regulations are imperilling trade financing and the flow of credit to emerging markets. It is high time banks boost cooperation, aided by technology, to address the challenge, as industry efforts are found wanting, say treasurers.

Thomas Hoenig interview: Battle against too-big-to-fail fragments banking
January 2015
Haunted by the global crisis, policymakers from the US to the UK are erecting national barriers and waging a war against too-big-to-fail banking. Vice-chairman of the Federal Deposit Insurance Corp Thomas Hoenig defends the drive toward balkanization.

Regulation: Banking's next big hits
January 2015
Regulation now utterly dominates the banking industry and will have an even bigger impact in 2015, not just on bank capital and returns but on the entire legal structure of the industry.

Banks struggle to find the right business model
January 2015
Banks need new sources of revenue or will remain chained to the wheel of endless cost cutting as they face continuing uncertainty about how to best allocate their capital.

Regulators still calling the shots
January 2015
If systemic risk in the banking system really has been reduced as much as chief executives say, why are regulators set to have an even greater impact in 2015?

Litigation: From exceptional items to a cost of doing business
January 2015
The uncertainty for investors over bank litigation extends beyond hits to bank profits and so, potentially, their ability to pay dividends and service coupons on capital instruments and debt.

Regulation: EU-US tensions remain over leverage ratio
January 2015
US officials are waging a war to promote the leverage ratio as a binding constraint on banks’ capital frameworks, further imperilling strategic planning for cross-border lenders.

Clearing: European banks weigh up US dollar clearing options
January 2015
US fines provoke re-assessment; dollar clearing in Europe considered.

The next regulatory battle: bank structures
January 2015
From the Volcker Rule to the EU’s proposed ring-fencing, inconsistent rules on bank structures, both within the EU and between the US and Europe, are the latest threat to the global banking model.

Macaskill on markets: Sunset approaches for the Sun King
January 2015
JPMorgan CEO Jamie Dimon made a crucial intervention in a move to roll back part of the US Dodd-Frank legal reforms to tighten regulation of banks.

2014: a year in data – SEPA
January 2015
For years, discussion in the transaction services industry has tended to default to the impending introduction of the Single Euro Payments Area, or Sepa. This year, it finally came into force.

TLAC: Fears for tiers
January 2015
As 2015 dawns, senior bankers are still poring over the implications of the Financial Stability Board’s proposals to boost their total loss absorbing capacity (TLAC) to ensure that beyond common equity, Additional Tier 1 capital and Tier 2 subordinated debt, banks still have enough liabilities on which losses can be imposed in the event of a failure so that taxpayers never again have to bail them out.

Sepa provides force for change in transaction banking
December 2014
The single euro payments area (Sepa) initiative was something so burdensome it took longer than planned to implement, but after delays transaction banks and their corporate clients stand to benefit from this payments regulation.

TLAC and bank M&A: Europe needs consolidation, not recapitalization
December 2014
Debt service costs will hit profits; regulators see M&A as the answer.

TLAC: what you should know
December 2014
All about the proposed total loss-absorbing capacity requirements.

EC green paper poised to kick-start debate over Capital Markets Union
December 2014
Capital Markets Union should be about what investors want to buy, not just about what investment banks want to sell.

FX regulations doing more harm than good, reveals survey
December 2014
New market regulations governing the FX industry have done more harm than good for FX trading desks, according to an October survey by TradeTech FX.

Regulation puts global banking in peril
December 2014
Don’t believe the G20 hype. In interviews with Euromoney, the world’s top financial policymakers admit regulatory tensions are tight. What’s more, the collateral damage of the focus on too-big-to-fail, capital rules and bankruptcy resolution risk rolling back financial globalization. Is it time to change the terms of the discussion?

Bank relationships: The risk of de-risking
December 2014
Global banks may feel that purging their correspondent banking relationships will help them de-risk, but they should beware the unintended consequences.

Banking: AQR aftermath throws up more questions for banks
December 2014
Investors greeted the European Central Bank’s asset quality review with little more than a shrug. They view it as merely the first step on a journey to enhanced and uniform bank supervision that might take a decade to complete. They are much more worried about the sustainability of banks’ business models and whether or not they can even earn enough to service their growing capital stack.

Bank M&A: Europe needs consolidation, not recapitalization
December 2014
Debt service costs will hit profits; regulators see M&A as the answer.

Banks search for certainty on liquidity rules
November 2014
The deadline is approaching for the Basel intraday liquidity rules. But without a defined set of procedures, and concerns around costs, banks are moving forward reluctantly.

'Super-systemic' CCPs need a TLAC of their own
November 2014
If forthcoming regulation fails to guarantee robust loss-absorbing capacity at central clearing counterparties (CCPs), their increasing systemic importance could usher in a new generation of organizations that are too big to fail.

Setting the foundations of standardization
November 2014
There is much discussion around moving towards a standardized form of banking, but who is setting the standard?

Collaboration could ease KYC burden
November 2014
Meeting KYC requirements is an irksome and expensive task for banks to contend with. But there are a slew of offerings from financial-services companies to ease the compliance burden.

Industry divided as regulators mull NDF clearing
November 2014
European proposals for mandatory clearing of non-deliverable forwards (NDFs) published in October seemed to be a decisive step toward a new framework for FX derivatives trading. However, responses to the consultation reveal deep divisions among FX market participants over the way forward.

Bundesbank’s Dombret says trust restored in European banking system
November 2014
In an interview with Euromoney, Bundesbank board member Andreas Dombret sounds an upbeat note on the rigour of the ECB’s asset-quality review (AQR) and the eurozone’s resolution arrangements, but issues a sharp warning over banks’ risk-free treatment of sovereign debt.

