EU Swaps-Clearing Clash

European Union (EU) delegates are unable to settle a dispute between Germany and the U.K. regarding derivatives-clearing competition, requiring the discussion to begin again on draft legislation. Ireland, which holds the EU’s rotating presidency, is looking to find middle ground on the initiative,...

EU Transaction Tax Would Hurt Economies, Says ICAP

A proposed financial EU transaction tax would damage the region’s economies, says ICAP, one of the world’s largest inter-bank brokers. Reuters reports that the new rules would raise funding costs for governments and companies, and would necessitate financial activity to move outside of the tax...

CME Strives to Expand European Business Before New Exchange

The world’s largest futures exchange, CME Group Inc., is pushing to expand its European business as it begins a new London-based market, while IntercontinentalExchange Inc. advances their planned purchase of NYSE Euronext. CME, a Chicago based exchange, intends to open a new London exchange this year....

Some UK Banks Need More Capital

Andrew Bailey, Head of the UK Prudential Regulation Authority, told Parliament’s Treasury Select Committee that some banks need more capital. Reuters reports that some of Britian’s largest banks need more cpaital, but the government has not yet been asked to put cash into the Royal Bank of...

Major Banks Argue that Libor Lawsuits Should be Thrown Out

Lawyers for a number of the world’s biggest banks have asked a U.S. judge to throw out a collection of lawsuits accusing them of manipulating Libor, key interest rates, and cheating investors out of billions of dollars. The banks involved in the lawsuit include Bank of America Corp, JPMorgan Chase...

FSA Report Reveals Poor Management

An internal report commissioned by the Financial Services Authority (FSA) revealed rate-rigging, highlighting how the regulator ignored or failed to follow up on a series of problems with the rates. The report, published today, is in response to the aftermath of the Barclays PLC settlement with...

Basel III Rules Slated for March Deadline, EU Says

The European Union (EU) is pushing ahead with Basel III capital standards to avoid delays. Bloomberg reports that the EU’s financial services chief, Michel Barnier, stated in an interview that, “We need agreed rules as soon as possible so that banks know which way they are going.” March 22...

U.S. Treasury Opposes E.U. Tax-on-Trades Plan

The U.S. Treasury announced their opposition to plans by 11 European Union countries to impose a small tax on trades in shares, bonds and derivatives. The Wall Street Journal reports that the European Commission will propose a new financial-transaction tax, which has the potential to raise as much as €35...

Will the CFTC, SEC Follow Europe with a Transaction Tax?

Now that eleven euro zone countries have approved a financial transaction tax, will U.S. regulators at the U.S. Commodity Futures Trading Commissino (CFTC) and the Securities Exchange Commission (SEC) follow suit? Ironically, though the idea of a financial transaction tax was first proposed by American...

EMIR, ESMA, CCPs: European Regulatory Calendar for Winter, Spring 2013

Although some key rules have yet to be finalized, the U.S. regulatory regime has, for the most part, entered into an implementation phase. On the other hand, European regulators are determined to establish a single rulebook that would streamline regulatory policy across the member states. While U.S....