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Banking

Financial regulation: special focus

Euromoney's latest coverage of the growing minefield that is financial regulation.

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Regulation: Chile to adopt Basel III

July 2017

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Implementation of global standard will lead to higher tier-1 capital levels; banks well capitalized but predictions of sovereign downgrades cloud outlook.


EBA screen scraping rejection is challenged by EC

July 2017

The debate around allowing screen scraping under the Payment Services Directive 2 (PSD2) has intensified after the European Banking Authority called for it to be outlawed.


Taiwan's conglomerates need to break free

July 2017

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The island’s financial sector is struggling to meet the needs of the economy, hampered by over-regulation. As it slowly withers, will lawmakers finally address the need for change?


E-commerce verification processes face regulatory pitfalls

June 2017

E-commerce protection measures often focus on how to safeguard the consumer, but merchants also need security to counter the threat from fraud.


Taxpayers bail out Italian banks

June 2017

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Just two weeks after Banco Popular’s rescue was hailed as a triumph of Europe’s post-crisis resolution regulation in action, Italian taxpayers are footing the €17 billion bill for the collapse of two long-troubled lenders. Maybe that post-crisis regulation isn’t quite as effective as it is supposed to be.


Third-party providers come under PSD2 scrutiny

June 2017

Payment providers looking to capitalize on open banking will have to jump through regulatory hoops to prove they are able to offer the services they claim, under the final set of rules from PSD2.


KYC obstacles hamper Mifid II preparations

June 2017

The extended deadline for Mifid II is now only six months away, and along with an increase in the amount and quality of data financial institutions (FIs) have to record, they must also reassess customer relationships.


Spain’s bank rescue could make tier 2 less Popular

June 2017

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Both AT1 and tier-2 investors lost everything when Banco Santander rescued Banco Popular, while senior bondholders were untouched. The rescue has shown that when banks in Europe get into trouble it is liquidity, not capital, that matters and that the fate of subordinated bondholders is anything but predictable.


When Brazilian bank holidays meet financial regulation

June 2017

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What gated communities can teach us about gaming the system.


European regulation: Banks need union for profitability

June 2017

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The drive to integrate the European banking system has taken a back seat as regulators have become concerned at the lack of profitability in the sector. Can banking in the EU be sustainable without union and with so much onerous regulation?


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Markets brace for the great QE unwind

June 2017

Quantitative easing has been the defining monetary policy innovation of the 21st century. With global economic recovery now seemingly robust, the challenge facing policymakers is to reverse this stimulus. This is likely to be fraught with danger, particularly in Europe.


Regulation: Volcker rules don’t apply

May 2017

On April 21, Donald Trump directed his treasury secretary, Steven Mnuchin, to begin the administration’s long anticipated attack on the Orderly Liquidation Authority, created as part of the 2010 Dodd-Frank Act to ensure the smooth management of US banks at risk of failure.


Tightening Asian regulations create corporate discord

May 2017

International companies new to Asia find working in the region more difficult than anticipated, as Asian regulators move towards a protectionist stance.


Macaskill on markets: Trump’s top banks set off Volcker rule alarms

May 2017

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Goldman Sachs badly underperformed other US banks in first-quarter fixed income results, setting off a frenzy of speculation about trading positions that could have led to the disappointment.


Regulation: The Fed means business on the Volcker rule

May 2017

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The central bank found a way to enforce the rule just before lawmakers attempt to dismantle it.


Treasurers diversify cash investment in search of yield

May 2017

The era of low rates has led treasury teams managing cash surpluses to diversify their assets and exposures.


KYC registries becoming useful data utilities

April 2017

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Know your customer (KYC) registries and utilities were created to comply with rising regulatory requirements. However, as a trusted source of counterparty information, they are finding additional uses across business lines.


Regulation: Don’t push me!

April 2017

Who’d be a regulator? David Tweedie, who was chairman of the International Accounting Standards Board for a decade right through the global financial crisis, knows more than most about the challenges involved.


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Trump’s Dodd-Frank haircut could be little more than a trim

April 2017 

Changes to US banking regulation will focus on specific targets rather than wholesale legislative reform.


EU jurisdiction alive and well in the UK as PSD2 implementation looms

March 2017

The UK has signalled its determination to free itself from rules cooked up in the EU, but Payment Services Directive II (PSD2) is an example of the need for international cooperation when it comes to financial regulation.