Banking: Asia-Pacific’s regulation headache

November 2014
Pity the regional Asian bank chiefs dealing with myriad local regulators as well as extra-territorial oversight.

Deutsche's GTB hit by rising regulatory costs
October 2014
Deutsche Bank’s explicit admission in its third-quarter results that higher regulatory costs are hitting the profitability of its global transaction banking business will come as blow to the bank and a warning to others.

Social trading grows amid calls for regulatory oversight
October 2014
The full-scale disruptive potential of social trading is beginning to become clear, according to proponents. But there are fears that it is encouraging inexperienced traders to load up with risk in the pursuit of large returns and there have been calls for tougher regulation.

Gloves come off in the fight for leveraged finance
October 2014
Fed gets tough with Credit Suisse; cov-lite loans on the rise in US and Europe.

Regulation: Sweden’s unfinished finish
October 2014
The country’s financial regulators are playing hardball on minimum regulatory capital requirements, mostly because of mortgage risk weights. Analysts argue that the Riksbank is using the wrong tool for the job and might even be damaging the economy as a result.

FX swaps: Market players grapple with fragmentation risk
October 2014
Market participants are relatively relaxed about the impact of last year’s change to the US trading model, relative to the dire warnings from the global trade association for OTC derivatives, but global market fragmentation remains a risk.

Banks join forces to confront due-diligence challenge
October 2014
With various regulatory initiatives demanding that financial institutions gather and disclose information relating to customers, a number of firms have responded to what they see as a market opportunity to develop customer-identity screening services, with a single, industry-wide utility seen, by some, as the end-goal.

OTC derivatives reform challenges regulators from South Africa to Hong Kong
October 2014
Over-the-counter (OTC) derivatives market reform outside the US and Europe will be closely monitored by companies who use these derivatives to manage foreign-currency earnings exchange-rate risk.

Market braces for FSB’s 'scary’ TLAC number
September 2014
The November G20 meeting could see the capital requirements of systemically important banks doubled.

Corporates look to make regulation pay
September 2014
It is not common to hear about the positive side of financial market regulation. But corporate treasurers are finding ways to turn the new rules to their advantage.

Regulators seek to restore FX’s broken trust covenant
September 2014
The debate around how to strengthen the regulation of FX markets continues to rage. Advocates highlight examples of regulations that have benefited the markets in the long run, while detractors warn of unintended consequences and cite their own examples of risk-mitigating measures evolving naturally within the industry.

Asia DCM bankers ready for Basel III bond rush
September 2014
Basel III will trigger a wave of bond deals in Asia; China and India to lead the way.

SEF report: The state of the global market
September 2014
Euromoney Research Group presents a detailed report into the swap execution facilities (SEFs) sector. The bespoke content offers insight into the confusion over the adoption of these rules and looks at the future opportunities for all market participants.

Corporate treasurers find opportunity amid regulation
August 2014
Squeezed budgets, tangled systems and regulations are still holding back corporate treasurers as they search for ways to make their operations easier and cost effective.

Banco Espírito Santo: Zero risk, zero sense
August 2014
The Banco Espírito Santo saga is a sharp reminder, as the ECB’s asset quality review moves towards its conclusion, of how closely the fortunes of European banks and sovereigns remain bound together.

Hungary: Banks count cost of FX loan legislation
August 2014
Forced conversion planned for autumn; bill could top €4 billion, say analysts.

Departing O’Malia stresses SEF data challenge
July 2014
CFTC commissioner admits data collection 'poor’; calls for better cross-border cooperation.

Rising compliance costs rupturing banks' trade finance relationships
July 2014
Collaboration between transaction banks and Swift is helping to spread the burden and rocketing cost of compliance, but for some banks' trade finance businesses, client relationships have already been hit hard by the expense.

Gear up for Sepa 2.0
July 2014
The extended deadline for Sepa is fast approaching and, despite initial fears, corporates are set to meet it – but this is the first step in creating an efficient single European payments framework. Debate about Sepa 2.0 is now in full swing.

Litigation costs for European banks to double
July 2014
Credit Suisse estimates $104 billion exposure; exposed banks’ share prices sell off.

FX players reveal favoured regulatory fix
July 2014
As the FX regulatory landscape gets revamped, data from the Euromoney FX Survey 2014 shed light on what the market wants when it comes to benchmark reform, including its views on sticking with the current WM Company and Thomson Reuters fix.

US and European regulators clash over cross-border rules
June 2014
A CFTC official frustrates European regulators at the IDX conference by suggesting futures clearing should migrate to the US to avoid a conflict between Dodd-Frank and EMIR.

Fall of self-regulated spot FX
June 2014
Government plans to crack down on the UK’s foreign-exchange market amid reports of mass manipulation could see the demise of the London FX fix. Suggested reforms range from a transparent auction-based pricing system to banning the practice of last look.

Asia’s financial regulators: Asleep at the wheel
June 2014
Asia’s financial regulators need to wake up to the need for rules that suit the region’s markets.

More questions than answers in EU margin draft
June 2014
Draft rules permit internal modelling; two sides to contract unlikely to agree.

The ins and outs of eurozone regulation
May 2014
Lithuania and its fellow Baltic republics are in an unusual position when it comes to euro adoption. Whereas in the rest of emerging Europe the majority of banks are outside the eurozone, but owned by lenders within, in the Baltic states the situation is reversed.

FX probe digs the dirt to clean up market structure
May 2014
A high-profile investigation into market manipulation has heralded increased scrutiny of FX trading practices and could see major changes to the way the industry operates. But scratch below the surface and the tide may be turning towards a healthier market structure.

Banks' FX cash cow runs out of milk
May 2014
Market rigging lawsuits, trader suspensions and a move to swap execution facility trading are hurting banks’ ability to make money in foreign exchange, warn analysts.

