Digital banking: Special focus

Digital banking: Special focus

Big data, analytics and technology

Iran's pivotal moment

Iran's pivotal moment

Tehran is at a crossroads…

Friday, October 24, 2014

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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

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.

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Final days of Ricardo Salgado and Banco Espírito Santo

Euromoney Pulse Survey: Renminbi’s internationalization continues apace
When BES collapsed earlier this year, markets briefly feared a return of the crisis to Portugal and to Europe. Even after the bank's bailout, investigators still pore over bank documents, transfers and deals, trying to make sense of Salgado’s last days battling to keep his empire afloat. The backstory is of an extraordinary decades-long rivalry between the country's two pre-eminent business families.