Banks warned to be more proactive in overcoming regulatory obstacles to payments

March 2017

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Banks might want to stop blaming regulators for delays in opening accounts for businesses and the high costs of international payments and FX, because if they don’t do a better job, challengers will.


FX: SEC rejects bitcoin ETF but market remains buoyant

March 2017

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The Securities and Exchange Commission (SEC) rejected an exchange’s request to list what would have been the first bitcoin exchange-traded fund (ETF), but it might not be long before such a digital currency fund becomes reality, say commentators.


Asia: Alder says Stock Connect has improved balance with Chinese regulators

March 2017

Enforcement on the mainland remains a huge issue for the Hong Kong SFC, but its CEO claims things are changing.


EC calls for May deadline as stalemate over bank creditor hierarchy legislation sets in

March 2017

European Parliament drags heels over fast-tracking rules; Nykredit flips out in €500 million deal.


Regulation: TRIM stokes IRB stand-off between Basel and the ECB

March 2017

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The Basel Committee wants to ignore bank internal ratings-based (IRB) models and rely on the leverage ratio to neutralize the impact on RWAs of their variability. The European Central Bank (ECB) view is: get better models.


Regulation: Healthy ETFs anyone?

March 2017

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Brokers and insurance agents can still ignore Gary Cohn and shake off their reputation as cowboys.


Regulation: Trump’s misguided motives

March 2017

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While the imagery around the Trump presidency looks awful, it may obscure some good intentions – but what stops us cheerleading these efforts is the worry where they spring from.


E-commerce treasurers look for alternative payment options

March 2017

E-commerce needs a strategic rethink in how payments are collected to increase efficiency and reduce clearing times. PSD2 is one possible resolution, with social media also starting to play a role.


Banking: Europe’s battle to fix the ‘doom loop’

March 2017

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Breaking the sovereign/bank nexus has been a priority for policymakers since the global financial crisis. The problem is particularly acute in Europe. One proposal, to end the preferential capital treatment for the sovereign exposures of banks, may presage a revolution in European capital markets. But getting Europe’s rival factions to agree on a policy is far from simple.


Asymmetric finalization of capital rules creates headache for Europe’s banks

February 2017

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G-Sibs face conflicting TLAC and MREL requirements; deduction rules could favour European bank investors.


Lebanon vs the money launderers

February 2017

Abdul Hafiz Mansour, the head of Lebanon’s Special Investigation Commission, has a reputation as a tough adversary of financial crime. In a rare interview, he tells Euromoney why his unit is so effective, and why so much money laundering still goes unpunished.


Regulation and innovation thrive together in the FCA’s sandbox

February 2017

The Financial Conduct Authority’s (FCA) regulatory sandbox has been a hit with market participants and regulators alike, giving firms whose services were never anticipated by existing rules the chance to test out new features without fear of fines or enforcement action.


FX: DIY performance analysis tools hit the masses

February 2017

Performance analysis solutions, once so pricey only the biggest banks could afford them, are becoming more widely used for FX strategies as regulations demand greater due-diligence processes and sell-siders are under pressure to prove they are giving clients value for money.


Inside investment: We need to talk about pensions

February 2017

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An equally important influence in the UK, Netherlands and elsewhere has been accounting standards and regulation…


Banking: Regtech promises better and cheaper AML and KYC compliance

February 2017

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Rather than moaning about the time and money spent chasing false-positive alerts of criminal or terrorist financing, banks ought to be sharpening up their own anti-money laundering (AML) and know-your-customer (KYC) systems or renting in better ones.


FX mobile trading devices go through growing pains

February 2017

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'Regulation is dominating budgets and mobile trading functionality is seen as a 'nice to have’ that would require a significant investment of time and money to build from scratch, even though there are several off-the-shelf vendor solutions available.'


European NPLs: Think global, act local

February 2017

Setting up a European bad bank is a dauntingly complicated and time-consuming proposition. Europe’s NPL problem needs to be tackled at the national level.


Bank regulation: The corrosive effects of IFRS 9

February 2017

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New accounting rules requiring banks to take upfront charges against possible losses through the full life of a loan promise damaging pro-cyclicality.


UK banking: No wish for post-Brexit deregulation

February 2017

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Bankers in the UK have little if any appetite to row back on a decade of regulation they are just about getting used to.