AT1: Par call pitfalls
May 2014
Lloyds LME highlights potential risks to investors of early regulatory calls in the booming AT1 market.

US fires global subsidiarization starting gun
April 2014
Foreign banks are facing up to the implications of new rules in the US requiring them to hold capital onshore. But subsidiarization is set to become a global phenomenon. Bankers argue they will be hamstrung by trapped liquidity and capital. Customers might lose out as well. What are the true costs of ensuring national safety in a global banking system?

FX players lobby Brussels for spot FX concession
April 2014
Key players in the global foreign-exchange community are lobbying the European Commission to widen the definition of spot FX and free up companies from onerous reporting requirements, before a vital consultation on the subject closes for comments in a fortnight.

Traders’ fury at frontloading fiasco
April 2014
Swap traders are furious at what they describe as a "royal regulatory cock up" as frontloading comes to the fore and they struggle to price swaps, while Europe’s financial regulator has yet to announce a solution despite crisis talks earlier this month.

OTC derivative costs and compliance burden rockets
April 2014
More than 200 of the world’s largest companies and financial institutions have warned that regulation impacting the multi-trillion dollar over-the-counter (OTC) derivatives market has multiplied their administrative burden and pushed hedging costs up to new highs.

ECB and Bank of England poised to call for Basel II capital treatment for high-quality ABS
April 2014
High-quality definition to be based on ECB eligibility, EIOPA criteria, and might be set at "PCS-minus".

US regulators might surprise banks on supplementary leverage ratio
April 2014
While banks now expect US regulators to follow Basel’s lead in relaxing the denominator of total assets, the Fed still worries about dealer dependence on short-term funding from SFTs and might demand a capital surcharge.

US regulators tout new capital charges for big banks
April 2014
The New York Fed published a call for self-insurance on the capital account while Tarullo repeats the warning of further risk-weighted charges aligned to dependence on unreliable short-term funding.

AT1: Investors fill banks’ capital begging bowls
April 2014
Overwhelming demand for a string of bank AT1 deals shows the extent of investors’ desperation for yield as much as their faith in the restored health of the banking sector. As more new investors accept these deals, hopes grow that a €150 billion AT1 market might emerge quickly now. But terms have tightened far and fast and AT1 can be volatile.

Risk of regulatory par calls rises as AT1 market booms
April 2014
Lloyds’ liability management exercise (LME) highlights the potential risks to investors of early calls.

More favourable capital treatment alone will not fix Europe’s ABS problem
April 2014
New origination to provide private-sector assets for QE will only result from further regulatory clarity.

SEF teething problems frustrate FX market amid liquidity fears
March 2014
The CFTC is close to finalizing long-awaited rules for FX derivatives that will herald a seismic shift to trading these instruments on SEFs – but those already trading on SEFs are frustrated with teething problems and unintended consequences, including illiquidity and extraterritoriality concerns.

Nigeria’s regulatory environment hostile to mobile money – Safaricom CEO
March 2014
Nigeria seems to be ripe for mobile money, but the concept has yet to take off compared with Kenya, in part because of bank lobbying. Bob Collymore, Safaricom’s CEO, tells Euromoney why Nigeria is lagging behind.

India worse than Iran for repelling foreign company investment: Trapped cash pulse survey
March 2014
International companies are less likely to invest in India than Iran due to the seemingly more onerous regulatory and tax regime of the world’s largest democracy, according to a pulse survey conducted by Euromoney.

Regulatory firestorm rocks leveraged finance
March 2014
In attempting to curb the excesses of the leveraged lending market, regulators might end up pushing it into the arms of the very private equity sponsors they are trying to rein in.

CLOs: Regulatory triple-whammy derails CLO market
March 2014
Volcker damage contained; lending guidelines could lead to shortage of assets.

LatAm’s best corporate treasurers talk treasury, regulation and banking
March 2014
As part of Euromoney’s annual best-managed companies in Latin America 2014 survey, the treasurers of four of the region’s largest companies share their views on managing treasury operations, regulation and banking relationships.

ESMA official responds to liquidity fears
February 2014
ESMA has had frequent discussions over the definition of liquidity during the past three years and is mindful of the need to monitor the impact regulations such as Mifid II could have on liquidity on the FX markets, its executive-director tells the Association for Financial Markets in Europe.

Sepa threatens to induce SME cash-flow squeeze
February 2014
European companies, and particularly small and medium-sized enterprises (SMEs), could yet suffer a cash-flow squeeze from direct debits under the Single Euro Payments Area (Sepa) regulation, despite the European Commission handing companies an extra six months to comply.

ESMA calls for clarity on EMIR derivative definition
February 2014
Europe’s securities market regulator is seeking clarification from the European Commission on what constitutes a derivative under the European Market Infrastructure Regulation (EMIR), in an effort to address inconsistencies in the definition, particularly around FX forwards.

Companies use Sepa as opportunity to refine payment processes
February 2014
European companies have to be Sepa-compliant this year, and many have used this as an opportunity to tidy up payment processes to give better visibility over liquidity and cash flow.

FX benchmark probe highlights flaws in voluntary best practices
February 2014
As the Bank of England conducts a review into what its officials knew of FX benchmark manipulation, observers call for more robust adherence to trading best practices.

Private banking: The cost of transparency
February 2014
With regulation increasing the cost and complexity of being a global player, private banks have had to rethink their geographical positioning.

Why KYB should be at the forefront of corporate treasurers’ thinking
February 2014
Corporate treasurers are reassessing bank counterparty risk and re-engaging with the mantra of know your bank (KYB) as a direct result of the onslaught of new financial regulation impacting the banking sector.

Banks make belated compliance push to combat market abuses
February 2014
As more financial scandals continue to emerge, regulators and banks are hoping technology and new internal controls will allow them to get to grips with the rogues. Trading floors might never be the same again.

