A Green Light Doesn’t Mean Go for Swaps Clearing – Financial News (subscription)
Just because 20 of the world’s most powerful people want something to happen does not mean it will happen.
Esma Seeks Power to Ban Directors and Levy Supersize Fines – Financial News (subscription)
Europe’s top markets regulator is asking for sweeping new powers, including the ability to make spot checks on finance firms without approval from a judge, levy fines 10 times bigger than at present, and ban people from the boards of the firms it directly regulates.
EBA Proposes Trade-By-Trade CVA Test for Non-EU Corporates – Risk Magazine (subscription)
European dealers are split on a proposal that may require them to assess on a trade-by-trade basis whether to apply the credit valuation adjustment (CVA) capital charge to non-EU corporate customers. Currently, some banks are applying it more broadly than others, which is driving up the prices they charge their customers by as much as 500% according to one corporate treasurer’s estimate.
British Trader Charged in ‘Flash Crash’ Released After Bail Reduction – New York Times
Navinder Singh Sarao, the British futures trader charged by United States authorities with contributing to a sudden plunge in American stock markets five years ago, was assigned a reduced bail at a court hearing on Friday, allowing him to be released from custody.