Regulation: The death of global standards

February 2017





Just as concerns grow that central bank monetary policy is under threat of becoming politicized, there are also fears that politics is corroding the objectivity of rule makers, putting the stability of the financial system at risk.

Trump escalates era of regulatory competition

February 2017

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There’s plenty wrong with post-crisis US bank regulation, but as the new US administration looks to roll back Dodd-Frank, its protectionist instincts might start a global race to the regulatory bottom.


Trump’s tax holiday proposal likely to see dollar surge, says Nomura

February 2017

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One of the US president’s oft-repeated election promises was a tax holiday to encourage US corporations to bring assets held abroad back onshore – if he delivers, the dollar is likely to strengthen considerably against the currencies in which those assets are held, says Nomura.


Private Banking Survey 2017: Wealth leaders face a tough balancing act

February 2017

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Rate hikes, regulation, investing in people and technology – the CEOs of the top ranking private banks in the 2017 Euromoney private banking survey discuss how to balance the challenges and the opportunities that lie ahead.


UniCredit breaches cap ratios after Q4 charges

February 2017

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Bank warns on AT1 coupon if €13 bln rights issue fails; move highlights importance of capital increase.


IFRS 9 implementation dividing banks and corporates

January 2017

The international financial reporting standard (IFRS) hedge accounting rules are likely to bring benefits to corporate treasurers, but could be a big worry for bankers.


CFTC chairman vows to loosen US regulatory straitjacket

January 2017

Only a week into Trump taking office, it is too early to make concrete predictions about what the FX market can expect, but the acting chairman of the CFTC has outlined some of his priorities, which could provide clues.

CLSA chief slams regulators on research

January 2017

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Jonathan Slone argues regulators are damaging the agency broking model and not helping the clients they intend to help.


Departing CFTC chair warns against repeal of financial regulation

January 2017

As he steps down from the CFTC on inauguration day, Timothy Massad warns the new administration that wholesale repeal of post-crisis financial regulation would be a big mistake.


Trade Finance Survey 2017: Tough times in trade finance

January 2017 

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The prospect of taking on more risk has seen the number of banks dedicated to trade finance declining. It is not just the implications for risk capital, but the spiralling cost of regulatory compliance.


Regulation: ECB calls time on lending excess

January 2017

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Plans to mirror US leverage limits could hit banks’ market share in Europe.


Barriers to information sharing impact cyber security measures

January 2017

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Sharing of information that could prevent cyber-attacks is being impeded by strict privacy rules and concerns over reputational damage.


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Regulation: The force will be with the rogue one

December 2016

Amid all the calls for 2017 that get pumped out of research departments at this time of year, I have not seen any predictions for the return of the rogue traders.


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Transaction services: Regulate, or innovate?

December 2016

Banking regulators have a remarkable ability to stop innovation in its tracks. But when they work in favour of the industry, amazing things can happen.



CRD IV creating regional divides on notional pooling

December 2016

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New CRD IV rules are dividing how European and US banks are able to provide notional pooling facilities to corporates, providing more favourable conditions for some than for others.


Patience with global bank regulation wears thin

December 2016

Tempers are fraying as EU regulators push back on Basel IV and threaten retaliatory ringfencing in Europe.


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Argentina: Galicia’s Grinenco looks through the regulatory lens

December 2016

The outside world is still happy to see the market-based reforms in Argentina through rose-tinted glasses, but the country’s banks are battling a poor economy and tough regulatory challenges. Banco Galicia’s chairman, Sergio Grinenco, has a pragmatic view of the outlook for Argentina’s banks.


Fintech sandbox risks creating unofficial endorsements

December 2016

The creation of the FCA’s fintech sandbox, hailed as a step forward in regulatory collaboration, risks creating a disproportionate advantage for products developed through the process.


Data sensitivity further complicates PSD2

December 2016

Implementing Payment Services Directive II is already causing headaches for plenty of European banks, even before they face up to the potential impacts of data privacy and messaging standards.


Investment research: the progress of price

November 2016

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There is now just over a year until the new Mifid II regulations covering research procurement come into effect in January 2018. The market still has a mountain to climb if that deadline is to be met.


Rates put Germany’s financial ecosystem at risk

November 2016 

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Ultra-low rates and higher regulatory costs are thinning German banks’ already meagre margins, creating dangers of systemic importance.


Against the tide: Europe’s banks still in trouble

November 2016

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Another European banking crunch is on the horizon thanks to legacy problems that have not been fixed.