Offshore private banking: Switzerland may benefit from new rules
February 2014
Increased regulation, particularly around knowing the client and tax transparency, has lessened the appeal of cross-border banking. The cost of complying with domestic regulation and international regulation of offshore money has driven several banks out of certain countries and, in the case of Switzerland, has forced some private banks to close accounts to foreign clients.

Regulation: Risk-weighting makes nonsense of leverage ratio
February 2014
Basel revisions dilute a key safeguard; bankers are celebrating.

European companies struggle with derivatives reporting deadline
January 2014
European companies are in danger of failing to comply with the new derivative reporting standards required under European Market Infrastructure Regulation (EMIR), one of the most challenging pieces of regulation companies are facing crunch time over.

FX industry reels from regulatory earthquake
January 2014
Foreign-exchange market tremors are likely to reverberate for years to come as the global probe deepens, triggering fears of regulatory overkill.

Bank Services Billing: European companies seek greater transparency on bank charges
January 2014
Some of Europe’s biggest companies are pushing to increase the amount of transparency on the fees banks charge across the services they provide, in an effort to bring Europe more in line with the level of disclosure in the US.

Basel loosens banks’ leverage ratio proposals but new FX trading world is still uncertain
January 2014
The recent loosening of rules regarding leverage ratios and collateral by the Basel Committee on Banking Supervision might boost banks’ available trading resources, but FX is not out of the regulatory woods.

Bankers’ lobby weighs Bitcoin threat
January 2014
Regulators have woken up to the currency’s potentially huge impact on the global payments system, given the decentralized, virtual and anonymous nature of the peer-to-peer network.

EC intervenes to forestall Sepa-induced crisis
January 2014
The European Commission has moved to thwart the rising threat of another liquidity crisis in the eurozone by offering European companies more time to migrate to the Single Euro Payments Area (Sepa) system.

Private banking: A wave of consolidation
January 2014
Regulatory pressures mean private banking is less and less lucrative; the bigger players will benefit.

Regulation: Bowles targets unfinished business
January 2014
EP chair presses on with regulatory proposals; Seeks parliament’s oversight of ECB.

China IPO market set to open in 2014 following regulatory clean-up
January 2014
The mainland Chinese IPO market is set for a comeback this year as China’s Securities Regulatory Commission lifts a ban on new stock market listings as early as January and regulatory overhauls ease risk, analysts say.

How will Sepa impact banks’ $108 billion payments revenues?
January 2014
Banks are facing up to the challenges posed by the upcoming Single Euro Payments Area (Sepa), which threatens to undermine a lucrative - and historically stable - source of revenue for financial institutions, with the interchange-fee legislation adding insult to injury.

Big global corporates stick with cash managers for now
January 2014
While large companies continue to consolidate their cash management providers, fewer companies looked to change their banking relationships over the past year, according to Euromoney survey data.

Not enough trade for Volcker
January 2014
Will Paul Volcker, author of the rule that has banned banks from proprietary trading, now stand up, perhaps beside Gary Gensler, recently departed head of the Commodity Futures Trading Commission, and lambast banks for not trading enough?

Foreign exchange market enters new dawn post-footnote 88
December 2013
A new Isda report reveals how the fight for currency liquidity is on as foreign exchange trading venues struggle to adapt to the new regulatory landscape.

Still-fragile buy side uneasy as threat to repo from regulation mounts
December 2013
Buy-side involvement in repo markets has yet to recover from lows plumbed following the financial crisis, despite increasing disintermediation of banks resulting from regulatory pressures and the search for yield.

The Volcker rule: a modest proposal
December 2013
The final version of the Volcker rule is unlikely to give posterity phrases that echo through the ages in the style of the King James Bible, but the details of its wording are important to financial market participants, which helps to explain the extended bickering.

For sovereign rating analysts, hell hath no fury like an EU official scorned
December 2013
The investigation by the European Securities and Markets Authority (ESMA), uncovering alleged flaws in the sovereign-ratings process, could presage a more intrusive supervisory regime, rekindling the debate about their role in global financial markets.

ECB battles Basel rules in war for SME finance
December 2013
Euromoney investigates whether the need to stimulate European SME financing will finally soften the regulatory treatment of ABS, which has now been deemed by the European Commission the vehicle through which the growth of bank lending can best be achieved.

The SME funding challenge
December 2013
Convinced that reviving the moribund securitization market is the best way to channel funding to small and medium size enterprises, the ECB is now championing the financial technique at the centre of the systemic collapse five years ago. Convinced any U-turn is justified to support the small companies that might drive Europe's economic recovery, the ECB now finds itself at war with regulators still determined to clamp down hard on securitization.

Chain reaction: Can the need for SME finance set Europe’s securitization market free?
December 2013
Europe’s leaders are desperate to kick-start lending to the small and medium-sized businesses that are crucial to the continent’s economic recovery and see asset-backed securities as the key. But the entire sector is constrained by post-financial crisis rules. In an era that will be remembered for the unintended consequences of bank regulation, will the need for SME finance finally unleash Europe’s securitization markets?

Collateral transformation will entrench too big to fail
December 2013
Global banking regulators have placed the risk-absorbing capacity of government bonds at the centre of their brave new financial world, ostensibly opening up revenue opportunities for banks in collateral-transformation for OTC purposes.

Securitization: Bankers question merits of EIB’s SME solution
December 2013
Europe’s policymakers hope a new programme to facilitate securitization will help set free lending to small and medium-sized enterprises. But ABS specialists doubt the initiative will work – and if it is needed at all.

