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...

CFTCs Gary Gensler Continues Crusade for Libor Reform

U.S. Commodity Futures Trading Commission (CFTC) chairman Gary Gensler has stated that the Libor interest rate is not yet free of fraud. Gensler said to the BBC in London that the rate was often “completely made up.” Many banks, within the past year, have been fined hundreds of millions of pounds...

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....

New Swap Rules Draw Concern from Foreign Regulators

Regulators from the European Union and the U.K. urged the U.S. to delay new rules concerning swap contracts and to reconsider how the rules apply to foreign banks and transactions, a predicament called extraterritoriality. The concern adds to a host of complaints stemming from foreign regulators in Japan,...

Details of LIBOR Reform Taking Shape

In the wake of revelations that several major banks engaged in manipulation of LIBOR, the U.K. Financial Services Authority (FSA) is moving quickly to shore up confidence to the benchmark rate. “This is bigger than just LIBOR,” said Martin Wheatley, the FSA official in charge of the overhaul. “It’s...

Barclays Chief Executive Resigns

Barclays’ chief executive, Robert E. Diamond Jr., announced his resignation today.  Diamond’s departure comes after increasing criticism and mounting political pressure, nearly a week after Barclays paid out $450 million to settle accusations by various regulators that the British bank tried to...

FSA sanctions London metals trader

The U.K. Financial Services Authority (“FSA”) issued a release today publicly censuring London metals trader Jason Geddis. In November of 2008, while employed at Dresdner Kleinwort Limited, Geddis built up a very large position in short term Lead contracts, enabling him to drive up prices to...

Former Citigroup VP caught in palladium and platinum trading fraud

The CFTC has secured a default judgement order against Otmane El Rhazi requiring him to pay $1.49 million in restitution and civil monetary penalties. El Rhazi, a former futures and option trader and Vice President of Citigroup Global Markets Ltd in the United Kingdom, was accused of non-competitive trading,...
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