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Capital markets: Has Brexit killed CMU?

November 2016

Capital markets activity in Europe is dominated by the UK, so the Brexit vote could have dealt a mortal blow to the European Commission’s plans to promote it through the capital markets union initiative. To survive, CMU will have to get global.


Regulation: ‘Hound of Hounslow’ loses extradition appeal

November 2016

S&P E-mini trader faces US regulatory charges; academics dispute ‘flash crash’ connection.

Bank capital: French insurer CNP fires tier-3 starting gun

November 2016

French insurer CNP Assurance issued the debut tier-3 bond in euros on October 12, a €1 billion triple-B-plus rated deal that the market hailed as showing the way forward for the sector under Solvency II.

Banking: CEOs call for regulatory harmony, time to digest change

November 2016

Brexit threatens eurozone, but region still crucial to global banks.

The regtech headache of going digital

October 2016

Qumram offers a solution for banks that must be able quickly to reconstruct online discussions with their clients carried out across multiple digital channels.

Regulation: Section 385 ruling marks U-turn

October 2016

The final ruling on Section 385 has been made, with significant dispensation to allow corporates to continue with cash pooling.

Regulators face balancing act for global rule implementation

October 2016

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The results of the World Payments Report (WPR) and the Euromoney Cash Management Survey 2016 indicate marked variance in how regulations are implemented globally.

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Banking: The collective struggle for better bank ethics

September 2016

The Wells Fargo scandal has once again put ethics at the heart of the debate about the future of banking. Regulation is clearly not working. Now an eclectic group of behavioural scientists, moral psychologists and spiritual leaders are stepping in to solve the problem. Will anyone on Wall Street listen? 


Banks scent victory in Basel IV standoff

September 2016

As the year-end deadline to finalize Basel III looms, there is growing speculation that the Basel Committee will water down its stance on capital adequacy requirements. The banking industry should, however, wait before popping the champagne corks just yet.


Capital relief trades: Yield hunters chase synthetics as Basel IV looms

September 2016

Nordic blockbuster furthers synthetic rise; negative connotations linger.


Regulation: French rail against Basel IV

September 2016

The country’s banking sector is the most undercapitalized in Europe, so French calls for a delay to new capital rules are growing.


Deutsche totters on the brink once again

September 2016

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CEO John Cryan had hoped to remove uncertainty overhanging Deutsche Bank’s stock by speeding up the resolution of litigation, but the Department of Justice’s opening claim for $14 billion over RMBS refocuses attention on the bank’s weak capital.


US banking: ‘It’s over for Wells Fargo’

September 2016

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The brutal grilling of chief executive John Stumpf before the Senate banking committee is just the beginning of investigations that will embroil Wells Fargo and damage its peers.


US banking regulation: Poor relations

September 2016

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Regulations designed to protect US banking consumers may instead be pushing the poor out of the system altogether.




CSR: The unbanked – mind the gender gap

September 2016

Some governments are changing legislation to be more supportive of women. Rwanda, for example, introduced ID requirements that makes it easier for women to obtain the kind of identification needed to open a bank account.

The looming crisis in correspondent banking

September 2016

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FSB chair Carney marks his own homework, awarding A* grades for the board's financial regulatory reforms – this is hogwash.


Saudi Arabia: IPOs open to foreigners in new shake-up

September 2016

Foreign funds expected to rush in; move coincides with privatisation drive.


Latin America fintech: Brazil’s digital puzzle

September 2016

New regulation in the pipeline to cover fintech companies; large banks wary of cannibalisation of revenues.

EMIR delegation not streaming the process

September 2016

The time-consuming burden of complying with the European Market Infrastructure Regulation (EMIR) has meant some corporates have been looking to outsource their reporting, but this might prove to be a false economy.

BIS stats: the steady decline of foreign exchange

September 2016

The FX business is officially shrinking for the first time since 2001, as the world's largest financial market battles an industry slowdown and a regulatory crackdown.

Belgium ups the ante in regulatory war on leverage for retail FX

August 2016

Regulators around the world have repeatedly tried to tackle the problem of excessive leverage being freely available to retail, particularly in FX, but Belgium's outright ban on leveraged products is the most radical solution yet.

Treasurers left in the dark over ring-fencing plans

August 2016

Barclays has outlined its timeframe for the implementation of ring-fencing, but banks have so far given little public detail on what the structural reform of the UK’s banking industry will entail. This is leaving corporate treasurers unable to make their own plans.