Corporate treasurers seek alternatives to money-market funds
December 2013
Corporate treasurers are diversifying away from using money-market funds (MMFs) to manage short-term liquidity in response to low rates and proposed regulatory changes that are threatening to impair the MMF industry.

Hopes grow for revival of European securitization market in 2014
December 2013
A Damascene conversion in some regulatory circles in favour of securitization, as a means of boosting the real economy, has heartened market participants, but regulatory hurdles remain, including the liquidity coverage ratio. While continental European issuance has demonstrated growth, there are grounds for cautious optimism that 2014 will see the securitization market, from CLOs to RMBS, spring back to life.

Why the ECB asset-quality review will be no game-changer
December 2013
Everything you thought you knew about the ECB’s comprehensive assessment was wrong – it won’t reveal large holes in banks’ balance sheets.

Weber sees ECB stress test as a big uncertainty
December 2013
Banks still dependent on ECB funding; recent run-up in shares might have gone too far.

Eurozone banks’ NPL crisis threatens to derail recovery
November 2013
The IMF warns that corporate loan losses for banks in Spain, Italy and Portugal could hit €282 billion over next two years, highlighting the scale of the challenge for the ECB’s asset-quality review amid continued financial fragmentation.

Leverage ratios: method in the madness
November 2013
The rationale for a higher benchmark is clear but regulators must clarify its role, alongside a risk-based capital regime, to reduce distortions and save the securities-financing market from a liquidity crisis.

Cometh the UK leverage ratio, cometh the deleveraging – in pictures
November 2013
Why the UK - and European - bank-deleveraging cycle has much further to go, following George Osborne's call for the Bank of England to review leverage ratios.

Carney’s delusions of regulatory grandeur
November 2013
Given the tax bias towards leverage, and regulatory equity thresholds for UK banks that remain a source of systemic risk from the Bank of England's own analysis, the governor is gambling that new, untested regulatory standards will temper systemic risk - even while gunning for the expansion of the financial industry.

The Volcker rule: Five things you need to know
November 2013
In an exclusive interview, a former drafter of the Volcker rule explains why, in its current trajectory, the flagship regulation will fail to distinguish legitimate market-making and proprietary risk-taking while banks sound the alarm on compliance costs, hit to earnings and extraterritoriality concerns.
 
How the regulatory avalanche has triggered an existential crisis in banking – in one chart
November 2013
In pictures: how the regulatory noose is tightening around banks and why no business stream has been left untouched.

Basel capital rules for banks’ trading books will shift business models
November 2013
The revised approach to the regulation of banks’ trading books – focusing on capturing deep losses during systemic crises and a tougher approach to internal-risk modeling – will limit lucrative arbitrage and trading opportunities.

Forex probe: how to fix the fix
November 2013
As the investigation into the alleged manipulation of FX widens, the jury is out on whether the practice is tantamount to front-running clients or simply a case of hedging. Suggested reforms to the benchmark include handing it over to a public body, or banks’ abandoning fixing-related orders altogether and treating the flow as normal business, while others think regulators’ efforts would be better spent reforming the fix in options contracts.

Carney liquidity rules are an ingenious revolution
November 2013
The new flexible liquidity rules will prove key to realizing Bank of England governor Mark Carney’s bold ambition to further entrench London’s status as a global financial hub while addressing the challenge of rising interest rates and a collateral shortage.

Regulation: Shadow banks slip through the net
November 2013
Global regulators are pumping out new rules to address potential systemic risk within the shadow banking system, with money-market funds and repo in the firing line. While governments and central banks continue to offer underhand guarantees to non-bank credit intermediation, however, the moral hazard associated with the shadow sector is unlikely to go away.

Regulation: SEF rules hit non-US cross-border trading
November 2013
Firms seek out non-US counterparties; rules trigger move away from multi-dealer platforms.

Bank of England might be open for business, but it's heading for a fall
November 2013
Bank of England governor Mark Carney is correct that the City of London should be open to global finance. But he dismisses moral hazard and market distortions – the inevitable consequence of easy money and a reflationary UK housing policy – at his peril.

Shadow banking: Repo CCPs, anyone?
November 2013
Recommendation 10 of the Financial Stability Board’s Policy Framework for Addressing Shadow Banking Risks in Securities Lending and Repos.

UK Treasury China-bank charm offensive exposes regulatory arbitrage
November 2013
The UK Treasury’s courtship of Chinese banks highlights, in part, London’s relatively flexible regulatory regime for foreign banks – in contrast to the Fed. It also opens up a broader debate about subsidiarization and global banking models, more generally, amid regulatory turf wars.

ECB asset quality review is moment of truth
October 2013
Europe’s Tarp moment could be looming as ECB president Mario Draghi issues a sharp warning that the year-long review of the region’s banking system will be credible and might require public backstops. Many long-neglected issues are coming to a head, from accounting and bank-reporting norms to national regulatory conventions. However, there is no clarity yet on the hot-button questions.

EMIR reform: The time to act is now
October 2013
Many market players are still largely unprepared for the European Market Infrastructure Regulation, which aims to transform the derivatives market, writes Rule Financial’s David Field.

Transparency poor amid FX SEF launch
October 2013
A lack of consistency in how new swap execution facilities (SEFs) report transaction volume data is making it hard for foreign exchange participants to conduct aggregate level analysis with respect to pricing and traded volumes, traders say.

Transaction banks buckle down to Basle III
October 2013
The more exacting capital requirements of Basle III are prompting cash management banks to fine-tune their offerings.

Adams sets out his stall for IIF
October 2013
The head of the world's largest international lobbying group for financial firms issues a sharp warning on global regulatory fragmentation, risk-weighting of sovereign debt and China’s reform agenda.

German companies trailing in Sepa migration race
October 2013
Companies in Europe’s largest economy are some of the worst offenders in their lack of readiness to migrate to a new eurozone payments system, 100 days before it is due to be introduced across the European Union.

Five reasons why US treasuries will not lose their safe-haven status any time soon
October 2013
Don’t believe the doom-mongers – US political risk is not the same as US credit risk, thanks to a plethora of positive market technicals and the international monetary architecture.

Hangover from banks’ use of short-term funding refuses to go away
October 2013
As the global economy recovers, banks’ dependence on short-term wholesale funding, and repo in particular, could rise to levels that pose a danger to the financial system, especially if asset bubbles begin to build again.

Federal shutdown compounds footnote 88 confusion
October 2013
When the Commodity Futures Trading Commission (CFTC) created footnote 88 in the final US rules governing swap execution facilities (SEFs) – requiring all multi-lateral trading facilities to register as SEFs whether they trade regulated swaps or not – the prospect it would be closed on the day of the registration deadline was probably not on the agenda.

Basel’s counterparty-risk proposals under fire
October 2013
The chronic overcapacity built up by the leading banks in the FX market is likely to persist as the cost of building bespoke electronic trading portals continues to rise.

Banks dodge Libor-benchmark reform bullet in proposed rules
September 2013
The European Commission’s latest draft legislation proposal governing financial market benchmarks, released on September 18, reveals that lawmakers have dropped some of the more onerous regulatory requirements that were causing market participants concern over the summer.

Asian derivatives rebound but EMIR and Dodd-Frank cast long shadow
September 2013
Derivatives traded on Asia’s exchanges are staging a recovery, with equity index futures leading the way – despite a looming threat from global regulation aimed at taming a sector widely blamed for the financial crisis. 

ISDA timetables benchmark reform as FCA confirms ISDAfix probe
September 2013
A response to the European Commission’s statement of objections is due in October. 

European banking: Investors doubt banking union plan
September 2013
Survey says banking union will not reduce default risk; SSM set-up could be pushed into 2014.

Bank capital: Additional tier 1 takes off at Société Générale
September 2013
Leads the way with low-trigger temporary write-down deal; Regulators will push banks to issue.

European Commission schizophrenic on shadow banking
September 2013
As the European Commission (EC) moves forward with its first regulatory engagement with the shadow banking sector, policy experts argue that more work needs to be done to understand the relationship between banks and non-banks, and the ways in which shadow lenders – previously beyond the regulatory perimeter – contribute to the financial infrastructure as a whole. 

European Commission wades into shadow banking with money-market rules
September 2013
European regulators are beginning to get to grips with previously hidden quarters of the shadow banking system with a series of proposals to regulate money market funds (MMFs). 

Buy-side frets as block exemption proves unsatisfactory
September 2013
While foreign exchange swaps and forwards escaped the trading and clearing requirements of the Commodity Exchange Act, many FX instruments did not – and one area that has received less attention than most is the requirement for trades in those securities to be reported in real time.

Industry poised for FX margin decision
September 2013
Final rules on margin requirements for non-centrally cleared derivatives are expected in the coming days and are likely to include an exemption for foreign exchange swaps and forwards, analysts say. However, lobbying efforts are likely to swiftly move on to whether FX derivatives should be mandated for clearing.

Banks look to turn out the lights on commodities
August 2013
US regulators are dedicating increasing levels of scrutiny to the physical commodities interests of investment banks just as a law allowing Wall Street banks to maintain a presence in the product area comes up for review.

Bid to redraw European payments landscape faces delays
August 2013
While the contentious proposed EU cap on banks’ card fees has drawn much attention, the Payment Services Directive is also courting controversy, with respect to the ability of third-party providers to offer payment initiation services and refund obligations for Sepa direct debits. 

Benchmarks: NYSE lands Libor amid regulatory turf war
August 2013
No conflict of interest with derivatives business, says CEO; rate must be anchored to market data.

Asset encumbrance debate ignores elephant in the room
August 2013
Encumbrance of assets on banks’ balance sheets has shot up in the eurozone periphery especially, sparking a push for greater disclosure in the market amid fears over increased risk sensitivity among unsecured creditors. 

Europe poised for showdown with New York over Libor regulation
August 2013
European regulators are apparently preparing for a regulatory turf war over the reformed Libor benchmark. A draft EU legislative proposal leaked in early June indicates that Brussels feels that Libor falls within its jurisdiction to regulate important market benchmarks, their contributors and their administrators. 

Market fears grow as fettering of high-frequency trading draws closer
August 2013
Five years on from the financial crisis, high-frequency trading remains under an intense spotlight, with regulators on both sides of the Atlantic determined to crack down on alleged manipulation of markets, triggering an inevitable backlash from market players that claim illiquidity, price distortions and regulatory arbitrage will come to the fore if regulators make good on draconian threats. 

Many a slip expected as Europe repo plan moves forward
July 2013
A regulatory-driven initiative to boost interoperability in the European trilateral repo market should boost the efficiency of collateral. However, before the new system can be put in place, there is the sizeable task of bringing settlement systems together. 

Concerns remain as US Fatca delay gives banks breathing space
July 2013
The US Treasury’s move to delay the controversial implementation of the Foreign Account Tax Compliance Act (Fatca) gives financial institutions more time to beef up their compliance procedures, but the familiar gripes about the onerous regulatory burden remain.

US: Fed sows havoc for risk managers
July 2013
A string of Fed announcements and decisions has baffled US markets and bank decision makers.

Banking: The herd mentality prevails
July 2013
Banks are talking a good game about playing to their strengths. But a real differentiation of business models at the top of the industry has not happened yet.

Corporates way behind schedule as Sepa deadline looms
July 2013
Most corporates are still wholly unprepared for mandatory compliance with the Single Euro Payments Area, the EU’s flagship cross-border payments system, with a lack of understanding of its scope and impact.