Sideways: The Committee to abolish Christmas trades

August 2016

The Volcker Rule restricting proprietary dealing by banks came into effect in the US last year; similar regulations are being implemented in Europe. There is still confusion over the scope for banks to profit from hedges, however.

Digital can be Shariah-compliant

August 2016

Digital initiatives boost Hong Leong Islamic Bank; Islamic finance fertile ground for fintech.

More clarity needed on impact of MAR on spot FX

August 2016

The European Securities and Markets Authority’s Market Abuse Regulation (MAR), which came into effect in July, may have effectively brought aspects of spot FX into its scope, argue some advisers. But greater clarity is what market participants need.

Clean data demand holds back Mifid II

July 2016

The implementation of Mifid II has been postponed to allow additional time for improving data quality. Meeting this standard, though, is requiring a substantial amount of work.

PSD2 threatens bank’s real-time payments dominance

July 2016

The opening up of accounts access by PSD2 could take the drive for real-time payments in Europe out of the hands of the banks, and hasten it’s time to market.

World's best bank at adapting to the regulatory environment 2016: Lloyds Banking Group

July 2016 

Lloyds has reached a milestone in its bid to transform itself into a lean and simple financial institution, well-suited to the post-crisis regulatory climate.

RegTech is reshaping banking

July 2016 

From retail and investment to emerging market banking, regulatory technology is redrawing the global financial map. Data is the new capital, ideas are the new risk.

Bank of England plots strategy to calm fretful markets

July 2016 

The BoE still has plenty of monetary weapons in its policy arsenal, including expanding an asset-purchase programme akin to the ECB, but, amid febrile market confidence, it needs to tread carefully.

EU regulations to remain for years despite Brexit vote

July 2016

UK-based financial institutions should expect the bulk of European Union regulations to remain in place up to and even after the UK’s exit from the bloc, despite uncertainties over the terms of the eventual exit, lawyers say.

Section 385 threatens intercompany transactions

June 2016

The implementation of Section 385 regulations by the US Department of the Treasury is aimed at stopping profit stripping, but, without redress from treasury and compliance measures, it could also hit intercompany lending and pooling structures.

What does emerging Europe get out of banking union?

June 2016

In the great debate on banking union, the smaller markets of emerging Europe are often overlooked. Yet, with banking sectors dominated by eurozone groups, they are uniquely vulnerable to changing regulatory regimes.

Procurement collaboration mitigates treasury commodity risk

June 2016

The volatility of the commodities market is propelling treasurers to assume a greater involvement in monitoring price fluctuations while working more closely with procurement teams than ever before.

Deutsche Bank lapse prompts AML reassessment

June 2016

Deutsche Bank pledges to update anti-money laundering (AML) processes after failings uncovered by the Financial Conduct Authority (FCA) in a move that's pushing other banks to reassess their own operations.

Market players defend voluntary BIS FX conduct code

May 2016

Advocates claim the principles-based approach offers the best hope of restoring trust in the FX market once and for all.

Treasurers lash out over compliance burden

May 2016

Corporate treasurers reveal the impact of compliance on their day-to-day operations – and how it is affecting their relationship with banks.

Regulation and Rabobank: Questionable returns

May 2016

Rabobank is changing more proactively than other European mutual banks, but it still has its work cut out to adjust to new Basel rules.

Regulation: FSOC hits Sifi snag

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May 2016

MetLife wins right to ditch Sifi label; US insurers consider options.


Tax inversion clampdown hits US M&A

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May 2016

Pfizer/Allergen merger abandoned; cross-border deals set for slowdown.


Regulation: It’s still Basel IV

May 2016

Basel’s rule-makers rely too heavily on blunt standardized measures.


Bank holdings: Keep banks in the loop

May 2016

The sovereign-bank nexus or the doom loop? Whatever you like to call it, senior German and European policymakers are wrong to want to limit bank holdings of government debt.


Basel’s IRB attack ‘a capital game-changer’

May 2016

BCBS wants greater comparability; new risk weights worry bankers.


FX: Fund managers awake to Mifid II

April 2016

With the Markets in Financial Instruments Directive II (Mifid II) on the horizon, the regulation is likely to impact FX market structure – indirectly.


The big wobble: Can the SSM stabilize Europe's banking system?