Taming of China shadow banks crimped by archaic regulatory structure
July 2013
The rapid, seemingly uncontrolled, expansion of China’s shadow banking sector is under intense scrutiny because of the risks it poses to the banking system, and the economy itself, but also because the sector is largely unregulated. Urgent steps are needed to beef up regulatory vigilance as China seeks to engineer a contraction of credit to levered sectors.

ECB's Cœuré: Cross-border risk sharing needed to address SME credit crunch
June 2013
In an exclusive interview with Euromoney, Benoît Cœuré, member of the executive board of the European Central Bank, discusses the challenges that the region faces in stimulating financing to small and medium-sized enterprises and says non-bank investors are a useful spare tyre. 

European banks could face €400 billion capital shortfall in EBA/ECB stress tests
June 2013
Signs of a U-turn in thinking at the top could see bank balance sheets finally cleaned up in 'Europe’s Takenaka moment’, according to analysts at Berenberg Bank, warning a more punitive leverage ratio could take markets by surprise.

New OTC derivatives reporting standard comes to life
June 2013
In a bid to boost automation and lower costs, a new standard is being developed for cleared OTC derivatives reporting as comprehensive regulation comes to the global swaps marketplace.

Request for proposal: a quiet revolution
June 2013
The growth of e-auctions, consultants and Sepa, as well as rising corporate demand for innovative services, means the request for proposal (RFP) – the bidding process for corporates when tapping a bank for cash-management services – is evolving to meet new demands.

Foreign banks fight on in US DCM
June 2013
Competition in US debt capital markets remains fierce despite pressure on European banks to retrench from capital-intensive business lines. Faced with regulatory and funding headwinds, European banks insist they are staying put, and other non-US banks are joining them in the world’s biggest debt market. 

Financial transaction tax: Banks might learn the cost of crying wolf
June 2013
Having lobbied hard against most new financial regulation for the past five years, the banking industry’s valid objections to the proposed financial transaction (Tobin) tax risk falling on deaf ears. 

European pension funding: A small victory in a bigger war
June 2013
More common sense, along the lines of the EC reversal of proposed pension-funding rules, needs to prevail in financial services regulation.

Inside investment: Stupid is as stupid does
June 2013
Banks need to be better regulated. But a financial transactions tax is more than wrongheaded. As currently formulated, it would be hugely damaging.

Transaction banks: The chicken or the reg?
June 2013
What comes first for transaction banks? Their financial institutions clients want them to help meet new challenges – especially around regulation and depressed earnings – through innovating new products. But the big cash managers find most of their technology budgets focused on dealing with regulatory burdens.

Sovereign debt restructuring: the row rumbles on
June 2013
The IMF’s ambitious plan to flesh out new sovereign debt restructuring plans is laudable, but it faces strong opposition from EU policymakers, adding more uncertainty to the asset class, as fears grow of official sector restructuring in Greece.

Barrage of regulations undermines clarity on cross-border bank resolution
June 2013
For all the rhetoric about the importance of international cooperation in banking oversight, a lack of trust, regulatory fragmentation and a complex pipeline of divergent policy measures, particularly at the national level, are preventing the creation of a workable cross-border bank resolution system, observers warn.

European banks warn of regulatory fragmentation
May 2013
HSBC’s Flint sees tension rise between home and host regulators; Deutsche says balkanization threatens financial stability.

Clarification of SEF rules signals lift-off for FX options platforms
May 2013
The final clarification of the long-awaited rules on swap execution facilities (SEFs) could prompt more trading venues to enter the FX options market.

Global repo market reform going nowhere fast
May 2013
Regulation of the global repo market is inching closer – particularly in the US – but is hindered by a lack of consensus on how to proceed internationally, as well as the oft-touted concerns about the impact on credit flows to the real economy. 

CRD IV trade finance amendments offer little comfort to SMEs
May 2013
European and Basel forbearance on trade finance regulations will reduce, at the margin, borrowing costs for the larger corporates but for SMEs the challenge of accessing capital will remain undiminished until the banking sector is re-capitalized. Meanwhile, creative financing solutions are afoot.

Companies tapping bond market as first choice for M&A
May 2013
With regulation constricting banks’ capacity to carry longer-term loans, corporates are being forced to look for other sources of capital to fund their strategic growth plans.

Basel III casts shadow over notional pooling
May 2013

Banks wake up to gravity of know-your-customer challenge
May 2013

Regulatory noose tightens around banks’ money-laundering lapses
May 2013

FX survey 2013: Regulation might curb FX options
May 2013

Schizophrenic regulators killing securitization
April 2013

American banks lobby for diluted Basel III amid US-Europe tensions
April 2013

Ring-fencing proliferation raises fears of rule clashes
April 2013

Basel Committee raises flag over new interest rate capital charge
April 2013

Special focus: Sepa
April 2013

Times are a-changin’ for corporate treasurers
April 2013

The long and winding road to Sepa
March 2013

Confusion clouds derivatives industry amid Dodd-Frank attack
March 2013

Sanctions battle creates compliance challenge for banks
March 2013

International cash management banks adapt to a tough new world
March 2013

Transaction banking: a year of fundamental change
March 2013

Solvency II: Mission impossible
March 2013

BoE King throws another grenade into bank-regulation debate in bid to shape legacy
March 2013

US-Europe tensions blight global bank-reform push
March 2013

Alarm over G-Sifi debt buffers
March 2013

Regulators belatedly tackle potential abuse with the broadening of Libor investigations
March 2013

Banks win margin concession but OTC future unclear
February 2013

Financial Transaction Tax fires move to alternatives
February 2013

Resolution requirements set to boost G-Sifi holdco debt buffer levels
February 2013

New liquidity rules prompt mutual back scratching between banks and corporates
February 2013

Trichet-led G30 inches towards then limps away from fight with G20 policymakers
February 2013

Basle committee: Regulators climb down over liquidity
February 2013

Special focus: LCR
February 2013

Transaction banking won’t be spared the impact of new UK banking reform bill
February 2013

Derivatives market braced for regulatory onslaught
February 2013

No time to lose on Sepa compliance
February 2013

Critics see regulatory capture in new LCR
February 2013

EU financial transaction tax triggers ire of financial industry
January 2013

Mixed messages from Basel on ABS in Europe
January 2013

Rabo's Moerland warns of rush to banking union
January 2013

BoE accuses UK banks of improper reporting
January 2013

Carney under pressure as battle for Basel III rages
December 2012 

Investment banking: The upside of downsizing
December 2012 

Investors demand enhanced disclosures 
December 2012 

SocGen moves from lending to markets
December 2012

Basle III on the brink?
December 2012

Why Volcker, Vickers and Liikanen are all wrong
December 2012

Bank of England accuses UK banks of improper reporting
November 2012

Arguments rage over banking union
November 2012

Regulation: Enhanced disclosures are a big step forward 
November 2012

National regulators hamper EU banking union drive 
November 2012

CFTC misses the point with commingling clarification 
November 2012

Australian CPDO court ruling unlikely to inflict wider damage on rating industry 
November 2012

EU’s short-selling ban hits markets
November 2012

Why Kay, Volcker are wrong about ringfencing 
November 2012

Danish central bank talks tough on Basle III and European banking union
November 2012

Credit default swap ban leaves EUR vulnerable
October 2012

FSB reveals shadow banking policy options 
October 2012

BlackRock’s Fink calls for sharper global bank-recapitalization rule
October 2012

Canada's Carney: Finance’s new statesman
October 2012

EU policy deluge hinders banking reform drive
October 2012

Regulation: The lobby for leverage
October 2012

Liikanen-led EU review tells Barnier: do what you were going to do already 
October 2012

The next regulatory battle: the leverage ratio
September 2012

IMF emboldens financial reformers with damning report
September 2012

Is your treasury ready for the new global rules?
September 2012

Regulators move in on hardwiring
September 2012 

SEC infighting nobbles money market reform
September 2012

JPMorgan challenges regulators
September 2012

Scandals: Banks' operational risk rockets to new high
September 2012

Romney and Obama fumble bank reform 
September 2012

Global banks' regulatory hate-list, emerging markets edition
August 2012

Basel III? We don't need no Basel III
July 2012

Fatca deadline looms for international banks
August 2012

IIF: "Regulate risk, not shadow banking" 
June 2012 

Alarm sounded on banks' risk-management frameworks 
June 2012 

JPMorgan's trading loss proves Volcker rule won't work
May 2012 

Banks step up fight against 'mad' financial rules
May 2012

Bundesbank director sets out challenges facing bank regulators in Germany and beyond 
May 2012

Regulation: US dealer bond inventory at nine-year lows
March 2012

Time to row back on bank regulation?  
March 2012

Former Fed governor on lessons from the crisis 
February 2012

Toxic atmosphere surrounding banks and regulators intensifies 
February 2012

US corporate bond market slumps under weight of impending Volcker rule requirements
February 2012 

Are regulators starting to backtrack?
February 2012

EMIR finalisation does not close door on FX derivatives regulatory arbitrage
February 2012

Top banker breaches FSA rules in £2 million share trade
February 2012

How private banking firms are dealing with increased costs from regulation
February 2012

Einhorn judgement could lead to greater scrutiny of CDS trading
February 2012

Inside investment: Out of the shadows
February 2012 

OTC regulation: Collateral management blocks derivatives reform
January 2012

Hopes for reduction in liquidity risk might be flawed
January 2012 

Trade Finance survey 2012: Trade not getting the credit
January 2012 

Regulators in denial over legalities of EU treaty
December 2011

FSA exonerates RBS executives and itself 
December 2011 

Lawyers claim "too many regulations coming out"
December 2011 

EBA's latest capital requirements hit Commerzbank
  
December 2011

Tempers fray over regulations as ISDA and Sifma sue CFTC 
December 2011 

Derivatives reform might stumble on collateral-management hurdle
December 2011

Regulation: Supervisors still can’t get it right
December 2011

EuroCCP CEO: "Regulatory capital requirements will hurt, not kill the CCP"

December 2011

Nominees try to be Wall Street smart
December 2011

Downgraded banks face hits from additional collateral payments
December 2011

Banks and regulators have bold ideas to address crisis
December 2011 

Regulation: Banks under the cosh from corruption vigilantes
December 2011

Vickers capital requirement 'tip of the iceberg'
November 2011

Volcker rule to cull bank profits, jobs and increase bank bailouts
October 2011

Vickers report to blame for Moody's slew of downgrades
October 2011
 
Basle III needs a rethink but fast 
October 2011

SEC's ABS shorting ban will have no effect
October 2011

Inside Investment: The rise of Faginomics
October 2011

Banks 'will fail' if Vickers report recommendations implemented too soon
October 2011

Vickers’ UK bank ring-fencing will create more systemic risk
September 2011

Europe engages in excessive self-regulation
September 2011

Financial reform will hold back economic growth until 2016 
September 2011

Banking isn’t working
April 2011

New rules promote a shadow banking system
March 2011

CFTC’s Gary Gensler: Banking's enemy #1
September 2010

Can bankers be their own cops?
September 1997

Banking sector reform: a definitive guide to the latest developments
International Financial Law Review




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SELECTED CHAPTERS

Transparency in the FX industry

Redefining Conduct

Tectonic Shifts

Growth Currency

Looks Can Be Deceiving

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