April 2016

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The Single Supervisory Mechanism, the eurozone’s new banking supervisor, is tasked with combating financial fragmentation, building a banking union and, above all, making Europe’s banks investable once again. The first few months of its tenure were some of the most difficult since the dark days of the euro crisis. Bankers’ scepticism about the new regime is the least of their worries.


SSM: Banks brace for punishment on credit risk, sovereign debt

April 2016

Apart from standardizing the numerator for banks’ solvency ratio (capital), the eurozone and the Basel Committee on Banking Supervision are going to analyse and, where necessary, harmonise the denominator (risk-weighted assets).


Western Europe: Anti-terror push piles on compliance burden  April 2016 

France leads new European AML push; tech payments firms most vulnerable.


Regulation: Banking’s dark side reaches Australia

April 2016

Asic launches investigations; ANZ, Macquarie and CBA probed.


Regulation: Solvency II – insurance companies in for a structural change

April 2016

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Insurance companies will struggle to fill real asset allocations until the industry gets better at structuring infrastructure risk.


Regulation can't help oil patch banks

April 2016

It is the wider impacts that could undo financial firms, whatever the regulators recommend.


FX: Hopes rise for whistleblowing cases

March 2016

Revelations of benchmark fixing and manipulation appear to have created a more favourable environment for FX industry participants to highlight suspected wrongdoing but the data tell a different story in the UK.


Capital markets: Swap spreads signal market failure

March 2016

Negative swap spreads are more than a sign of dysfunction in the interest-rate derivatives market. They are the result of fundamental changes in the structure of the capital markets that have been forced by post-crisis banking regulation.


Bailing out bail-in

March 2016

Recent bailouts in Italy and Portugal confirm the long-standing view that bank resolution will more often than not receive state subsidy and threaten disruption to the wider financial system – despite regulators’ declarations to the contrary.


Macaskill on markets: The mystery of the Basel outlier

February 2016

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The Basel Committee on Bank Supervision released long-awaited guidance on a new capital regime for market risk in January. It did not, however, solve the mystery of which bank was the outlier in a study of the potential effect of a change in trading risk evaluation.


EU banking union ushers in new era

February 2016

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Bail-in uncertainties remain; Portugal and Italy mark tough start for BRRD.


Portugal problem stumps Isda

February 2016

Unable to agree on whether or not a credit event had occurred, Isda has had to turn to outside help to determine what has happened at Novo Banco.


Basel III undercuts allure of notional pooling

January 2016

Regulatory requirements have increased the cost associated with notional pooling as a liquidity management tool, with many banks restricting the product to their best-rated clients.


Banking: Portugal’s bail-in bombshell

January 2016

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Portugal’s central bank had very few options when it decided to bail-in senior bondholders of Novo Banco at the end of last year. The move has dismayed investors and may breach the ECB’s newly introduced bail-in powers. Have years of effort in developing a bank resolution regime already gone up in smoke? And what does it all mean for a deeply shaken market for bank funding?


Novo Banco bail-in may breach BRRD transfer rules

January 2016

Bank of Portugal tells Euromoney that Novo Banco bail in has satisfied BRRD conditions for the exercise of retransfer power but insolvency experts believe that important criteria have not been met.


Bank FX sales teams challenged in new regulatory climes

January 2016

FX sales teams are now more restricted in how much market colour they can provide to clients, challenging the relationship-driven industry.


Inside investment: Shadow play is dangerous

December 2015

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Banking supervisors and other regulators are determined to bring so-called shadow banking within their purview.


China: Ex-regulator calls for market reforms

December 2015

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Gao urges SOE defaults; financial reform should precede capital liberalization.


Banking: Tower of regulation

November 2015

The sheer volume of legal documents pertaining to new regulation that banks must read and take action on across their businesses is a daunting and ever-growing mass that, if printed and piled up, ‘would stretch for a kilometre into the sky’.


Regulation: The benefits of blockchain

November 2015

Banks are suddenly obsessed with potential of the distributed ledger in financial markets, but regulators must make sure it is used in ways that remove collusion and wrongdoing.


MiFID II transforms market for research

November 2015

Unbundling here to stay; research goes on exchange.


Real-time payments face euro split

November 2015

Although Europe has the infrastructure in place for implementing cross-border real-time payments, the lack of a centralized regulatory requirement might leave the project without focus.


Global OTC derivatives reform gathers pace

November 2015

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Companies that use over-the-counter (OTC) derivatives to manage foreign-currency earnings exchange-rate risk will have taken note of recent pro-active developments on market reform in Asia and Africa. The next step – mandatory clearing in Asia – will trigger a wave of margin compression and shifts in market infrastructure.


Bitcoin: Jury is still out on derivatives

October 2015

Bitcoin is riding high after a recent European Court of Justice ruling that users in Europe are not liable to pay value-added tax when trading the cryptocurrency. But regulators worldwide are divided on whether it is a commodity or a currency and are still probing the advent of bitcoin derivatives as exchanges flourish to satisfy traders' demand for a wider range of products.


PSD2 opens up payments competition

October 2015

The rules on the revised Payment Services Directive have been finalized by the European Commission (EC), allowing third parties to initiate payments between bank accounts. But should this be a cause for concern for the traditional players?


FX players divided on market structure

October 2015

Foreign-exchange market participants are warming to the idea of exchange-like trading and abolishing outdated market practices such as last look – but banks and non-bank players still cannot agree on the future landscape of FX, according to a survey published by LMAX Exchange.


FX: Questions over feasibility of central netting utility

October 2015

Establishing an industry-wide netting utility to handle fix execution is likely to prove challenging, even with the support of the organization mandated to promote financial stability.


Regulators must tread carefully to not stifle innovation

October 2015

While banks continue to devote a lot of resources to compliance activity, there are signs that this investment is having less of a negative impact on service innovation.


Securities under the microscope

October 2015

Limited transparency in securities flows has been a concern for some time. The challenge facing regulators is to address issues around ownership without affecting legitimate transactions.


On message: ISO 20022

October 2015

ISO 20022 has the potential to bring considerable benefits to regulators and regulated institutions, although the integration challenge should not be underestimated.


Playing the long game on MREL

October 2015

The minimum requirement for own funds and eligible liabilities (MREL) is due to become effective in January but its final determination could still be years away.


Sepa enables European treasury sophistication

October 2015

Full Sepa implementation has facilitated the creation of an ever-more sophisticated corporate treasury landscape across Europe. The challenge now is to inform treasurers of its diverse benefits.




Africa: Is cross-border regulation the next big problem?

September 2015

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As pan-African banks expand across the continent at lightening speed, experts have started to highlight the inadequacy of cross-border banking regulation. Regulatory progress is slow, while pan-African banks admit that the issue is not yet top of their priority list.


Central America: Money laundering – consolidation from the bottom?

September 2015

Roberto Zamora, president of Lafise, says that money-laundering regulation is the pertinent driver of consolidation throughout the region.


TradeTech FX: Top themes facing the industry

September 2015

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Clients are demanding better price transparency, regulators are sniffing around common trading practices, and markets are bracing for further Asia-driven volatility, say foreign-exchange professionals at this year’s TradeTech FX conference.


Inside investment: Bankers and regulators – Let’s all take the oath

September 2015

The wisdom of ages needs to be heeded by bankers, investors, policymakers and regulators alike if we are to avoid lurching from crisis to crises, to the end of days.


Banking: A European Union champion?

September 2015

Banking regulation has made it harder, even for banks with large market shares in the biggest European economies, to compete globally in investment banking, and gain high enough returns to satisfy shareholders. 


Lawyers call for clearer rules for FX forwards

September 2015

As the regulatory landscape for FX continues to evolve – including shifts in best-execution practice and new supervisory frameworks for a slew of products – investment managers have been left uncertain about the implications for some of their trades.


FX: Debate on last look continues to rage

September 2015

Regulators might be suspicious of it, but even market participants who have shifted their stance on last look reckon clients should be allowed to make up their own minds.


Bank regulation: Regulators seek data on systemic risk

September 2015

Standardization urgently needed, say analysts; banks now ‘more resilient to stress’.


Liquidity rule forces corporate deposit rethink

August 2015

Basel III’s liquidity coverage ratio (LCR) – the first binding attempt to micro-manage lenders’ liquidity buffers – has fundamentally altered the status of corporate deposits, triggering treasurers to transform their liquidity-management strategies.


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

History of regulation: Caveat vendor

September 2002

US business leaders fear a heavy-handed legal and regulatory response to accounting scandals. The same fear was widespread in the 1930s. But the much hated laws and regulations laid down then set the foundations for a vibrant financial sector.

Gramm-Leach-Bliley Act of 1999 (GLBA): Winners and losers of new finance law

December 1999

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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